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Modest growth expected in 2016, with concentration process on-going in the market.

Introduction of a retail tax could hurt businesses’ margins.

Profit margins are expected to remain stable in 2016, but competition is strong.

The influx of cheaper brands from China has increased competition.

Newly founded businesses, in particular, face higher risks in the highly competitive market.

Demand for consumer durables continues to increase, driven by rising living standards.

Despite major economic reforms growth remains subdued and inflation very high.

The economy continues to deteriorate, with high inflation and sharply increasing government debt.

Growth sustained by government investments in infrastructure and private consumption.

A hard landing of the Chinese economy and growing social unrest remain downside risks.

In the French construction segment revenues and investments remain low, competition is fierce, and prices and profitability are both being squeezed.

Construction output is expected to increase again, but poor payment behaviour of public buyers remains an issue.

Cooperatives and SMEs focused on domestic residential construction remain highly exposed to the risk of business failure.

The recovery of the Dutch construction sector continued in 2015, but remains one-sided.

Insolvencies are expected to decline further, but at a slower pace than in 2015.

The level of payment delays and insolvencies is expected to remain high.

Payments in the construction sector still take more than 100 days on average.

Debt levels have increased and margins have decreased, especially for smaller businesses.

Improved outlook due to a better business environment and large infrastructure projects.

Uncertainty about interest rates and currency volatility could derail the performance in 2016.