Hungary factoring turnover climbs 39% in H1
Factoring turnover in Hungary rose by 39% in the first half compared to the corresponding period of 2015, the head of the Hungarian Factoring Association (MFSz) said at a press conference yesterday, as reported by Hungarian news agency MTI.
The H1 growth followed a 31% full-year increase in 2015 and a 14% rise in 2014, said MFSz Chairman Ferenc Csáki.
Combined turnover of association members came to HUF 1,200 bln last year. Including non-members, the total reached HUF 1,300 bln.
Advances of more than HUF 141 bln were paid on invoices in 2015. In H1 2016, advances amounted to HUF 158 bln.
Companies in commerce account for 41% of total factoring turnover. Industrial companies make up 29% and service companies 17%.
In about 60% of instances, factoring contracts are full-recourse. Non-recourse factoring takes place in about one-third of instances.
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