Turnover in Poland's budding factoring market grew almost 18% to Zloty 12bn in 2003, said officials at the industry's Factoring Institutions Conference (KIF) yesterday.
At year-end 2003, only 1,200 Polish firms benefit from factoring, bringing 80,000 invoiced debtors into the loop - "a massive amount of factoring work for the field," said Krzysztof Kuniewicz, director general of Bibby Polska, a member of the Bibby Group of Factors, the largest such institution in the UK.
The market has nearly doubled in size since 2000, which was a breakthrough year after total turnover of a mere Zloty 2bn in 1999.
With an eye to growing exports and the significance of export factoring, industry officials are planning to match or exceed this growth in 2004.
"If in 2004 GDP growth can continue, then the need for factoring will be even greater," Kuniewicz told reporters.
