* If all European businesses and consumers paid their bills and invoices on time, the money saved from written off bad debt would equate to a €270bn cash injection for businesses throughout the European Union
* If government bodies alone across Europe paid their bills on time, it would be the equivalent of a €65billion boost to the European business economy
* European businesses spend a minimum of €25billion chasing late payments from consumers and businesses each year
* Just 50pc of all invoices across Europe are paid within 30 days (down from 53pc in 2008)
* Over 70pc of the respondents across Europe feel that payment risks will further increase the coming 12 months, compared to just 30pc of those who took part in the 2008 survey
Research released in Brussels by leading credit management services company Intrum Justitia shows that European governments could provide a €65bn stimulus to their home economies by simply paying invoices owed to suppliers in full and on time.
The European Payment Index survey of over 5000 European businesses has shown that governments across Europe are more unreliable than private businesses or consumers when it comes to paying suppliers monies owed, taking an average of an additional 37 days to pay an invoice on a 30 day average contract term.
Across European government, businesses and consumer groups, 2.4pc of all invoices have to be written off as bad debt, an increase of 0.4pc or €20bn compared to the same period last year. If all invoices across these groups were paid on time and in full, the money saved would equate to a liquidity injection of €270bn into the European economy.
"On the one hand we have governments across Europe pumping huge sums of money into their economies to increase cashflow, yet on the other hand, these same entities are not paying invoices on time," commented Lars Wollung, CEO, Intrum Justitia. "It is for this reason that we are calling on governments across Europe to pay up on time. European businesses and in particular SMEs are fighting for survival and an injection of at least €65billion into the economy could prove a real lifeline."
