sector: recent developments VÍTOR CONSTÂNCIO
|
|
- Cordelia Booker
- 6 years ago
- Views:
Transcription
1 The economy and the banking sector: recent developments VÍTOR CONSTÂNCIO January 2006
2 Recent performance of the economy and prospects Factors behind the period of slow growth Challenges to the Banking Sector Regulatory changes and effects of the economic environment Risk management (credit, liquidity, capital) Structural problems and long term economic potential
3 Portugal Euro Area(*) GDP growth rates (%) Diferential Portugal vs. Euro Area
4 Factors behind the period of slow growth Cyclical pattern of slight overheating and subsequent deceleration associated with joining a monetary union coming from a regime of higher inflation Pro-cyclical fiscal policy External demand shocks Significance of the oil shock Competitiveness problems in the context of enlargement and globalisation
5 Investiment and domestic savings rate (% of GDP) Investment rate Savings rate
6 Macroeconomic policy stance Short term interest rates Primary deficit (ciclical adjusted without one-off measures)
7 3,0 Stability and growth programme Main direct effects of consolidation measures (a) 2,5 As a percentage of GDP 2,0 1,0 0,0-1,0-2,0 0,5 1,1 Revenue 0,4 0,3 Expenditure 0,2-0,1-0,3-0,3-0,6-0,5-1,8-3, Accumulated Source: Stability and growth programme, June 2005 (a) Yearly, direct effects of discretionary measures included in the SGP.
8 Growth rates of GDP, Domestic Demand and External Demand directed to the Portuguese economy External demand 9 Domestic demand GDP
9 Growth rates of external demand and portuguese exports External Demand Exports market quota Exports -6
10 Competitiveness Indicators: relative ULC s, CPI and export prices with the 13 main trading partners (1995=100) ULC's (total) ULC's (manufacturing) (Source: BP AMECO e OECD) CPI Relative export prices
11 Technological content of Exports (% of total ) Low technology High technology Variation Euro Area Ireland Holand Finland Germany France Austria Portugal Italy Belgium Spain ECB Occasional Paper Competitiveness and export performance of the euro area No. 30, 2005
12 Composition of Exports Variação Agriculture & Food, Wood,Cork, Paper, Leather, Textiles, Clothing, Footwear Electronics, Machines, Transport equipment, Chemicals, Energy Other 61,1 % 40,2% -20,9 p,p 27,0 % 45,8% +18,8 p,p 11,8 % 14,0% +2,2 p,p
13 Bank of Portugal s Economic Forecasts Growth rates (%) GDP , ,0 Private Consumption Public Consumption Gross Fixed Investment Domestic Demand Exports of goods and services Imports of goods and services Inflation rate (HICP)
14 Recent performance of the economy and prospects Factors behind the period of slow growth Challenges to the Banking Sector Regulatory changes and effects of the economic environment Risk management (credit, liquidity, capital) Structural problems and long term economic potential
15 Credit to households and non-financial firms
16 18 Return on Equity (ROE) (a) 16 Percentagemg (a): ROE defined as net profit over average own funds (consolidated accounts)
17 Net Interest Inome (in % of average Total Assets) Fees and commissions in % of average Total Assets % Percentageage
18 Staff Costs in % of average Total Assets Consolidated accounts
19 Cost / Income Ratio (in %)
20 10 Interbank liabilities (net of interbank assets) In % of Total Assets Total Banking Sector Domestic Banks
21 Ratio of high liquid assets over interbank liabilities Dez Dez Dez Dez Dez Dez Dez Note: High liquid assets include Interbank Assets (Banks and Central Banks) and Public Sector securities.
22 Non Performing Loans in % of Total Credit Total Households - total Households - housing Non Financial Firms Dez-97 Dez-98 Dez-99 Dez-00 Dez-01 Dez-02 Dez-03 Dez
23 HOUSEHOLDS INDEBTEDNESS AND INTEREST PAID As a percentage of disposable income Indebtedness Interest paid (right-hand scale) Per cent Per cent E 4.0
24 The aggregate debtto-assets ratio increased but net wealth is estimated at a comfortable 400 percent of disposable income. Household debt is mainly comprised of housing mortgages, with direct coverage by nonfinancial assets (housing in particular for owner occupation).
25 10 8 HOUSE PRICES IN PORTUGAL year-on-year growth rates House prices - nominal year-on-year growth rates House prices - real year-on-year growth rates 6 Percentage Dez-94 Dez-95 Dez-96 Dez-97 Dez-98 Dez-99 Dez-00 Dez-01 Dez-02 Dez-03 Dez Source: Confidencial Imobiliário New sletter.
26 Total Provisions in % of Non Performing loans Dez.95 Dez.96 Dez.97 Dez.98 Dez.99 Dez.00 Dez.01 Dez.02 Dez.03 Dez.04
27 15 Regulatory Capital Ratio (own funds)
28 Capital Access Index (2005) 1. U.K. 2. Hong-Kong 3. Singapore 4. USA 5. Sweden 6. Denemark 7. Australia 8. Norway 9. Finland 10. Ireland 10. Canada 12. Switzerland 13. Netherlands 14. New 15.Germany 16.Malasya 17. Spain 18. Chile 19.Japan 20.France 21.Estonia 22.Austria 23.South Korea 24.South Africa 25.Taiwan 26.Portugal 27.Israel 28.Belgium 29.Greece 30.Thailand 31.Italy Source: Milken Institute, USA 8,01 7,84 7,77 7,75 7,62 7,61 7,6 7,47 7,46 7,42 7,42 7,39 7,2 7,04 6,93 6,88 6,8 6,78 6,76 6,62 6,59 6,41 6,37 6,36 6,34 6,31 6,19 6,17 5,85 5,71 5,66 «Ranks 121 countries according to the ability of new and existing entrepreneurs to finance their strategies and investments for job creation and capital formation»
29 Recent performance of the economy and prospects Factors behind the period of slow growth Challenges to the Banking Sector Regulatory changes and effects of the economic environment Risk management (credit, liquidity, capital) Structural problems and long term economic potential
30 Growth competitiveness index ( WORLD FORUM 2005) Total Quality of Institutions Technological absortion Macroeconomic environment Finland USA Sweden Denmark Taiwan Singapore Iceland Switzerland Norway Australia Portugal Spain Ireland Greece
31 World Bank Indicators of «Governance» (2004) Voice and accountability Political stability Government efficiency Quality of regulation Rule of law Control of corruption Germany Portugal Spain Poland Germany Portugal Spain Poland Germany Portugal Spain Poland Germany Portugal Spain Poland Germany Portugal Spain Poland Germany Portugal Spain Poland Source: World Bank Governance Indicators for , 2005
32 Index of economic freedom (Fraser Institute 2003) Hong Kong Singapore USA New Zealand Switzerland U.K. Canada Ireland Australia Luxembourg Unit. Arab Estonia Netherlands Iceland Austria Denmark Finland Germany Belgium Chile Costa Rica Sweden Bahrain Taiwan Norway Botswana Japan Spain Portugal Cyprus France Greece Lithuania Malta 34º in127 countries
33 OECD Regulation Index ( ) Source:OECD «PRODUCT MARKET REGULATION IN OECD COUNTRIES: 1998 TO 2003»
34 OECD Regulation Index ( ) Source:OECD «PRODUCT MARKET REGULATION IN OECD COUNTRIES: 1998 TO 2003»
35 OECD Regulation Index ( ) Source:OECD «PRODUCT MARKET REGULATION IN OECD COUNTRIES: 1998 TO 2003»
36 Recent performance of the economy and prospects Factors behind the period of slow growth Challenges to the Banking Sector Regulatory changes and effects of the economic environment Risk management (credit, liquidity, capital) Structural problems and long term economic potential
THE WORLD COMPETITIVENESS SCOREBOARD 2011
THE WORLD COMPETITIVENESS SCOREBOARD 2011 98.557 94.063 92.588 92.011 90.782 90.219 89.259 87.824 86.475 86.418 86.313 85.707 84.380 84.120 81.629 81.619 81.100 80.278 79.799 78.499 77.599 77.101 76.827
More informationTHE ICELANDIC ECONOMY AN IMPRESSIVE RECOVERY BUT WHAT CHALLENGES LIE AHEAD?
THE ICELANDIC ECONOMY AN IMPRESSIVE RECOVERY BUT WHAT CHALLENGES LIE AHEAD? FROM BUST TO BOOM. AN EPIC BUST After 16 years of growth with a short pause for breath in 2002, the Icelandic economy entered
More informationAREA TOTALS OECD Composite Leading Indicators. OECD Total. OECD + Major 6 Non Member Countries. Major Five Asia. Major Seven.
Reference series Composite leading indicators OECD Composite Leading Indicators AREA TOTALS 7-03- 19 OECD Total 19 OECD + Major 6 Non Member Countries 19 Major Seven 19 Major Five Asia 19 Euro area 19
More informationSeven Lean Years Explaining Persistent Global Economic Weakness
Seven Lean Years Explaining Persistent Global Economic Weakness 9 June 2015 Bank of Canada and European Central Bank Conference Tim Lane Deputy Governor Bank of Canada The global economy remains weak and
More informationBetter in than out? Economic performance inside and outside the European monetary union. Roma, Rapporto Europa 2015
Better in than out? Economic performance inside and outside the European monetary union Rapporto Europa 2015 Roma, 9.7.2015 1 Table of Content I. The political threat Why European monetary union? II. Europe
More informationMinistry of Economy and Sustainable Development of Georgia
Ministry of Economy and Sustainable Development of Georgia Economic Growth 42,000.0 36,000.0 30,000.0 24,000.0 18,000.0 12,000.0 6,000.0 0.0 GDP AND ECONOMIC GROWTH 7.2% 6.2% 6.4% 4.6% 4.8% 3.4% 2.9% 2.8%
More informationEconomic Outlook March Economic Policy Division
Economic Outlook March 212 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly, Q1 197 to Q4 211 Real
More informationThe Herzliya Indices. National Security Balance The Civilian Quantitative Dimension. Herzliya Conference Prof. Rafi Melnick, IDC Herzliya
The Herzliya Indices National Security Balance The Civilian Quantitative Dimension Herzliya Conference 2015 Prof. Rafi Melnick, IDC Herzliya 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
More informationTABLE 1: NET OFFICIAL DEVELOPMENT ASSISTANCE FROM DAC AND OTHER DONORS IN 2012 Preliminary data for 2012
TABLE 1: NET OFFICIAL DEVELOPMENT ASSISTANCE FROM DAC AND OTHER DONORS IN 2012 DAC countries: 2012 2011 2012 ODA ODA/GNI ODA ODA/GNI ODA Percent change USD million % USD million % USD million (1) 2011
More informationTurkey: Recent Developments and Future Prospects. ISBANK Economic Research Division November 2018
Turkey: Recent Developments and Future Prospects ISBANK Economic Research Division November 2018 Macroeconomic Outlook Strong Economic Growth Cycle GDP of 851 bn USD (2017), 10.6k USD (2017) per capita
More informationMax Sort Sortation Option - Letters
Max Sort Sortation Option - Letters Western Europe Prices Product Code PS5 PS6 Austria* 0.330 7.550 0.330 7.400 Belgium* 0.370 3.700 0.370 3.540 Denmark* 0.620 5.350 0.620 4.215 Finland* 0.385 4.400 0.385
More informationWorld real GDP growth in 2010 Annual percent change
World real GDP growth in 2010 Annual percent change 1 or more 6-1 3-6% 0-3% Less than No data Source: International Monetary Fund. World real GDP growth in 2011 Annual percent change 1 or more 6-1 3-6%
More informationThe structure of the euro area recovery
The structure of the euro area recovery Rolf Strauch, Chief Economist JPMorgan Investor Seminar, IMF Annual Meetings Washington, October 2017 The euro area: a systemic player in global trade Trade openness
More informationOECD employment rate increases to 68.4% in the third quarter of 2018
Paris, 17th January 2019 News Release: 3rd Quarter 2018 OECD employment rate increases to 68.4% in the third quarter of 2018 The OECD area employment rate the share of the working-age population with jobs
More informationAssessing Australia s Innovative Capacity in the 21 st Century
Assessing Australia s Innovative Capacity in the 21 st Century Professor Joshua Gans MBS & IPRIA University of Melbourne November, 2003 This presentation is based on the National Innovative Capacity Project,
More informationLecture 3 The Lisbon Strategy
Lecture 3 The Lisbon Strategy Outline The Lisbon European Council held in March 2000 recognized the need of reforming labour,, product, and financial markets in order the performance of the EU economy
More informationUniversities and the Education Revolution. Professor Richard Larkins Chair, Universities Australia VC and President Monash University
Universities and the Education Revolution Professor Richard Larkins Chair, Universities Australia VC and President Monash University Role of Universities in Prosperity Third largest earner of export dollars
More informationSome Facts About Output
Some Facts About Output GNP as a Percentage of GDP in 2009 Country % Kuwait 110,38 United Kingdom 102 Japan 103,14 United States 99,24 China 100,87 Germany 101,41 Mexico 98,34 Poland 96,76 Ireland 81,19
More informationThe Economy of Finland
The Economy of Finland Aug 30st 2013, Finnish Ministry of Foreign Affairs Presentation for the American Fulbright Grantees Petteri Rautaporras, Economist at the Federation of Finnish Technology Industries
More informationOpportunities in a Challenging Global Business Environment: Can the World Avoid a Double-Dip?
Opportunities in a Challenging Global Business Environment: Can the World Avoid a Double-Dip? Ross DeVol Chief Research Officer (310) 570 4615 rdevol@milkeninstitute.org www.milkeninstitute.org Presentation
More informationVignettes on Greece. Daniel Gros. Panel discussion Euro-crisis & Greece March 20, 2013 l Hellenic Observatory l London
Vignettes on Greece by Daniel Gros Panel discussion Euro-crisis & Greece March 20, 2013 l Hellenic Observatory l London Thinking ahead for Europe Centre for European Policy Studies (CEPS) www.ceps.eu Outline:
More informationTraits of a Global Market for Advanced Human Capital How can the Global Demand for Post-secondary Education be met...
Traits of a Global Market for Advanced Human Capital How can the Global Demand for Post-secondary Education be met... Washington D.C. May 23, 2002 .why are we here? Economic and social development are
More informationThe Aftermath of Global Financial Crises
The Aftermath of Global Financial Crises Carmen M. Reinhart, University of Maryland, NBER, and CEPR Brookings Institution Washington DC, April 20, 2009 This talk is based on several works with Kenneth
More informationUpdate of trade weights data underlying the EERs and HCIs
August 2017 Update of trade weights data underlying the EERs and HCIs The trade weights underlying the calculation of the effective exchange rates (EERs) of the euro and the harmonised competitiveness
More informationThe Baltic economies: Current situation and future trends, possibilities and pitfalls
The Baltic economies: Current situation and future trends, possibilities and pitfalls Riga, 15 October 2015 Morten Hansen Head of Economics Department, Stockholm School of Economics in Riga Member of the
More informationLithuanian export: is it time to prepare for changes? Aleksandr Izgorodin Expert
Lithuanian export: is it time to prepare for changes? Aleksandr Izgorodin Expert Export is the main locomotive behind growth in LT economy Lithuania: change in real GDP and its components, % 78,2 71,8
More informationI. World trade in Overview
I. Table I.1 Growth in the volume of world merchandise exports and production by major product group, 1995-3 ( change) 1995-21 22 23 World merchandise exports 7. -.5 3. 4.5 Agricultural products 3.5 2.5
More informationDEVELOPMENT AID AT A GLANCE
DEVELOPMENT AID AT A GLANCE STATISTICS BY REGION 5. EUROPE 2018 edition All the data in this report are available at: http://www.oecd.org/dac/financing-sustainable-development/ 5.1. ODA TO EUROPE - SUMMARY
More informationAustria: Key Economic Features
Austria: Key Economic Features and EU Guanghua School of Management Josef Christl, Macro-Consult 16. Oktober 2017 Austria: a small, but rich country Population, mn. GDP per capita PPP, USD 1600 60000 1400
More informationThe Australia US FTA: implications for international education
The Australia US FTA: implications for international education Prepared for The Path to Cultural Understanding and Development 18th IDP Australian International Education Conference, Sydney 5-8 October
More informationFinancial Stability Implications of Changing Global Finance: Policy Panel Global Finance in Transition
Financial Stability Implications of Changing Global Finance: Policy Panel Global Finance in Transition May 7 and 8, 2013 İstanbul, Turkey Outline 1 The Financial System 2 Weak Growth 3 4 5 Unprecedented
More informationWestern Health Care Systems: Under Pressure from Demography
Western Health Care Systems: Under Pressure from Demography Nicholas Eberstadt Henry Wendt Chair in Political Economy American Enterprise Institute eberstadt@aei.org Presentation at Panel on Health Care
More informationSession 4. Growth. The World Economy Share of Global GDP Year 2011 (PPP)
Session 4. Growth Stylized Facts on Standards of Living across Countries Characterizing Growth over 1 Years: The US Economy Growth Dynamics of the G7 Countries and the OECD Economies Characterizing Growth
More informationFrance : Economic developments and reforms, where are we heading?
France : Economic developments and reforms, where are we heading? The Economic Club of New York : 18 April 2018 François VILLEROY de GALHAU, Governor of the Banque de France 1 WHERE ARE WE STARTING FROM?
More informationGrasshoppers, Ants and Locusts: the future of the world economy
Ralph Miliband Series on the Restructuring of World Power Grasshoppers, Ants and Locusts: the future of the world economy Martin Wolf Associate editor and chief economics commentator, Financial Times Professor
More informationIRELAND: EUROPE S FASTEST GROWING ECONOMY
IRELAND: EUROPE S FASTEST GROWING ECONOMY Remarkable turnaround story continues to get better S&P Capital IQ June 9 th, 2015 Index Page 3: Macroeconomy Page 13: Fiscal & NTMA Funding Page 23: Rebalancing
More informationIsrael Innovation Authority
Israel Innovation Authority Danny Biran VP, International Division innovationisrael.org.il Hi-Tech - Major Impact on the Israeli Economy of Employees Of Business Sector GDP of Exports 4.3 Global Leadership
More informationThis Time is Different: Eight Centuries of Financial Folly
This Time is Different: Eight Centuries of Financial Folly Carmen M. Reinhart, University of Maryland, NBER, and CEPR Kenneth S. Rogoff, Harvard University and NBER (Princeton University Press, forthcoming
More informationGlobal Construction Outlook: Laura Hanlon Product Manager, Global Construction Outlook May 21, 2009
Global Construction Outlook: Short-term term Pain, Long-term Gain Laura Hanlon Product Manager, Global Construction Outlook May 21, 2009 What This Means for You The world is set to be hit this year with
More informationPredicting the Markets: Chapter 12 Charts: Predicting Currencies
Predicting the Markets: Chapter 12 Charts: October 5, 218 Dr. Edward Yardeni Chief Investment Strategist Mali Quintana Senior Economist info@yardenibook.com Please visit our sites at www. blog. thinking
More informationJanuary Deadline Analysis: Domicile
January Deadline Analysis: Domicile Applicants by domicile at the 15 January deadline D.1.1 Applicants by domicile group UK EU (excluding UK) Not EU All domiciles 20% 10% -0% -10% -20% -30% -40% -50% 2009
More informationGlobal Economic Outlook: From Fiscal Cliff to Rushcliffe in 15 minutes. Tom Rogers. Lead Economist, Oxford Economics.
Global Economic Outlook: From Fiscal Cliff to Rushcliffe in 15 minutes Tom Rogers Lead Economist, Oxford Economics trogers@oxfordeconomics.com 16 th January 2013 Overview External environment showing signs
More informationSocial Convergence, Development Failures and Industrial Relations: The Case of Portugal
Social Convergence, Development Failures and Industrial Relations: The Case of Pilar González Faculty of Economics, University of Porto António Figueiredo Quaternaire Context joined the EU with very low
More informationThe future of the Euro Area and Its Enlargement. André Sapir
The future of the Euro Area and Its Enlargement André Sapir Outline EMU: lessons from the crisis When should Romania join EMU? Lessons from the crisis: What was wrong with EMU 1.0? Impact of EMU on financial
More informationNational Transfer Accounts in Mexico
National Transfer Accounts in Mexico Policy implications: labor market Iván Mejía Guevara imejiag@stanford.edu Stanford University 12th Global Meeting of the NTA Network, Mexico City, July 23-27, 2018
More informationU.S. Overview. Gathering Steam? Tuesday, October 1, 2013
U.S. Overview Gathering Steam? Tuesday, October 1, 2013 Uneven global economic recovery Annual real GDP growth projections (%) Projections 2013 2014 World 3.1 3.1 3.8 United States 2.2 1.7 2.7 Euro Area
More informationImpacts of the Global Economy on Asia Pacific Travel. 29 June 2007 John Walker
Impacts of the Global Economy on Asia Pacific Travel 29 June 2007 John Walker jwalker@oxfordeconomics.com Oxford Economics Founded in 1981 Over 300 clients including blue chip companies and government
More informationHistory of the European Monetary Integration
History of the European Monetary Integration European Payment Union (1950-1958) Facilitated multilateral clearing of payment imbalances. The Bank of International Settlements acted as a clearing house.
More informationSelected Interest & Exchange Rates
(5/517) Selected Interest & Exchange Rates Weekly Series of Charts i January 29, 1990 Prepared by the FINANCIAL MARKETS SECTION DIVISION OF INTERNATIONAL FINANCE BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM
More informationCollege/high school median annual earnings gap,
College/high school median annual earnings gap, 1979 2012 In constant 2012 dollars 70,000 dollars Household gap $30,298 to $58,249 60,000 50,000 40,000 Male gap $17,411 to $34,969 30,000 20,000 10,000
More informationThe Shifts and the Shocks Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times
The Shifts and the Shocks Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times Peterson Institute for International Economics 9 th October 2014 Washington DC The Shifts and the
More informationFigure 1a. Top 1% income share: China vs USA vs France
22% 20% 18% 16% Figure 1a. Top 1% income share: China vs USA vs China USA 14% 12% 10% 8% 6% 4% 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 Distribution of pretax national income (before taxes and
More informationFacing the Crisis in Southern Europe: Demographic, Political and Social Service Dilemmas
Facing the Crisis in Southern Europe: Demographic, Political and Social Service Dilemmas Manuel Aguilar Hendrickson Universitat de Barcelona manuel.aguilar.hendrickson@ub.edu The Roatch Lecture The Roatch-Haskell
More informationRBC Economics Financial Update Dawn Desjardins
RBC Economics Financial Update Dawn Desjardins CICA/RBC Q4 2011 Business Monitor Economic Results Overview Business and Economic Optimism Begin to Stablize 100 % 80 % 60 % 40 % 20 % 0 % National Optimism
More informationAfter the British referendum
Future of Europe After the British referendum Broader issues for the UK and the EU David Marsh, Managing Director, OMFIF 27 October 2016 Nicosia 1 European politics moves against integration A new phase
More informationTable 34 Production of heat by type Terajoules
Table 34 Production of heat by type Table Notes geo represents heat used directly for district heating, agriculture etc. without a commercial transaction taking place. represents heat used for the production
More informationPredicting the Markets: Chapter 15 Charts: Predicting Currencies
Predicting the Markets: Chapter 15 Charts: March 3, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table
More informationDEVELOPMENT AID AT A GLANCE
DEVELOPMENT AID AT A GLANCE STATISTICS BY REGION 6. OCEANIA 2018 edition All the data in this report are available at: http://www.oecd.org/dac/financing-sustainable-development/ 6.1. ODA TO OCEANIA - SUMMARY
More informationGlobal growth forecasts Key countries/regions,
Global growth forecasts Key countries/regions, 2014-2018 Percent 7 6 5 4 3 2 1 0 Developing Asia Sub-Saharan Africa Middle East and North Africa Latin America and the Caribbean United States Euro area
More informationKorea s Education Reform. Ju Ho Lee, KDI School
Korea s Education Reform Ju Ho Lee, KDI School Table of Contents I. Virtuous Circle II. Number One in Human Capital? III. Education Bubbles IV. Education reform V. Powerhouse of Global Talents Socio-Economic
More informationJune Deadline Analysis: Domicile
June Deadline Analysis: Domicile Applicants by domicile at the 30 June deadline I.1.1 Applicants by domicile group Difference between cycle and 2017 cycle UK EU (excluding UK) Not EU All domiciles 10%
More informationCharts on the NZ Economy 2014
Charts on the NZ Economy 214 These charts were prepared by Susanna McLaren. They were updated and adapted from earlier versions used by Sir Roderick Deane in a number of speeches. Susanna benefitted from
More informationMacroeconomic Imbalances in
Macroeconomic Imbalances in the Euro Area Jürgen von Hagen Rome, 21 May 2011 Europe: Growing imbalances within, balanced without 8 6 4 2 0-2 -4-6 10 Figure 1A: Current Account Balances IE EL FR FI IT SE
More informationGLOBAL ECONOMICS, REAL ESTATE PRICING & OUTLOOK FOR 2017 RICHARD BARKHAM GLOBAL CHIEF ECONOMIST
GLOBAL ECONOMICS, REAL ESTATE PRICING & OUTLOOK FOR 2017 RICHARD BARKHAM GLOBAL CHIEF ECONOMIST BREXIT TRUMPISM EURO-TRUMPISM 4 ECONOMICS, PRICING & OUTLOOK FOR 2017 LET S GET GEOPOLITICS IN PERSPECTIVE
More informationAbel M. Mateus Universidade Nova de Lisboa
Abel M. Mateus Universidade Nova de Lisboa It is widely known the success of Asian Tigers But is less known that Portugal was one of the few countries, similar to the Asian Tigers, that changed from a
More informationMONETARY AND FISCAL POLICIES DURING THE NEXT RECESSION
OXYGEN EVENTS CONFERENCE GALA PERFORMANCE 2017 MONETARY AND FISCAL POLICIES DURING THE NEXT RECESSION - THE CASE OF ROMANIA - Ph.D. Andrei RĂDULESCU Senior Economist, Banca Transilvania Researcher, Institute
More informationBank Profitability and Macroeconomic Factors
Bank Profitability and Macroeconomic Factors Ricardo Martinho Banco de Portugal João Gouveia de Oliveira Banco de Portugal & Nova SBE Vitor Oliveira Banco de Portugal 17 October 2017 Lisbon Conference
More informationFibre to the Home: Taking your life to new horizons!
Fibre to the Home: Taking your life to new horizons! Hartwig Tauber, Director General FTTH Council Europe Press Conference - Milan, 13 January 2011 FTTH Council Europe Photo by Nicolo Baravalle FTTH Council
More informationGermany, the Euro and a new economic theory Prof. Dr. Heiner Flassbeck
Kopenhagen, October 5, 2018 Germany, the Euro and a new economic theory Prof. Dr. Heiner Flassbeck www.makroskop.eu 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2016
More informationPortuguese, English, and. Bulgarian, English, French, or
Country Language Fiber Content Algeria Arabic Angola Portuguese, English, and French (optional) Optional Argentina Spanish Armenia Armenian Optional Australia English Austria German Bahrain Arabic or English
More informationFederal Reserve Bank of Dallas, FIRM (Financial Institution Relationship Management)
The Economic Roller Coaster: Where Have We Been? And Where Are We Going? Thomas F. Siems, Ph.D. Senior Economist and Director of Economic Outreach Federal Reserve Bank of Dallas Economic Summit Dallas
More informationRomania nominal and real convergence on the way to euro adoption
Romania nominal and real convergence on the way to euro adoption Ionut Dumitru President of the Fiscal Council and Chief-economist, Raiffeisen Bank Romania February 2015 Eurozone enlargement current status
More informationLatvia: Experience from the internal devaluation process and the road to EMU
Latvia: Experience from the internal devaluation process and the road to EMU Bayreuth, 11 January 2012 Morten Hansen Head of Economics Department Stockholm School of Economics in Riga morten.hansen@sseriga.edu
More informationOutlook 2008/09 Life In the Aftermath of the Great Global Credit Crisis. May 8 th, Presented by:
Outlook 2008/09 Life In the Aftermath of the Great Global Credit Crisis May 8 th, 2008 Presented by: Patricia Croft, Vice President & Chief Economist Phillips, Hager & North Investment Management Limited
More informationMonthly Digest February 2016 No. 2016/04. Copyrights Statistics Botswana 2016
STATISTICS BOTSWANA BOTSWANA INTERNATIONAL MERCHANDISE TRADE STATISTICS Monthly Digest February 2016 No. 2016/04 Copyrights Statistics Botswana 2016 Contact Statistician: Malebogo Rakgantswana Email: mrakgantswana@gov.bw
More informationThe economic value of the EU shipping industry. Andrew P Goodwin
The economic value of the EU shipping industry Andrew P Goodwin 2 nd April 2014 Introduction Shipping is a vital facilitator of world trade 135 % Increase in world GDP in the last two decades 180 % Increase
More informationStockholm s tourism industry. November 2016
Stockholm s tourism dustry. November 2016 Durg the month of November ca 1.1 million guest were recorded at commercial accommodations the county of Stockholm. This was an crease of 5 compared to November
More informationNEW COMMERCIAL VEHICLE REGISTRATIONS EUROPEAN UNION 1. July and August 2017
PRESS EMBARGO: NEW COMMERCIAL VEHICLE REGISTRATIONS EUROPEAN UNION 1 July and August 2017 Next press release: Tuesday 24 October 2017 1 Data for Malta unavailable Page 1 of 12 Commercial vehicle registrations:
More informationDespite geopolitical woes Lithuania s economy enjoys balanced growth
Lithuanian Economic Outlook Despite geopolitical woes Lithuania s economy enjoys balanced growth Indrė Genytė-Pikčienė Chief analyst Economic Research Department DNB Markets 30 th of May, 2014 2000 I 2000
More informationPeter Ch. Löschl, ABA Invest in Austria June Austria Investment Climate Reasons to Invest in Austria - Perspectives
Peter Ch. Löschl, ABA Invest in Austria June 2016 Austria Investment Climate Reasons to Invest in Austria - Perspectives Strong Economy in the Heart of Europe Area: 83,872 km² People: 8.5 m. GDP growth:
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC-A05-2017 Selection year 2018 Collaborative Partnerships Small Collaborative Partnerships Not-for-profit European Sport Events Applications received
More informationConference SMEs and the Euro. The Financial Impact of the Euro on SMEs
Conference SMEs and the Euro The Financial Impact of the Euro on SMEs Brussels, October 18, 2007 Doris Ritzberger-Grünwald Head, Foreign Research Division ceec.oenb.at 1 www.oenb.at oenb.info@oenb.at Overview
More informationStockholm s tourism industry. December 2016
Stockholm s tourism dustry. December 2016 Durg the month of December ca 0.9 million guest were recorded at commercial accommodations the county of Stockholm. This was an crease of 12 compared to December
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC-A03-2016 Selection year 2017 Collaborative Partnerships Small Collaborative Partnerships Not-for-profit European Sport Events Erasmus+ Applications
More informationRISI EUROPEAN CONFERENCE. (Barcelona, 6 March 2018) The European Economy Things look good just now. Can this last?
RISI EUROPEAN CONFERENCE (Barcelona, 6 March 2018) The European Economy Things look good just now. Can this last? Andrea Boltho Magdalen College University of Oxford and Oxford Economics CONCLUSIONS OF
More informationCommon Market Organisation (CMO) Fruit and vegetables sector Evolution of EU prices of certain F&V
Common Market Organisation (CMO) Fruit and vegetables sector Evolution of EU prices of certain F&V Unit C.2. - Wine, spirits, horticultural products, specialised crops DG Agriculture and Rural Development
More informationGlobal economic cycle has slowed
Year-on-year % change Confidence index, 50= no change Global economic cycle has slowed 25% 70 20% International trade growth 65 15% 10% Industrial production growth 60 5% 55 0% 50-5% Business confidence
More informationDemography Series: China
Demography Series: China April 9, 212 Dr. Edward Yardeni 16-972-7683 eyardeni@ Sailesh S Radha 83-786-1368 sradha@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table
More informationPanel on Post-Crisis Growth Performance Determinants, Effects and Policy Implications
Panel on Post-Crisis Growth Performance Determinants, Effects and Policy Implications Carmen M. Harvard University Bank of Canada and European Central Bank Conference Ottawa, June 8-9, 2015 1 Outline (i)
More informationPoland: Europe s economic outperformer. Piotr Bujak Chief Economist at Nordea Bank Polska PKO Bank Polski Group. Copenhagen, 29 April 2014
Poland: Europe s economic outperformer Piotr Bujak Chief Economist at Nordea Bank Polska PKO Bank Polski Group Copenhagen, 29 April 2014 Poland crisis-proof economic front-runner 300 250 200 % Cumulated
More informationMarket Insights. March 29, 2019
March 29, 2019 Economic Overview 2 Global & Regional Growth Forecasts IMF GDP Forecasts (% change YoY) 2010 2011 2012 2013 2014 2015 2016 2017 2018 Advanced Economies 1.2% 1.4% 2.1% 2.3% 1.7% 2.4% 2.3%
More informationMarket Insights. June 30, 2018
June 30, 2018 Economic Overview 2 Global & Regional Growth Forecasts IMF GDP Forecasts (% change YoY) 2010 2011 2012 2013 2014 2015 2016 2017 2018 Advanced Economies 1.7% 1.2% 1.3% 2.1% 2.3% 1.7% 2.3%
More informationKINGDOM OF CAMBODIA NATION RELIGION KING 3
KINGDOM OF CAMBODIA NATION RELIGION KING 3 TOURISM STATISTICS REPORT February 2018 MINISTRY OF TOURISM Statistics and Tourism Information Department No. A3, Street 169, Sangkat Veal Vong, Khan 7 Makara,
More informationBig data analytics for enrichment of rural area content tourism in Okhotsk sub-prefecture of Japan
Big data analytics for enrichment of rural area content tourism in Okhotsk sub-prefecture of Japan Ali Bakdur, Fumito Masui, Michal Ptaszynski Kitami Institute of Technology, Dept. of Computer Science,
More informationEconomic potential of Agriculture and Pig production in Baltic region. Mindaugas Jurgelis, analyst 30 May, 2012
Economic potential of Agriculture and Pig production in Baltic region Mindaugas Jurgelis, analyst 30 May, 2012 1 Global tendencies of food production 2 Food prices near historical peak level FAO food price
More informationSalmon Market Analysis 2007
Salmon Market Analysis 2007 April 2008 Systemizing the World of Aquaculture and Fisheries Industriveien 18, NO-6517 Kristiansund N Norway Tel.: +47 71 68 33 00 Fax: +47 71 68 33 01 E-mail: mail@kontali.no
More informationThe Nordic countries in figures
The Nordic countries in figures 2010 Order your Nordic Statistica Yearbook 2010 on www.norden.org Nordic countries in figures 2010 ANP 2010:773 T RY K S A G N R. 541-618 Nordic countries in figures 2010
More informationInternational variations in rates of selected surgical procedures across OECD countries. Klim McPherson and Giorgia Gon
rates of selected surgical procedures across OECD Klim McPherson and Giorgia Gon A follow up from 28 rates of a range of medical and surgical procedures Data period 24 Report for the Foundation of Informed
More informationSusan J. Adams, PhD IMF-PFTAC Coordinator
A MACROECONOMIC PORTRAIT OF THE PACIFIC: A Presentation for PEGASeS August 16, 2007 Susan J. Adams, PhD IMF-PFTAC Coordinator Compiled by the IMF Asia and Pacific Department Edited by PFTAC OUTLINE OF
More informationGrowth Strategies and Dynamics in Developing Countries. Michael Spence Hamilton Project/CGD Forum Washington D.C. April 14, 2008
Growth Strategies and Dynamics in Developing Countries Michael Spence Hamilton Project/CGD Forum Washington D.C. April 14, 2008 1 The Focus The subject is sustained high inclusive growth and the policies,
More information