04UNITED KINGDOMUNITED KINGDOM

04UNITED KINGDOM

03PORTUGALPORTUGAL

03PORTUGAL

02SPAINSPAIN

02SPAIN01

NETHERLANDSNETHERLANDS

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Sweden Finland

United Kingdom

Portugal

Norway

+5,6%

+6%

Italy

+11,2%

+7%

-6,3%

-6%

-5,7%

-8%

Denmark

-18,9%

-5%

Germany

-7,3%

-2%

Belgium

-8,6%

-1%

France

-2,9%

-3%

-9,2%

-10%

Netherlands

-22,3%

-21%

Spain

-29,9%

-20%-13,2%

-16%

2014/2013

2015/2014 (f)

Average decline in 2014

-9% Similar trendin 2015 (f)

-7%

SEPTEMBER 2015Insolvencies in Western Europe: A downward cycle has started

The economic recovery in the euro zone supports this trend

Acceleration of growth, supported by private consumption

2015 GDP (p): +1,5%

have adjusted their cost structure

ItalyA snowball e� ect: the insolvency of a mid-sized company has a knock-on e� ect on the small companies that are omnipresent in Italy.reduced

their debt

to regain their margins

Norway The seventh global exporter of oil, Norway, continues to su� er from the reduction in

barrel prices

A drop in oil prices:

-60% since July 2014

and improved competitiveness of the euro

More… Investment in the euro zone is still below pre-crisis level

THE LEADERS

out of 12 countries studied

countries still in di� culty