Introduction to SPAIN
|
|
- Morgan Floyd
- 6 years ago
- Views:
Transcription
1
2
3 Introduction to SPAIN Spain is the fourth largest economy in the Eurozone. Having joined the Euro, the country experienced a very strong, albeit largely imbalanced, period of economic expansion. Largely fuelled by the booming construction sector and surging house prices, all funded by external debt, GDP growth averaged 3.6% a year between 2000 and The 2008 financial crisis precipitated the burst of the housing bubble which in turn led to a double sovereign and banking crisis. Spain has emerged from the crises after a long and painful process to reform the labour market and rebalance the economy towards industrial and export-oriented sectors. Its banking sector has been restructured and recapitalised (for EUR 40bn) under a European programme, but the State never lost access to the debt capital markets. The country is rapidly recovering. During the crisis years, the Spanish economy concentrated on its most productive companies, notably those capable of finding sources of growth abroad to compensate for the slump in domestic activity. Gains in cost-competitiveness allowed Spain to increase its market share both inside and outside the Eurozone. Spain is now entering a third consecutive year of GDP growth of close to 3% in 2017, and GDP is about to regain its pre-crisis peak level of activity. The country has taken back its position in the leading group of fast-growing countries of the euro area. The composition of GDP has dramatically changed over nine years, a reflection of the rebalancing of the economy. Compared to 2008, investment in residential construction has nearly halved, taking its weight in GDP from 10% to 5% at the end of Conversely, exports of goods and services have grown by 25%, and now represent 33% of GDP. Unemployment has been falling rapidly since the recovery began but was still above 17% in mid The country needs to maintain a pace of growth sufficiently rapid over the coming years to strengthen labour, but will also to take action to enhance the employability of job-seekers in the fastest-growing sectors (mainly business services and tourism, but also the manufacturing industry during the current catch-up period). Indeed, and in a legacy of the crisis, many current job seekers used to work in the construction sector and/or are among the long-term unemployed. This will take some considerable time and is a major challenge for the Spanish government in the next few years. It also has to put the public debt ratio (just below 100% of GDP) on a more decisive downward path. Summary BNP Paribas presence BNP Paribas has been present in Spain since 1979 when foreign banks were first allowed to operate there. Since then, the bank has become one of the largest foreign financial institutions in the country, with over 4,000 employees. BNP Paribas has four business centres across the country (Barcelona, Bilbao, A Coruna and Madrid), offering proximity to its institutional customers throughout Spain. Working with BNP Paribas BNP Paribas provides comprehensive domestic and international payment, collection, cash management and trade finance services in Spain both to mid-cap and large corporations headquartered in Spain, and Spanish subsidiaries of foreign corporations. The bank's cash management offering includes local instruments such as Pagares, Recibos, Efectos and Confirming capabilities, with comprehensive support for local AEBxx formats and flexible lockbox solutions. In addition, BNP Paribas' virtual account solutions facilitate automated reconciliation of incoming credit transfers. International trade finance solutions range from vanilla to highly specialist solutions, including supply chain management.
4 Currency Currency Spain uses the euro (EUR). Bank accounts Resident / non-resident status A company is generally considered resident in Spain if its place of effective management is located in Spanish territory or its head office is registered under Spanish law. Bank accounts for resident entities Inside Spain Outside Eurozone Local Currency Permitted without restriction, fully convertible. Permitted without restriction, fully convertible. Foreign Currency Permitted without restriction, fully convertible. Permitted but opening and closing of accounts must be reported to Banco de España, fully convertible. Bank accounts for non-resident entities Inside Spain Outside Eurozone Local Currency Permitted without restriction, fully convertible. Permitted without restriction, fully convertible. Foreign Currency Permitted without restriction, fully convertible. Not applicable. Payments & Collections Credit transfers Credit transfers are used by companies to pay salaries and suppliers, and to make tax and treasury payments. SEPA credit transfers can be settled via the SNCE and via STEP2 (accessed via the SNCE).
5 Approximately 130 banks in Spain participate in the SEPA credit transfer scheme. High-value and urgent domestic and cross-border (within the euro zone) credit transfers can be settled in real time via TARGET2-BE. High-value and urgent cross-border credit transfers can also be settled with end-of-day value via the Euro Banking Association's EURO1 system. Five banks in Spain participate directly in EURO1. Cross-border transfers can be made via SWIFT and settled through correspondent banks abroad and/or bank branch networks. In November 2017, the European Payment Council s SCTInt scheme (a pan-european 24/7 instant payment scheme for SEPA credit transfers) will go live across all SEPA countries. The scheme will enable the transfer of funds (the maximum threshold value for SCTInsts will be EUR 15,000) to another account in less than ten seconds. Direct debits Direct debits are used for regular payments, such as utility bills. SEPA direct debits can be settled on a same-day basis via STEP2 (accessed via the SNCE). Final settlement takes place in TARGET2-BE. Liquidity management Domestic: notional pooling Domestic notional cash pools can be expensive to operate in Spain because of the restrictions on banks offsetting credit and debit balances. Resident and non-resident bank accounts can participate in the same notional pool structure, as can different legal entities. Intercompany cross-guarantees are required when participating entities have different beneficial ownership structures. Spain s rules on transfer-pricing and thin capitalisation may affect intercompany cross-guarantees. Interest rate enhancement is offered by some banks as an alternative. Domestic: cash concentration Domestic cash concentration structures are available. Zero balancing (barrido de saldos) is the most commonly used structure. Resident and non-resident bank accounts can participate in the same cash concentration structure, as can different legal entities. Transactions with a value above EUR 50,000 between a resident account and a non-resident account must be reported to the Banco de España every ten days. Cross-border notional pooling Cross-border notional pooling structures are available but are not typically located in Spain because of the restrictions on banks offsetting credit and debit balances. Intercompany cross-guarantees are required when participating entities have different beneficial ownership structures. Spain s rules on transfer-pricing and thin capitalisation may affect intercompany cross-guarantees.
6 Cross-border cash concentration Cross-border cash sweeping structures are widely available. Transactions with a value above EUR 50,000 (or the equivalent in a foreign currency) between resident accounts and accounts held by non-residents must be reported to the Banco de España every ten days. If a resident entity s aggregated transactions on an account held abroad are greater than EUR 600,000 per annum, the resident entity must report the information to the Banco de España on an annual basis. If a resident entity s aggregated transactions on an account held abroad are greater than EUR 3 million per month, the resident entity must report the information to the Banco de España on a monthly basis. International trade General trade rules As a member of the European Union (EU), Spain follows the EU customs code and applies all associated regulations and commercial policies. Trade with countries in the European Economic Area and Switzerland is exempt from tariffs and other controls. Imports / exports Imports Machinery and equipment Fuels Primary Import sources Germany (14.4%) Exports Export markets Chemicals Semi-finished goods Foodstuffs Consumer goods France (11.7%) China (7.1%) Italy (6.5%) Netherlands (5.0%) UK (4.9%) Machinery Motor vehicles Foodstuffs Pharmaceuticals Medicines Other consumer goods France (15.7%) Germany (11%) Italy (7.4%) UK (7.4%) Portugal (7.1%) USA (4.5%) Import / export volumes Measuring and medical control instruments
7 goods USD m 288, , , , ,553 - services USD m 122, , , , ,123 - goods USD m 325, , , , ,201 - services USD m 64,328 63,242 68,359 64,697 70, Exports Imports Current account as % GDP Source: IMF, International Financial Statistics, July Market data updated as of
8
Introduction to NETHERLANDS
Introduction to NETHERLANDS The Netherlands is a small, densely populated country, with 504 persons per km². Only 50% of its territory is more than one metre above sea level. It is among the richest countries
More informationIntroduction to IRELAND
Introduction to IRELAND Ireland is one of the smallest and most open countries in the Eurozone. Exports and imports make up around 200% of its GDP. Thanks to an attractive fiscal and regulatory environment,
More informationIntroduction to DENMARK
Introduction to DENMARK The Danish economy is a typical example of the Nordic economic model, combining high living standards and low income inequality. GDP per capita is about 25% higher than the European
More informationIntroduction to NORWAY
Introduction to NORWAY As a result of North Sea oil and gas, Norway has become one of the richest countries in Europe in terms of income per capita. The revenues from the petroleum industry have allowed
More informationIntroduction to SOUTH KOREA
Introduction to SOUTH KOREA South Korea has the fourth largest nominal GDP in Asia (USD 1.4 trillion in 2016). Economic growth slowed from 4.4% per year in 2002-2011 to (a still fairly good) 2.8% in 2012-2016
More informationIntroduction to TUNISIA
Introduction to TUNISIA Tunisia is small open economy with strong ties to Europe. The country has been cited as a success story for a number of years, following decades of robust growth and impressive
More informationIntroduction to VIETNAM
Introduction to VIETNAM Vietnam is a densely populated, emerging economy that has implemented market-oriented reforms since 1986 and benefited from large foreign direct investment inflows since its accession
More informationIntroduction to SAUDI ARABIA
Introduction to SAUDI ARABIA Saudi Arabia is the world s largest oil producer and exporter with almost one-fifth of the word s proven oil reserves. Benefiting from abundant and cheap energy, the industrial
More informationIntroduction to UNITED STATES OF AMERICA
Introduction to UNITED STATES OF AMERICA The USA remains the world s largest economy. After almost twenty years of leading world economic growth, the worst economic and financial crisis of the past eighty
More informationIntroduction to SERBIA
Introduction to SERBIA Serbia is a market economy but the public sector remains highly influential in certain areas and a number of institutional reforms are required. The economy relies on manufacturing
More informationIntroduction to PHILIPPINES
Introduction to PHILIPPINES With a population of about 100 million people, the Philippines, which comprises more than 7,000 islands, is the 12th most populous country in the world. An additional 12 million
More informationSPANISH EXTERNAL SECTOR AND COMPETITIVENESS: SOME HIGHLIGHTS
SPANISH EXTERNAL SECTOR AND COMPETITIVENESS: SOME HIGHLIGHTS Summary Spain has significantly increased its trade openness in the last two decades Despite the global crisis and increased competition from
More informationIntroduction to MOROCCO
Introduction to MOROCCO With a GDP of USD 101bn in 2015, Morocco is a medium-sized economy. Sound macroeconomic fundamentals, a resilient and sophisticated banking sector and the implementation of structural
More informationIntroduction to KUWAIT
Introduction to KUWAIT Kuwait is the world s 10th largest producer of oil. Total oil production, which is equivalent to half the country s GDP, was estimated at 2.9 million barrels per day in 2016. Oil
More informationIntroduction to INDONESIA
Introduction to INDONESIA Indonesia is the fifth largest economy in Asia in nominal GDP terms and the third most populous nation behind China and India. It has recorded strong economic growth over the
More informationIntroduction to MALAYSIA
Introduction to MALAYSIA Malaysia is an upper-middle income, highly open economy with a record of strong economic performance and poverty reduction since independence from Great Britain in 1957. Malaysia
More informationIntroduction to MALI. BNP Paribas presence. Working with BNP Paribas. Currency. Summary. Currency. Bank accounts
Introduction to MALI Mali is a poor, predominantly desert country with a high dependency on gold and cotton exports. The agricultural sector accounts for 40% of GDP, and the economy is therefore highly
More informationTHE SPANISH ECONOMY: FACTS THAT CANNOT BE OVERLOOKED
THE SPANISH ECONOMY: FACTS THAT CANNOT BE OVERLOOKED Luis de Guindos Minister of Economy and Competitiveness 6 September 2012 Accumulated Imbalances of the Spanish Economy 1. Private sector indebtedness
More informationQuarterly Spanish National Accounts. Base 2000
May 19 2010 Quarterly Spanish National Accounts. Base 2000 First quarter of 2010 Quarterly National Accounts (GDP) Latest data Year-on-year growth rate Quarter-on-quarter growth rate First quarter of 2010-1.3
More informationCountry in the Spotlight - France
Country in the Spotlight - France On a slippery path The French economic recovery remains on track, though it becomes hard to bank on a strong acceleration given that the main recovery drivers were temporary
More informationIrish Economy and Growth Legal Framework for Growth and Jobs High Level Workshop, Sofia
Irish Economy and Growth Legal Framework for Growth and Jobs High Level Workshop, Sofia Diarmaid Smyth, Central Bank of Ireland 18 June 2015 Agenda 1 Background to Irish economic performance 2 Economic
More informationHSBC Trade Connections: Trade Forecast Quarterly Update October 2011
HSBC Trade Connections: Trade Forecast Quarterly Update October 2011 New quarterly forecast exploring the future of world trade and the opportunities for international businesses World trade will grow
More informationConclusion of ESM financial assistance programme for Spain: an overview. 31 December 2013
Conclusion of ESM financial assistance programme for Spain: an overview 31 December 2013 The situation of Spanish banks has improved Process of bank restructuring is well underway Transfer of impaired
More informationIZMIR UNIVERSITY of ECONOMICS
IZMIR UNIVERSITY of ECONOMICS Department of International Relations and the European Union TURKEY EU RELATIONS ( EU308) FOREIGN DIRECT INVESTMENT IN THE EUROPEAN UNION AND TURKEY Prepared By: Büke OŞAFOĞLU
More informationSingle Market Scoreboard
Single Market Scoreboard Integration and Market Openness Trade in Goods and Services (Reporting period: 2014-2015) About Trade in goods and services between EU Member States accounts for over two thirds
More informationGovernor of the Bank of Latvia
Lessons from Latvia s internal adjustment strategy Ilmārs Rimšēvičs Governor of the Bank of Latvia September 4, 2012 Presentation outline Overheating of Latvia s economy Expansionary consolidation Lessons
More informationUNIVERSITY OF CALIFORNIA Economics 134 DEPARTMENT OF ECONOMICS Spring 2018 Professor David Romer
UNIVERSITY OF CALIFORNIA Economics 134 DEPARTMENT OF ECONOMICS Spring 2018 Professor David Romer LECTURE 3 POSTWAR FLUCTUATIONS AND THE GREAT RECESSION JANUARY 24, 2018 I. CHANGES IN MACROECONOMIC VOLATILITY
More informationIrish Exporters Association Half Year 2013 Review -Export contraction impacting differing sectors -
Irish Exporters Association Half Year 2013 Review -Export contraction impacting differing sectors - -------------------------------- Published August 2013 0 Contents 1. Executive Summary - January to June
More informationStructural Reforms in Spain
Structural Reforms in Spain What has been done? What has been the impact? Ramon Xifré ESCI Universitat Pompeu Fabra Public-Private Sector Research Center, IESE Bruegel, November 2, 2015 1 Goals and outline
More information4 SPAIN S INTERNATIONAL INVESTMENT POSITION IN 2008
4 SPA S TERNATIONAL VESTMENT POSITION 28 4 Spain s international investment position in 28 41 International investment position in 28: analysis of aggregate data The net debit position of the Spanish economy
More informationEconomic puzzles: the world, Europe, Brexit and renminbi Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times
Economic puzzles: the world, Europe, Brexit and renminbi Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times FT-ANZ RMB Growth Strategy Series 24 th June Sydney Economic puzzles
More informationPreliminary results of International Trade in 2014: in nominal terms exports increased by 1.8% and imports increased by 3.
International Trade Statistics 7 July, 215 Preliminary results of International Trade in : in nominal terms exports increased by 1.8% and imports increased by 3.2% vis-à-vis 213 In, exports of goods increased
More informationIs the Euro Crisis Over?
Is the Euro Crisis Over? Klaus Regling, Managing Director, ESM Institute of International and European Affairs, Dublin 17 January 2014 Europe reacts to the euro crisis at national and EU level A comprehensive
More informationMain Development Trends of Czech Economy in 2013 and the Perspective for (April 2014)
Main Development Trends of Czech Economy in 2013 and the Perspective for 2014 (April 2014) The Czech Industry Results in 2013 in the Context of the EU Market and the Perspective for 2014 The Development
More informationGlobal Banking Service. Report on Spain
Arctic Circle This report provides helpful information on the current business environment in Spain. It is designed to assist companies in doing business and establishing effective banking arrangements.
More informationBank Austria Economics & Market Analysis Austria. Austrian Economy. August
Bank Austria Economics & Market Analysis Austria Austrian Economy August http://economicresearch-e.bankaustria.at Austrian Economy Author: Walter Pudschedl Imprint Published by UniCredit Bank Austria AG
More informationForeign Trade and Capital Exports
Foreign Trade and Capital Exports Foreign trade Overall figures. For a long time Hungary has been a small, open, yet foreign trade sensitive country and, as a consequence, a vulnerable economy. Its GDP
More informationWhat is the global economic outlook?
The outlook What is the global economic outlook? Paul van den Noord Counselor to the Chief Economist The outlook Real GDP growth, in per cent United States.... Euro area. -. -.. Japan -.... Total OECD....
More informationFinland's Balance of Payments. Preliminary Review 2007
Finland's Balance of Payments Preliminary Review 27 1 Current account, 198 27 1 Credit Net - -1 198 198 199 199 2 2 Current transfers Income Services Goods Curent account, net Debit Bank of Finland Financial
More informationQuarterly Spanish National Accounts. Base 2000
17 November 2010 Quarterly Spanish National Accounts. Base 2000 Third quarter of 2010 Quarterly National Accounts (GDP) Latest data Year-on-year growth rate Quarter-on-quarter growth rate Third quarter
More informationTurkey: Recent Developments and Future Prospects. ISBANK Economic Research Division October 2018
Turkey: Recent Developments and Future Prospects ISBANK Economic Research Division October 2018 Macroeconomic Outlook Strong Economic Growth Cycle GDP of 851 bn USD (2017), 10.6k USD (2017) per capita
More informationThe Spanish economy in 2014
The Spanish economy in 2014 April 2014 World growth at differents speeds Forecasted real GDP growth in 2014 Changes in IMF forecasts for 2014 GDP growth since last summer Source: International Monetary
More informationEconomic Outlook. Global And Finnish. Technology Industries In Finland Economic uncertainty has not had a major impact yet p. 5.
Economic Outlook Technology Industries of 1 219 Global And Finnish Economic Outlook Uncertainty dims growth outlook p. 3 Technology Industries In Economic uncertainty has not had a major impact yet p.
More informationConsumer credit market in Europe 2013 overview
Consumer credit market in Europe 2013 overview Crédit Agricole Consumer Finance published its annual survey of the consumer credit market in 28 European Union countries for seven years running. 9 July
More informationPrevisions Macroeconòmiques. Macroeconomic scenario for the Catalan economy 2017 and June 2017
PM Previsions Macroeconòmiques Macroeconomic scenario for the Catalan economy 2017 and 2018 June 2017 Previsions macroeconòmiques Macroeconomic scenario for the Catalan economy June 2017 ISSN: 2013-2182
More informationEurope s Response to the Sovereign Debt Crisis. Christophe Frankel, CFO of EFSF ICMA Conference, Milan 24 May 2012
Europe s Response to the Sovereign Debt Crisis Christophe Frankel, CFO of EFSF ICMA Conference, Milan 24 May 2012 The reasons for sovereign debt crisis 1 Member States did not fully accept the political
More informationInternational Banking Best Practices. Lynn Mingone Vice President Senior Product Management
International Banking Best Practices Lynn Mingone Vice President Senior Product Management Why International Cash Management is Important Multinational Corporations It has been important for decades! Major
More informationNew measures for the Spanish Banking System
New measures for the Spanish Banking System 4 February 212 Madrid The new measures are designed to clean up institutions problematic exposures to construction and real estate developers in Spain - particularly
More informationTo understand where the U.S. Economy is going, we need to understand where we have been
To understand where the U.S. Economy is going, we need to understand where we have been From 2008:1-2009:2, the worst recession since Great Depression, with a slow recovery from 2009:3-2013:1. Historical
More informationEconomic Outlook. Global And Finnish. Technology Industries In Finland Turnover and orders picking up s. 5. Economic Outlook
Economic Outlook Technology Industries of Finland 2 217 Global And Finnish Economic Outlook Broad-Based Global Economic Growth s. 3 Technology Industries In Finland Turnover and orders picking up s. 5
More informationInsolvency forecasts. Economic Research August 2017
Insolvency forecasts Economic Research August 2017 Summary We present our new insolvency forecasting model which offers a broader scope of macroeconomic developments to better predict insolvency developments.
More informationSpain Economic Outlook Q FIRST QUARTER. Economic Outlook. Spain. Economic Outlook. Spain
Economic Outlook FIRST QUARTER 2016 Spain Economic Outlook Spain The world economy will continue to grow, but at a slower pace than in the past and with more risks Spain's economy has started 2016 with
More informationQuarterly Spanish National Accounts. Base 2008 Second quarter of 2013
29 August 2013 Quarterly Spanish National Accounts. Base 2008 Second quarter of 2013 Quarterly National Accounts (GDP) Latest data Year-on-year growth rate Quarter-on-quarter growth rate Second quarter
More informationPanel Discussion: Europe at the Crossroads
Panel Discussion: Europe at the Crossroads Markus Brunnermeier Paul Krugman Hyun Song Shin Christopher Sims October 24th, 2011 Department of Economics and Griswold Center for Economic Policy Studies 1
More informationMONETARY POLICY IN THE EURO AREA: THE EXPERIENCE OF SPAIN
MONETARY POLICY IN THE EURO AREA: THE EXPERIENCE OF SPAIN Óscar Arce Associate Director General Economics and Research 14 July 2017 XXVI International Financial Congress St. Petersburg ADG ECONOMICS AND
More informationANNUAL REPORT THE FRENCH BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION
2014 ANNUAL REPORT THE FRENCH BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION BANQUE DE FRANCE DIRECTORATE GENERAL STATISTICS Balance of Payments Directorate Sectoral Surveys and Statistics
More informationLesson 4: Foreign Trade, Exchange Rates, and Competitiveness
Lesson 4: Foreign Trade, Exchange Rates, and Competitiveness 1. Stylized Facts of Spanish Foreign Trade 1.1 Geographic Distribution 1.2 Foreign Trade Evolution 2. Exchange Rates 2.1 Interest Rate Parity
More informationThe Net Worth of Irish Households An Update
The Net Worth of Irish Households An Update By John Kelly, Mary Cussen and Gillian Phelan * ABSTRACT The recent publication of Institutional Sector Accounts by the CSO has made it possible to produce a
More informationRAISING MEDIUM TERM GROWTH PROSPECTS SYLVIE GOULARD DEPUTY-GOVERNOR, BANQUE DE FRANCE
RAISING MEDIUM TERM GROWTH PROSPECTS SYLVIE GOULARD DEPUTY-GOVERNOR, BANQUE DE FRANCE SPAIN FROM RECOVERY TO RESILIENCE - BANCO D ESPAÑA / IMF CONFERENCE, MADRID, 3 APRIL 2018 The key challenges to raise
More informationDepartment of Economics ECONOMIC OVERVIEW
Department of Economics ECONOMIC OVERVIEW January 2012 EDITORIAL Will the Euro Survive? By joining the euro, Europe s peripheral countries gained access to cheap, easy financing. They spent beyond their
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationThe Outlook for Israel s Economy in Light of Current Global Developments
The Outlook for Israel s Economy in Light of Current Global Developments Dr. Leonardo Leiderman Professor of Economics, Tel-Aviv University and Chief Economic Advisor, Bank Hapoalim To be presented in
More informationOne Bank for Corporates in Europe
Paris, 10 th February 2011 PRESS RELEASE One Bank for Corporates in Europe BNP Paribas offers corporates a unique solution to support them with their European operations and expansion plans - A network
More informationITALY KEY FIGURES, TRENDS, STATE OF HEALTH. April 2013
ITALY KEY FIGURES, TRENDS, STATE OF HEALTH April 2013 Italy: Lost in stagnation??? 2 3 Italy weaknesses are well known GDP growth % change from previous year Public debt/gdp % Poor GDP growth High public
More informationEurozone job crisis:
UNDER EMBARGO UNTIL 22:01 GMT TUESDAY 10 JULY 2012 Eurozone job crisis: Trends and policy responses Executive Summary INTERNATIONAL LABOUR ORGANIZATION INTERNATIONAL INSTITUTE FOR LABOUR STUDIES Executive
More informationBALANCE OF PAYMENTS: BALANCES TABLE 1.1. SOURCE: Banco de España.
1 OVERVIEW 1 Overview This chapter summarises the most salient developments in the balance of payments and in the international investment position in 28, along with the main changes introduced in connection
More informationHKU announces 2015 Q3 HK Macroeconomic Forecast
Press Release HKU announces 2015 Q3 HK Macroeconomic Forecast July 7, 2015 1 Overview The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong
More informationFX MM TRADING TREASURY TECHNOLOGY. European Corporate Treasury Research Programme
FX MM TRADING TREASURY TECHNOLOGY 2007 European Corporate Treasury Research Programme 2007 European Corporate Treasury Research Programme Introduction & Research Methodology FX&MM and Treasury Strategies,
More informationThe Irish Economy. The revival of the Celtic Tiger
The Irish Economy The revival of the Celtic Tiger Sustained growth, above eurozone average Ireland is the fastest-growing economy in Europe % growth of real GDP Ireland Poland UK Sweden Germany EU 28 Spain
More informationTurkey s Saving Deficit Issue From an Institutional Perspective
Turkey s Saving Deficit Issue From an Institutional Perspective Engin KURUN, Ph.D CEO, Ziraat Asset Management Oct. 25th, 2011 - Istanbul 1 PRESENTATION Household and Institutional Savings Institutional
More informationThe impact of the European System of Accounts 2010 on euro area macroeconomic statistics
Box 8 The impact of the European System of Accounts 21 on euro area macroeconomic statistics The introduction of the new European System of Accounts 21 (ESA 21) in line with international statistical standards
More informationPORTUGAL E O CAMINHO PARA O FUTURO: A BANCA E O SEU PAPEL
XV CONFERÊNCIA A CRISE EUROPEIA E AS REFORMAS NECESSÁRIAS PORTUGAL E O CAMINHO PARA O FUTURO: A BANCA E O SEU PAPEL FERNANDO FARIA DE OLIVEIRA AGENDA European Context: From the Actual Crisis to Growth
More informationAnalysis of Developments in the External Sector of the Economy
B a n k of A l b a n i a Analysis of Developments in the External Sector of the Economy 212 Q4 Olti Mitre, Merita Boka Monetary Policy Department April 213 The views expressed in this material are those
More informationBank Austria Economics & Market Analysis Austria. Austrian Economy. May
Bank Austria Economics & Market Analysis Austria Austrian Economy May http://economicresearch-e.bankaustria.at Austrian Economy Author: Walter Pudschedl Imprint Published by UniCredit Bank Austria AG Schottengasse
More information2. International developments
2. International developments (6) During the period, global economic developments were generally positive. The economy grew faster in the second quarter, mainly driven by the favourable financing conditions
More informationAtradius Country Report. Main Western European Markets - May 2018
Atradius Country Report Main Western European Markets - May 8 Contents Austria Belgium Denmark 7 France 9 Germany Ireland Italy The Netherlands 7 Spain 9 Sweden Switzerland United Kingdom Print all Austria
More informationIntroduction on monetary policy
Introduction on monetary policy The Riksdag Committee on Finance 8 November 1 Governor Stefan Ingves Today s presentation Developments and monetary policy over the last 1 months Weaker growth prospects
More informationEurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Germany
More informationTeetering on the brink: is the world heading for another financial crisis?
Teetering on the brink: is the world heading for another financial crisis? Adrian Cooper CEO & Chief Economist acooper@oxfordeconomics.com Peter Suomi Director petersuomi@oxfordeconomics.com October 2011
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationBank Austria Economics & Market Analysis Austria. Austrian Economy. July
Bank Austria Economics & Market Analysis Austria Austrian Economy July http://economicresearch-e.bankaustria.at Austrian Economy Author: Walter Pudschedl Imprint Published by UniCredit Bank Austria AG
More informationThe Analysis of the Situation of Foreign Direct Investments in Romania
The Analysis of the Situation of Foreign Direct Investments in Romania Camelia Milea 1, Florin Bălăşescu 2 Abstract: Foreign direct investments represent one of the ways of financing any economy. But like
More informationSPAIN. Spotlight on the real estate market. Javier Garcia-Mateo Partner Financial Advisory Deloitte
SPAIN Spotlight on the real estate market Javier Garcia-Mateo Partner Financial Advisory Deloitte 4 Macroeconomic View Introduction: The Spanish economy gathers momentum Investment analysts are projecting
More informationEUROPEAN UNION SOUTH KOREA TRADE AND INVESTMENT 5 TH ANNIVERSARY OF THE FTA. Delegation of the European Union to the Republic of Korea
EUROPEAN UNION SOUTH KOREA TRADE AND INVESTMENT 5 TH ANNIVERSARY OF THE FTA 2016 Delegation of the European Union to the Republic of Korea 16 th Floor, S-tower, 82 Saemunan-ro, Jongno-gu, Seoul, Korea
More informationEmerging Markets Outlook
Mark Mobius, Ph.D. Executive Chairman Templeton Emerging Markets Group Emerging Markets Outlook Dealer Use Only / Not for Distribution to the Public Agenda Performance Emerging Markets Equities: Demand
More informationQuarterly Spanish National Accounts. Base 2008
28 November 2013 Quarterly Spanish National Accounts. Base 2008 Third quarter of 2013 Quarterly National Accounts (GDP) Latest data Year-on-year growth rate Quarter-on-quarter growth rate Third quarter
More informationPortugal: economic adjustment and challenges ahead
Portugal: economic adjustment and challenges ahead Carlos da Silva Costa Governor Madrid, November 10 th 2015 Forum Europa Outline I. Adjustment of the Portuguese II. Lessons to be drawn III. Challenges
More informationA-level ECONOMICS Unit 4 The National and International Economy
A-level ECONOMICS Unit 4 The National and International Economy Thursday 23 June 2016 Afternoon Time allowed: 2 hours Materials For this paper you must have: an AQA 12-page answer book a calculator. Instructions
More informationHALF-YEAR FINANCIAL REPORT
HALF-YEAR FINANCIAL REPORT 30 JUNE 2018 LETTER TO SHAREHOLDERS. Venlo, 15. Mai 2017 Venlo, the Netherlands, 14. August 2018 Dear Shareholders, Ladies and Gentlemen, During the second quarter of the current
More informationPrince Edward Island 2012 Fall Economic Update
Prince Edward Island 2012 Fall Economic Update Introduction The following document is an update to the economic situation of the Province of Prince Edward Island since the release of the last provincial
More informationInternational Bank Fees: The Next Frontier
International Bank Fees: The Next Frontier Stephan Ireland Managing Director Redbridge DTA Kris Filipkowski, CTP Director of Global Treasury Initiatives Henry Schein, Inc Agenda Challenges of international
More informationFrance Economic Update QNB Group. September 2014
France Economic Update QNB Group September 2014 France Overview France is the ninth largest economy in the world on a purchasing power parity basis and service-oriented; high indebtedness and lack of reforms
More informationSwiss Balance of Payments and International Investment Position 2016
Swiss Balance of Payments and International Investment Position 216 Swiss Balance of Payments and International Investment Position 216 Volume 3 Contents Page 1 Overview 4 Introductory remarks 4 Changes
More informationPROJECT LINK FALL MEETING NEW YORK, OCTOBER 2015 COUNTRY REPORT : SWITZERLAND
PROJECT LINK FALL MEETING NEW YORK, OCTOBER 2015 COUNTRY REPORT : SWITZERLAND Délia NILLES 1 1. Recent Trends and Selected Key Forecasts 1.1 Recent trends Switzerland's real GDP grew by 1.9% in 2014, but
More informationTHE ECONOMIC OUTLOOK IN 2012 ILTA CONFERENCE. 9 May 2012 Vicky Pryce
THE ECONOMIC OUTLOOK IN 2012 ILTA CONFERENCE 9 May 2012 Vicky Pryce Contents Global and European economy UK economy Prospects for individuals and businesses Concluding remarks what next? Global and European
More informationPress release Press enquiries: /
BANK FOR INTERNATIONAL SETTLEMENTS CH-4002 BASEL, SWITZERLAND Press release Press enquiries: +41 61 / 280 81 88 Ref. No.: 36/E 13 November The global OTC derivatives market continues to grow Data released
More informationCan the Eurozone Remain at the Party? Howard Archer Country Intelligence Group Global Insight
Can the Eurozone Remain at the Party? Howard Archer Country Intelligence Group Global Insight Eurozone Growth Robust in First Half 4 (Percent change, q/q, real GDP) 3 2 1 0-1 GDP Dom Demand Cons Inv Govt.
More informationSpain: Opportunities for foreign investors
Spain: Opportunities for foreign investors May 2018 kpmg.es Spain: Opportunities for foreign investors 3 4 Spain: Opportunities for foreign investors Dynamism of Spanish economy After some years of negative
More informationIndustry anticipating 1.8 percent rise in GDP. Global upturn is the main factor
QUARTERLY REPORT GERMANY Industry anticipating 1.8 percent rise in GDP. Global upturn is the main factor Quarter III / 2017 The German economy is picking up speed considerably. We are expecting real economic
More informationGREEK ECONOMIC OUTLOOK
CENTRE OF PLANNING AND ECONOMIC RESEARCH Issue 27, June 2015 GREEK ECONOMIC OUTLOOK Macroeconomic analysis and projections Public finance Human resources and social policies Development policies and sectors
More information