Many businesses surveyed in Denmark report a loss of revenue and pressure on cash flow. However, when compared to the region, the negative indicators are far less severe.
Introduction
The results of the Payment Practices Barometer survey in Denmark paint a largely positive picture. Benchmarking this year’s results from the survey, which took place during the pandemic, against last year’s pre-pandemic figures, it is clear to see that the lockdown restrictions and global recession have impacted business. However the impact is relatively light, especially when compared to Denmark’s neighbours in Western Europe.
This echoes research published by the EU Commission that shows that a fall in private consumption was fairly moderate across the country and hat despite extensive lockdown measures the economy is proving to be resilient.
Key takeaways from the report
- Trade credit is currently involved in 63% of the B2B sales of the businesses surveyed in Denmark. This is higher than the 55% average reported for Western Europe.
- Businesses are reluctant to lengthen payment terms
- Late payments increased by 76% year-on-year following onset of pandemic
- Fewer businesses in Denmark reported issues with profitability, cash flow, revenue and sales than the average for Western Europe.
- A substantial number of businesses turned to credit insurance following the pandemic downturn
Interested in getting to know more?
For a complete overview of the corporate payment behaviour in Denmark 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:
- Agri-food
- Construction
- Consumer durables
- Transport
- Machines
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