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The German ICT sector generally has good growth prospects, but low margins, sharp price erosion and steep competition lead to an on-going trend of consolidation.

Australia’s ICT sector continues to perform well while the IT market in particular is expected to have considerable medium-term growth potential.

In combination with a forecast rebound of the Italian economy (up 0.7 %), the ICT sector is expected to record a modest growth of 0.6% in 2015.

The main strengths of the Polish IT sector are the stable demand, a strong export performance and financial transparency, as the largest IT distributors are listed on the Warsaw Stock Exchange.

As in 2014, the 2015 outlook for the French ICT industry looks reasonably favourable with sales growth expected to increase by 2 %.

In the coming years, the growth of ICT in China is expected to outperform on a regional and global basis.

Despite the significant amount of time given B2B customers to pay their invoices, a sizeable proportion of the total value of domestic B2B receivables in Turkey (55.2%) was overdue.

An agreement curtailing Iran’s nuclear programme in exchange for the lifting of international sanctions could reopen the Iranian economy to Western exporters, creating opportunities but also risks.

33% of survey respondents in Sweden (compared to 20% in Western Europe) consider a fall in demand for their products and services as one of the greatest challenges to business profitability in 2015.

Respondents in Denmark are the most inclined to use trade credit of all the countries surveyed in Western Europe. 70.5% of the total value of their domestic B2B sales is transacted on credit terms.

31% of survey respondents in Switzerland, compared to 24% in Western Europe overall, consider cost containment to be one of the greatest challenges to business profitability in 2015.

The strong focus on protection of exports from the risk of payment default by customers comes as no surprise for the Netherlands, whose GDP growth is heavily dependent on international trade.

In 2015, Sweden expects a modest growth in the consumer durables retail segment.

The Chinese retail market remains highly fragmented due to the large population and differences in consumer behaviour and purchasing power across the country.

The forecast for Spain ́s economy seems to sustain further consumer durables sales in 2015. However, for some segments growth could be lower, given high purchase levels already seen in 2014.

In 2015, Colombia’s economic performance is expected to slow down somewhat (to 3.8%) due to lower commodity prices, while robust domestic demand should sustain growth.

In 2015, Chile is forecast to see a decrease in inflation and an increase in economic growth.

Argentina’s economy contracted 1.6% in 2014, and this negative trend is expected to continue in 2015, as exchange and price controls are forcing producers to scale back their activities.

Depreciation of the Euro against the British Pound has made UK products and services less attractive to eurozone buyers.

Italian GDP is expected to grow after three years of contraction. Domestic demand is forecast to stabilise as investments and household consumption are expected to accelerate.

Problems remain in the building sectors of most of the countries covered in this issue of the Market Monitor. Consequently, the outlook for the construction industry in 2015 remains muted.

Problems remain in the building sectors of most of the countries covered in this issue of the Market Monitor. Consequently, the outlook for the construction industry in 2015 remains muted.

Problems remain in the building sectors of most of the countries covered in this issue of the Market Monitor. Consequently, the outlook for the construction industry in 2015 remains muted.

Problems remain in the building sectors of most of the countries covered in this issue of the Market Monitor. Consequently, the outlook for the construction industry in 2015 remains muted.

Problems remain in the building sectors of most of the countries covered in this issue of the Market Monitor. Consequently, the outlook for the construction industry in 2015 remains muted.

In 2015 the Mexican construction industry is forecast to grow 4 %.

In 2015 we expect the construction sector in Germany to perform well and construction insolvencies to decrease by 3%, less than the 5% decrease forecast for business insolvencies in Germany overall.

After a modest growth of 0.5 % in 2014, the construction output in Brazil is expected to grow at more or less the same level in 2015.

A 9 % increase is forecast for the US construction sector in 2015; the vast majority of construction and design firm executives believe the market is stable or growing.

It is expected that construction output growth will continue in the UK in 2015 and also continue to broaden out beyond house building.

With poor demand, on-going pressure on prices and a high number of insolvencies, the construction sector in Belgium is going through difficult times.

Vietnam is extremely export-driven, specialising in textiles and footwear. The economy is shifting towards higher value added sectors such as electronics.

After 3.1% growth in 2014, Singapore’s economic growth is expected to accelerate to 3.4% in 2015, driven by investment; among other things, in its infrastructure.

Malaysia’s business environment is considered to be far more favourable than that of its regional neighbours, apart from Singapore, and the financial sector is strong.

After a disappointing 5.1% in 2014, Indonesia’s economic growth is expected to accelerate by around 6% in 2015.

As in 2013 and 2014, fierce competition means that the Dutch construction sector is still affected by price wars, leading to on-going pressure on margins.

India’s rebound is expected to be driven by the resumption of stalled infrastructure projects, high investment, urbanisation, the improvement of the business environment and structural reforms.

Although economic growth is slowing, the business environment is generally stable. The challenge for the Chinese authorities is to implement reforms to reduce the vulnerabilities in the economy.

The Netherlands is the second largest exporter of food and agricultural products. The weakening of the euro gave a boost to further export growth.

Despite some problems, the Italian food sector benefits from its non-cyclical nature, its large and varied client base and a strong export performance.

The German food sector has continued to grow in the first half of 2014. Domestically, there is increased competition caused by large retailers and discounters’ dominating market share.

The French food sector has benefited from falling raw material prices and a weaker euro, which helps boost competitiveness abroad.

Concerns that credit quality could be deteriorating in several countries in Asia Pacific are growing.

43.8% of Japanese respondents said that the biggest challenge to business profitability was falling demand for their products and services, the highest percentage of all Asia Pacific nations surveyed.

Respondents in Hong Kong indicated that their biggest challenge to profitability this year would be maintaining adequate cash flow, with 37.4% stating this to be the case.

The UK car market continued to grow last year. Compared to other UK industries, the automotive sector’s default and insolvency rate is good, with a stable outlook.

The automotive sector was hit hard by the economic crisis, as lower domestic consumption and difficulties accessing finance led to a slump in the car market. However, a rebound began in 2013.

The downward trend in the French automotive industry appears to have bottomed out, and there are signs of a modest rebound.

Although China ́s economic growth is forecast to slow down in 2014, there are many positive catalysts for the car industry , and we expect a second straight year of strong growth.

Russia ́s fiscal position still looks robust. Public debt has been relatively stable at 8% since the global credit crisis of 2008/2009 and is even set to decline in 2015.