Slovakia: credit insurance widespread

Payment Practices Barometer

  • Slovakia
  • Agriculture,
  • Consumer Durables,
  • Food,
  • Metals,
  • Steel

1st December 2021

Most of the businesses polled in Slovakia reported a decline in late payments. This highly reflects the widespread adoption of credit insurance amongst local businesses polled.


The businesses we polled in Slovakia this year work in three of the country's major industries: agri-food, consumer durables and steel/metals. Slovakia's GDP growth outlook can be seen reflected in their own growth predictions, where at least around three-quarters anticipate growth and, in consumer durables, 94% believe their business will grow next year. However, the positivity in this outlook and the optimism expressed by the businesses we interviewed is tempered by concerns over downside risks. These centre on whether the pandemic can be successfully contained and whether its impacts on the global and domestic economy will continue to cause distress next year.

Key takeaways from the report

  • Businesses polled across Slovakia told us they transacted a higher proportion of their B2B sales on credit over the past year. This amounts to 56%, up from last year’s 45%.  Businesses offered credit most often to stimulate sales growth, mainly by encouraging repeat business with existing customers.
  • 43% of the total value of the B2B invoices were reported overdue this year, (compared to 49% last year). Write-offs saw a big drop year-on-year, down to 3% from 7% last year.
  • For a significant number of businesses polled, retaining credit risk in house proved to be costly, as they incurred increased administrative, collections and capital costs.
  • In addition, this approach did not prove successful in containing DSO (Days Sales Outstanding). Increases were reported by more than 60% of respondents, whose liquidity was tied up in long outstanding receivables.
  • To free-up liquidity for business operations, businesses polled in Slovakia needed to strengthen their credit control processes. This involved greater interest in the more cost-effective solutions offered by trade credit insurance, telling us they were considering taking out a policy next year.
  • Looking into 2022, 70% of the buisnesses polled expressed concern over the health of the domestic economy over the coming months. In particular, they pointed to potential delays in a rebound from the pandemic economic crisis for certain industries.
  • Looking at the lasting implications of the pandemic, 74% of businesses told us that they have permanently integrated some digital innovations, and 70% said that they will need to
    adapt to the reshaping of supply chains.

Interested in getting to know more?

The Payment Practices Barometer report for Slovakia gives insights into B2B payment practices and businesses' approach to the management of customer credit risk in the following local industries:

  • Agri-food
  • Consumer durables
  • Steel/Metals

For a complete overview, please download the full country report available in the Related documents section below. The Statistical Appendix and regional Payment Practices Barometer survey results are also available free to download.

All content on this page is subject to our Disclaimer, available here.


Each publication available on or from our websites, such as, but not limited to webpages, reports, articles, publications, tips and helpful content, trading briefs, infographics, videos (each a “Publication”) is provided for information purposes only and is not intended as a recommen¬dation or advice as to particular transactions, investments or strategies in any way to any reader. Readers must make their own independent decisions, commercial or otherwise, regarding the information provided. While we have made every attempt to ensure that the information contained in any Publication has been obtained from reliable sources, Atradius is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in any Publication is provided ’as is’, with no guarantee of completeness, accuracy, timeliness or of the results obtained from its use, and without warranty of any kind, express or implied. In no event will Atradius, its related partnerships or corporations, or the partners, agents or employees thereof, be liable to you or anyone else for any decision made or action taken in reliance on the information in any Publication, or for any loss of opportunity, loss of profit, loss of production, loss of business or indirect losses, special or similar damages of any kind, even if advised of the possibility of such losses or damages.