Despite a 10 per cent plunge in Spain’s GDP, factoring and confirming (SCF) activity only decreased by 1.8 per cent. Roberto Gutierrez, CEO, Alvantia, tells us why.
Just over a year ago in April 2020, Spain was in the throes of the first wave of the pandemic and plunged into a state of economic semi-paralysis. The vast majority of companies were closed, people were working remotely and the figures for unemployment, furloughs and temporary redundancy plans were growing each day. It seemed as if, to add insult to injury, an economic virus was following in the footsteps of the coronavirus.
At that time, I wrote an article for this publication (World Factoring Yearbook) about the importance of supply chain finance in times of crisis. Since that article was written we have lived through a fascinating time. It has been a complex, challenging and humbling period with the shadow of the pandemic hanging over all aspects of our lives; affecting institutions, companies, and individuals in so many ways.
With the publication of the Spanish Factoring Association’s (AEF) industry figures for 2020, it is now possible to make an informed analysis of the factoring and SCF market last year. It is also an opportunity to reflect on what has happened in the supply chain finance sector itself during the last year. What follows is my vision of the factoring and SCF market from an economic point of view and from the context of the complex and unprecedented moment in which we all find ourselves in today.
The whole article was published in the World Factoring Yearbook 2021. If you want to read it all, you can order the Yearbook here.