Investing.com – A stronger dollar was the main culprit in driving down revenues and profit by more than 11% for the top 500 global companies and the rout looked likely to continue, according to a report released on Wednesday.
Total revenues at the world’s 500 largest companies fell 11.5% to $27.6 trillion in 2015, from $31.2 trillion in 2014 while profit tumbled 11.2% to $1.48 trillion, according to the latest Fortune Global 500 list.
The countries with most number of firms on the top 500 list were the U.S. with 134, followed by China with 103 and Japan with 52.
Though the slowdown in China, modest growth in Europe and the U.S. and sustained lower oil prices contributed to the decline, Fortune explained that the principal culprit for the drop in corporate numbers was the colossal comeback in the dollar that rose 9% from 2011 to 2014.
Yet, the magazine warned that the rout may not be over as the greenback had risen another 20% in just the last two years.