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Despite low confidence and modest 1.2% GDP growth in 2019, the construction sector performed quite well in terms of volume, and value added increased more than 2%.

Over the past years construction investment and valued added grew at a faster rate than GDP, benefitting from robust economic growth in Spain, increased foreign investment and low interest rates.

Corporate insolvencies are expected to grow 2.4% in 2020, a pronounced acceleration from the 1.4% increase recorded in 2019, largely resulting from the coronavirus outbreak

The coronavirus outbreak arrives at a time when global growth is already expected to slow and negatively impacts growth and insolvencies.

The herculean task of restructuring Argentina's debt is underway but the risk of a disorderly default remains high.

Despite increasing clouds on the horizon, there remain several bright spots for export opportunities in emerging markets.

US economic growth started to slow down last year, with GDP expected to expand 2.3% in 2019 and 1.7% in 2020.

Andrés Manuel López Obrador of the the leftist Morena party governs with a strong political mandate, as a Morena-led coalition has a majority in both houses of Congress.

As in 2019, Canada´s GDP growth is expected to remain below its long-term trend in 2020 due to sluggish domestic demand and lower export growth.

A hard Brexit and an escalation of EU-US trade disputes are downside risks for export-dependent food companies in the olives/olive oil and meat segments.