Visa Inc. (NYSE: V) today released the annual global Commercial Consumption Expenditure (CCE) index, which estimates that global commercial spending reached $109.1 trillion in 2011. This represents 12 percent growth from the $97.4 trillion spent in 2010 and marks the first time since Visa created the CCE in 2004 that this spending surpassed $100 trillion.
The strongest year-over-year growth rates came from Latin America/Caribbean region (19.4 percent), followed by Central/Eastern Europe, Middle East Africa region (17.4 percent) and Asia Pacific region (14.9 percent). Asia Pacific reported the largest share of global CCE spend, followed by Europe, the United States, Central/Eastern Europe, Middle East and Africa, Latin America/Caribbean, and Canada. In this year’s (2011) index, Asia Pacific’s spending share surpassed Europe’s for the second consecutive year.
“Despite a slow, but sustained economic recovery, we continue to see healthy expansion in commercial spending,” said Tad Fordyce, head of global Commercial Solutions, Visa Inc. “Underneath this growth lies a clear opportunity for financial institutions to optimize their commercial card programs to capture more spend with electronic payments and ultimately better meet the needs of their commercial and government clients.”
CCE Around the GlobeListed below is a breakdown of estimated 2011 commercial spending by global geographic areas:
|Geographic Area|| CCE Spend
| CCE Spend
| Central/Eastern Europe,
Middle East and Africa,
|Total Global CCE||$97.4||$109.1||100.0||%||12.0||%|