Most businesses in Austria express confidence in 2021 domestic economy
Introduction
Although slightly down on last year, most businesses in Austria have continued with fairly liberal credit policies in order to maintain their competitiveness, particularly within the domestic market. This approach, along with strong credit management techniques, is serving business and the domestic economy well during these difficult times. The proportion of late payments in Austria is much lower than the majority of countries in the region.
Two fifths of businesses have told us they intend to use credit insurance next year. The majority however, about half of those polled, intend to protect their accounts receivable by asking for payment in cash.
Key takeaways from the report
- 47% of respondents in Austria told us they accepted requests for trade credit to remain competitive. This is much higher than the 29% that reported the same at regional level
- A third of pandemic invoices are overdue. Although the proportion of overdue invoices has increased, this is still well below the average of total value of overdue invoices for Europe.
- Stalling cash flow hits almost half of Austrian businesses
- Unlike most of the other countries surveyed, businesses in Austria had been using a wide range of credit information sources prior to the pandemic and plan to continue
- Looking to 2021 presents picture of business uncertainty. Businesses are divided about the outlook for their customers’ 2021 credit quality over the coming months and the future of international trade
Interested in getting to know more?
For a complete overview of the corporate payment behaviour in Austria during the COVID-19 pandemic and global recession, please download the complete report.
The report gives also insight into the impact of the pandemic-induced economic crisis on the following industries in the country:
- Chemicals
- Consumer durables
- Construction materials
- Paper
- Transport
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