J.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Italy
|
|
- Gervase Todd
- 6 years ago
- Views:
Transcription
1 J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Italy
2 Introduction Italy's GDP growth trajectory is predicted to take a slight downward turn, decelerating to 1.5% in 2018 and then 1.3% in Generally speaking, private consumption is driving economic growth, although this is expected to broaden to investment and exports. 2 The unemployment rate is predicted to gradually recede from 11.3% in 2017 to 10.5% in 2019, 3 which should put cash in more citizens' pockets and help support online retail sales. This information is based on projected figures and is subject to change at any time. [ 2 ]
3 Italy: At a glance Population 60.6m Average age 45.1 years GDP 1.52trn B2C ecommerce market value 20bn A small but rapidly growing market Italy's B2C ecommerce market value was 20bn in 2016, 4 a figure that put it on a par with the Netherlands in terms of market value, despite Italy having more than three times the population. At just 3% of the total retail market, Italy has the smallest ecommerce penetration out of all the countries studied, while the average annual online shopping spend is just 938 per capita, 40% below the European average. 5 Internet penetration 65.6% Smartphone penetration 50% Card penetration per capita 1.07 (debit & credit) Source: Source: J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via World Bank, CIA (2016), Global Data, Internet Live Stats 2016 The underdevelopment of the ecommerce market could be explained by the fact that Italy has one of the lowest broadband penetration rates among European countries. In 2016, 25% of Italians did not use the internet at all. 6 This low penetration rate is also not growing as quickly as might be expected internet adoption has only increased at a compound annual growth rate (CAGR) of 4% over the last five years. 7 Italy: Consumer spending 242, , , , ,000 EUR Millions However, despite this lagging internet penetration rate, the online shopping market expanded by 20.6% in 2016, 8 making it the fastest growing out of the European countries surveyed.* 9 Italy's ecommerce market value is forecast to grow at a CAGR of 15.6% between 2016 and 2020, hitting a value of 35.76bn in It is therefore clear that those Italian consumers that are connected are happy to embrace the online option as a retail channel July Source: Trading Economics, ISTAT July July , , The number of e-shoppers in Italy has increased from nine million in 2011 to more than 18.8 million in And with Italy still a small player in the overall European ecommerce market, there is plenty of room for both major companies and emerging start ups to make their mark. [ 3 ]
4 ecommerce: % of total sales by segment Card penetration per capita 100% Digital Goods 58% Airlines 10% Public Transit (metro/rail/bus) 7% Consumer Electronics 1% Department Stores Source: Source: J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via emarketer & ecommerce Europe, % Online travel agents (OTAs)/ Tour Operators 50% Accommodation/ Hotels 10% Fashion/ Apparel 2% Mass Merchandise 1% Grocery/ Supermarkets ecommerce penetration (%) Metric indicator DEBIT CREDIT TOTAL Debit card per capita (ecommerce enabled) Credit card per capita (ecommerce enabled) Total cards per capita (ecommerce enabled) Total Source: J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, 2016 The country is the world's biggest market for prepaid credit cards, with more than 25 million prepaid cards issued. 13 Italy s large unbanked population of an estimated 8 million people 14 makes prepaid cards a simple option for converting cash into a digital means of payment. An attitude of mistrust towards major banks, repeated financial crises in the country, and online security concerns have also helped grow a preference for prepayment. 15 As a result, prepaid cards account for an approximately 16% market share. 16 Prepaid cards remain prominent With online shopping still by no means ubiquitous in Italy, longestablished and understood methods, such as cash and card, perform well. In 2016, cards accounted for 27% of ecommerce payments by value ( 5.3bn). 12 One reason for this is that Italy has a strong preference for using prepaid cards. Meanwhile, e-wallet use was also relatively high, accounting for 23% ( 4.6bn) 17 of payments. But when considering the volume, rather than value, of transactions, e-wallets are well ahead of other payment methods. The number of e-wallet transactions in Italy during 2016 was mn, compared to 70.68mn online card transactions and 34.5mn cash transactions. 18 There was also a 43% growth in the value of e-wallet transactions between 2014 and 2016, 19 suggesting rapidly growing acceptance of the method. [ 4 ]
5 Of the different alternative payment methods, PayPal was the most popular, accounting for around 17% of the ecommerce market. 20 The launch of digital-only banks (such as N26, which launched in Italy in December 2015) that are integrated with other payment services, such as Apple Pay, 21 could also help boost the use of alternative transactions. However, these bank transfer services will likely be used to load payment methods such as e-wallets and cards, rather than to complete transactions. Payment method split by value (%) Meanwhile, cash took a 14% share 22 of payments in As a proportion of the market, this was one of the highest rates in the region, reflecting the undeveloped nature of both ecommerce and alternative payments in general in the country. Since 2011, Italian association CashlessWay has been running the No Cash Day initiative 23 to encourage consumers to switch to digital payment methods. Despite such attempts, cash remains resilient, a trend that presents a significant challenge to online merchants, especially with operational functions such as collection. Although bank transfers represented the lowest value at 12% 24 ( 2.34bn), 25 this is the fastest growing payment area, increasing by 101% in The popularity of prepaid cards has likely influenced this trend. Banks that offer prepaid cards as an entrylevel option to customers are creating more sophisticated bank account-linked services and offers (such as e-ticketing) to boost use of their cards beyond the basic load-cash-and-pay model. 27 Other alternative payment methods occupy much smaller segments of the market, with no other individual method taking up more than 5%. 28 Among these are local e-wallet company MySi di CartaSi, which is funded by Visa /Mastercard, and Swedish system Klarna. 12% Bank Transfer 27% 25% 23% 14% Card Other E Wallet Cash Source: J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, 2016 Embrace mobile payments to woo the Italian shopper Companies planning to explore Italy as a growth market may find mobile shopping will need to become a key part of their strategy. While general internet use is lower than in other parts of the EU, smartphones are becoming a key element in the day-to-day life of the Italian working-age population. Purchases via smartphone grew by 63% in 2016, accounting for 30% of total ecommerce sales. 29 Italy is also amongst the 34 countries that implemented Single Euro Payments Area (SEPA) Instant Payment in November [ 5 ]
6 Penetration of alternative payment methods (%) PayPal 17% Prepaid Cards 16% Source: J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company Opportunity awaits in low basket spend and improving infrastructure Despite a relatively low internet penetration rate, the Italian ecommerce market is nevertheless growing at a double-digit rate. With the lowest average annual online basket spend per consumer in the EU, there is also potential for businesses to encourage higher ecommerce spending. Supported by highlevel European payment frameworks, and emerging high-speed domestic payments infrastructure, Italy is a market offering significant opportunity. * J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe study includes the following countries: UK, the Netherlands, Germany, France, Italy, Spain, Norway, Denmark, Sweden, Switzerland, Finland References [1] OECD, November Italy - Economic forecast summary (November 2017). Accessed uary [2] OECD, November Italy - Economic forecast summary (November 2017). Accessed uary [3] Europa.eu, November Autumn 2017 Economic Forecast Italy. Accessed uary [4] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Netcomm & E-commerce Foundation, [5] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via ecommerce Foundation, Global B2C E-commerce Report [6] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Internet Live Stats, 2016 and Eurostat, Internet access and use statistics - households and individuals, December [7] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Internet Live Stats, 2016 and Eurostat, Internet access and use statistics - households and individuals, December [8] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Netcomm & E-commerce Foundation, [9] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Netcomm & E-commerce Foundation, 2016, National Associations (2016), GlobalData (2016), E-Commerce Foundation (2016), Statista (2016), EDC Research & Analysis. [10] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, [11] Netcomm, Dati Netcomm - Conferenza Stampa, 27 February [12] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, [13] Be, Think, Solve, Execute, Italian prepaid card market: Any room for growth? Accessed December [14] Be, Think, Solve, Execute, Italian prepaid card market: Any room for growth? Accessed December [15] Be, Think, Solve, Execute, Italian prepaid card market: Any room for growth? Accessed December [16] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company. [17] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, [18] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company. [19] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Netcomm & E-commerce Foundation, [20] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company. [21] Support.apple.com. Apple Pay participating banks in Europe and the Middle East ; Available at: Accessed March [22] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, [23] Nocashday.org. About No Cash Day. Accessed uary [24] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, [25] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Netcomm & E-commerce Foundation, [26] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Netcomm & E-commerce Foundation, [27] Be, Think, Solve, Execute, Italian prepaid card market: Any room for growth? Accessed December [28] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company. [29] J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Netcomm, 2016 and Euromonitor, August Mobile Phones in Italy. For more information please contact: Your Relationship Manager or visit Information contained in this document has been prepared by third parties or obtained from sources which are believed to be reliable; but neither Chase Paymentech Europe Limited nor any of its affiliates warrant the completeness or accuracy of the information contained herein. Chase Paymentech Europe Limited and any of its affiliates shall have no liability to the user or to third parties, for the quality, accuracy, timeliness, or for any special, indirect, incidental or consequential damages which may be experienced because of the use of or reliance on the data or statements made available herein. Third party trademarks, brand names, products and services are only referential and Chase Paymentech Europe Limited and its affiliates disclaims any sponsorship, affiliation or endorsement of or by any such third party. Chase Paymentech Europe Limited, trading as J.P. Morgan, is regulated by the Central Bank of Ireland. Registered Office: JP Morgan House, 1 George's Dock, I.F.S.C., Dublin 1, D01 W213, Ireland. Registered in Ireland with the CRO under the Registration No Directors: Catherine Moore (UK), Carin Bryans, Michael Passilla (US), Dara Quinn, Steven Beasty (US) Copyright 2018 [ 6 ]
J.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE The Netherlands
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE The Netherlands Introduction The Dutch economy is performing well, driven by the positive performance of the Eurozone, as well as
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Germany
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Germany Introduction Germany is expected to post solid growth in 2018: strong activity in the Eurozone is helping support Germany's
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Norway
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Norway Introduction Norway's GDP growth was hit significantly after the fall in oil prices in the second part of 2014. Since then,
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Finland
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Finland Introduction Finland s GDP growth is expected to remain above the EU average in 2018 and 2019, at 2.7% and 2.4% respectively.
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Spain
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Spain Introduction Beset by political unrest in Catalonia in 2017, Spain's economic growth is predicted to slow slightly but remain
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE France
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE France Introduction Economic growth in France is expected to be solid in 2018, with GDP forecast to expand by 1.75%. 1 Low interest
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Overview
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Overview Foreword Dear Readers, J.P. Morgan has produced eleven reports on European ecommerce payment trends in order to give you
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE United Kingdom
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE United Kingdom Introduction Three dominant forces have acted on the UK economy recently. On the demand side was the impact of Brexit-related
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 informationTHE FUTURE OF CASH AND PAYMENTS
THE FUTURE OF CASH AND PAYMENTS Retail Banking Research January 2010 CONFIDENTIALITY AND COPYRIGHT This report is published by Retail Banking Research Ltd (RBR). The information and data within this report
More informationDANMARKS NATIONALBANK 30
ANALYSIS DANMARKS NATIONALBANK 30 MARCH 2017 NO. 6 Danes are Front-Runners in Electronic Payments Well-functioning and modern market for payments Instant payments enable quick transfer of funds Kr. 24
More informationInvestor Presentation Results Q1 2016
Investor Presentation Results Q1 2016 Wirecard AG 19 May 2016 2016 Wirecard AG 1 Content 1. Highlights 2. Industry and regions 3. Mergers and acquisitions 4. Outlook 5. Financial data 2016 Wirecard AG
More informationBROLL RETAIL BAROMETER
BROLL RETAIL BAROMETER MAXIMISING PROPERTY POTENTIAL www.broll.co.za Review of Fourth Quarter 2011 RESEARCH Key facts Prime shopping centres Gross rentals Cap rates Vacancies Prime high street Gross rentals
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 information4Q17 Earnings Conference Call. March 8, 2018
4Q17 Earnings Conference Call March 8, 2018 Disclaimer This presentation includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations
More informationWhat s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School WisdomTree Presentations ~ June 2012 Important Information
What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School WisdomTree Presentations ~ June 2012 Important Information This presentation represents the opinion of Jeremy Siegel
More informationIAB Europe AdEx Benchmark 2014
IAB Europe AdEx Benchmark 2014 About the study A meta analysis of online ad spend in Europe GROSS NET RATECARD Revenue Billed Revenue Billed No Agency commissions Campaigns x Ratecard Submissions from
More informationGlobal Private Label Card Market: Trends & Opportunities ( ) April 2016
Global Private Label Card Market: Trends & Opportunities (2016-2020) April 2016 Global Private Label Card Market Report Scope of the Report The report titled Global Private Label Card Market: Trends &
More informationEnvironmental taxes in Country Specific Recommendations for Denmark
European Semester 2015 Environmental taxes in Country Specific Recommendations for Denmark During the last years, environmental taxes have not been the focus in EU Commission s country specific recommendations
More informationFull SEPA (Single Euro Payments Area) Migration - Frequently Asked Questions
MEMO/11/936 Brussels, 20 December 2011 Full SEPA (Single Euro Payments Area) Migration - Frequently Asked Questions 1. What is SEPA? The Single Euro Payments Area (SEPA) is the area where citizens, business
More informationIreland, one of the best places in the world to do business. Q Key Marketplace Messages
, one of the best places in the world to do business. Q1 2013 Key Marketplace Messages Why : Companies are attracted to for a variety reasons: Talent Young, flexible, adaptable, mobile workforce. The median
More informationBROCHURE. The European Structured Retail Product Market Review. Arete Consulting. Publication Date: April Report Code: EUMR11
BROCHURE The European Structured Retail Product Market 2011 Review by Arete Consulting Publication Date: April 2011 Report Code: EUMR11 Arete Consulting Limited 2011 Introduction to Arete Consulting Arete
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 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 informationInvestor Presentation. April 2018
Investor Presentation April 2018 Disclaimer This presentation has been prepared and issued by Nomad Foods Limited (the "Company"). This Presentation has been provided solely for information and background.
More informationEurozone. EY Eurozone Forecast March 2014
Eurozone EY Eurozone Forecast March 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Estonia
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 informationAllianz Asset Pro+ Fixed Index Universal Life Insurance Policy
Allianz Life Insurance Company of North America 5701 Golden Hills Drive Minneapolis, MN 55416-1297 SM Allianz Asset Pro+ Fixed Index Universal Life Insurance Policy Current rates as of: 02/27/2018 These
More informationCAGNY Conference. February 22, 2018
CAGNY Conference February 22, 2018 Disclaimer This presentation has been prepared and issued by Nomad Foods Limited (the "Company"). This Presentation has been provided solely for information and background.
More informationT5-Europe The Jus Semper Global Alliance 01/09/16 1 6
Table-T5 Living-Wage-Gap and Equalisation analysis (vis-à-vis the U.S.) for all employed in the manufacturing sector in PPP for private consumption terms 1996-2015 (Europe) Beginning with the 2012 living-wage
More informationEuropean Real Estate Market H
European Real Estate Market H1 2 18 The European Union MACROECONOMIC OVERVIEW 18. Contribution of some Member States to the EU-28 GDP (million euro) Globally, economic growth remains solid, but less synchronized
More informationNEXUS BETWEEN PAYMENT SYSTEMS AND FINANCIAL INCLUSION IN MACEDONIA
IGOR VELICKOVSKI MANAGER OF PAYMENT SYSTEMS DEPARTMENT NBRM NEXUS BETWEEN PAYMENT SYSTEMS AND FINANCIAL INCLUSION IN MACEDONIA Outline I. Payment infrastructure II. Cashless payments III. E-commerce and
More informationCost-Efficiency and the Road to Investment. Dr Richard Torbett Chief Economist, EFPIA 9/9/14
Cost-Efficiency and the Road to Investment Dr Richard Torbett Chief Economist, EFPIA 9/9/14 Health systems across Europe have improved productivity with treatment volumes increasing faster than costs Total
More informationWhat You Should Know CPEL Payment Services Directive 2
What You Should Know CPEL Payment Services Directive 2 GENERAL BACKGROUND - PAYMENT SERVICES DIRECTIVE (PSD) AND PAYMENT SERVICES DIRECTVE 2 (PSD2) 1. What is the PSD and what changes did it introduce
More informationWirecard AG Investor Presentation. 6 Months Results 2011
Wirecard AG Investor Presentation 6 Months Results 2011 Agenda 1 2 3 Financial Data 2011 Wirecard AG 2 Key Figures 6 Months Results of Fiscal 2011/2010 6M/2011 6M/2010 Results Revenues EUR mn 147.9 123.8
More informationGlobal Trends and Developments in Instant Payments
Global Trends and Developments in Instant Payments Merchant Payments Ecosystem, Berlin 14 th February, 2017 Edgar, Dunn & Company, 2017 What are instant payments? Instant Payments Faster payments Real-time
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationConsumer Credit. Introduction. June, the 6th (2013)
Consumer Credit in Europe at end-2012 Introduction Crédit Agricole Consumer Finance has published its annual survey of the consumer credit market in 27 European Union countries (EU-27) for the sixth year
More informationEMPLOYMENT RATE Employed/Working age population (15-64 years)
1 EMPLOYMENT RATE 1980-2003 Employed/Working age population (15-64 years 80 % Finland (Com 75 70 65 60 EU-15 Finland (Stat. Fin. 55 50 80 82 84 86 88 90 92 94 96 98 00 02 9.9.2002/SAK /TL Source: European
More informationSimplifying Government Disbursements. Dominic Venturo
Simplifying Government Disbursements Dominic Venturo Senior Vice President October 5, 2007 U.S. Bancorp Overview NORWAY CANADA SWEDEN IRELAND UNITED KINGDOM DENMARK NETHERLANDS BELGIUM GERMANY POLAND FRANCE
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 28 JANUARY 2016 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44(0)2075771591 E akiko.darvell@uk.mufg.jp The Bank of TokyoMitsubishi
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 03 NOVEMBER 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-7577-1591 E akiko.darvell@uk.mufg.jp The Bank of Tokyo-Mitsubishi
More informationSecond estimate for the third quarter of 2008 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in services
STAT/09/12 22 January 2009 Second estimate for the third quarter of 20 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in According to the latest revisions1, the EU272 external
More informationVersion September Creating smart SEPA Solutions. A convenient and secure way to make payments. SEPA Direct Debit for Consumers
Creating smart SEPA Solutions Version 1.0 - September 2010 A convenient and secure way to make payments SEPA Direct Debit for Consumers 1 All you need to know about SEPA EPC Brochures* Making SEPA a Reality
More informationSweden: Concluding Statement for the 2019 Article IV Consultation
Sweden: Concluding Statement for the 2019 Article IV Consultation Macroeconomic policies must continue to support Sweden s economic resilience. Growth is expected to slow in 2019, with material downside
More informationSecond estimate for the first quarter of 2010 EU27 current account deficit 34.8 bn euro 10.8 bn euro surplus on trade in services
109/2010-22 July 2010 Second estimate for the first quarter of 2010 EU27 current account deficit 34.8 bn euro 10.8 bn euro surplus on trade in According to the latest revisions 1, the EU27 2 external current
More informationRetail banking. Section 4.2
Retail banking Section 4.2 Retail banking: CheBanca! profile CheBanca! KPIs Strong funding arm: 13.3bn direct deposits plus 1bn indirect deposits Best Italian online bank in 2012* Scalable and efficient
More informationPolicy Initiatives for Broadband. Neil Gough Vodafone Group External Affairs
Policy Initiatives for Broadband Neil Gough Disparity In Policy Objectives Country Australia Germany UK Announced Plans Superfast FTTH - 90% Coverage, 2018, 28bn 100% coverage with 1 Mbps, 75% coverage
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 informationEconomic Performance. Lessons from the past and a guide for the future Björn Rúnar Guðmundson, Director
Economic Performance Lessons from the past and a guide for the future Björn Rúnar Guðmundson, Director Analysis of economic performance Capital and labour: The raw ingredients in economic development However,
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for Modest
More informationResearch Pent-up demand in investments could boost euro area growth
Investment General Market Conditions 3 September 2013 Pent-up demand in investments could boost euro area growth The euro area has finally moved out of recession and at this stage pent-up demand could
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 24 DECEMBER 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-7577-1591 E akiko.darvell@uk.mufg.jp The Bank of Tokyo-Mitsubishi
More informationAllianz Life Pro+ Elite Fixed Index Universal Life Insurance Policy
Allianz Life Insurance Company of North America 570 Golden Hills Drive Minneapolis, MN 5546-97 SM Allianz Life Pro+ Elite Fixed Index Universal Life Insurance Policy Current rates as of: 0/7/08 These are
More informationEU-28 RECOVERED PAPER STATISTICS. Mr. Giampiero MAGNAGHI On behalf of EuRIC
EU-28 RECOVERED PAPER STATISTICS Mr. Giampiero MAGNAGHI On behalf of EuRIC CONTENTS EU-28 Paper and Board: Consumption and Production EU-28 Recovered Paper: Effective Consumption and Collection EU-28 -
More informationMercury UK Holdco Limited 110 Fetter Lane London EC4A 1AY United Kingdom. February 10, Information Release. Introduction
Mercury UK Holdco Limited 110 Fetter Lane London EC4A 1AY United Kingdom February 10, 2017 Information Release Introduction Mercury UK Holdco Limited ( HoldCo, and together with its subsidiaries, the Mercury
More informationEURONET WORLDWIDE. Financial Results First Quarter 2017
EURONET WORLDWIDE Financial Results First Quarter 2017 Presenters: Michael J. Brown, Chairman, CEO & President Rick L. Weller, EVP & CFO Jeffrey B. Newman, EVP & General Counsel Kevin J. Caponecchi, EVP
More informationEMPLOYMENT RATE IN EU-COUNTRIES 2000 Employed/Working age population (15-64 years)
EMPLOYMENT RATE IN EU-COUNTRIES 2 Employed/Working age population (15-64 years EU-15 Denmark Netherlands Great Britain Sweden Portugal Finland Austria Germany Ireland Luxembourg France Belgium Greece Spain
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 informationMSCI EAFE Index. An index that provides access to developed markets outside the United States. Nationwide New Heights Fixed Indexed Annuities
Nationwide New Heights Fixed Indexed Annuities International Index Option Guide MSCI EAFE Index An index that provides access to developed markets outside the United States MSCI EAFE The MSCI EAFE Index
More informationTHE ROLE OF INVESTMENT IN A SUSTAINABLE DEVELOPMENT OF THE ECONOMY OF LATVIA ABSTRACT
УПРАВЛЕНИЕ И УСТОЙЧИВО РАЗВИТИЕ 1-2/25(12) MANAGEMENT AND SUSTAINABLE DEVELOPMENT 1-2/25(12) THE ROLE OF INVESTMENT IN A SUSTAINABLE DEVELOPMENT OF THE ECONOMY OF LATVIA Maija Senfelde Technical University
More informationMORTGAGE LENDING IN POLAND
MORTGAGE LENDING IN POLAND - 2008 by Marcin Mazurek, March 2008 Version: 2008.03 REPORT ORDER FORM Intelace We order following report: RETAIL MORTGAGE LENDING MARKET IN POLAND 2008 Report features and
More informationBoost competitiveness, attract foreign capital. Italy's Plan for new Investment
Boost competitiveness, attract foreign capital Italy's Plan for new Investment intro Economic recovery presents new opportunities to contribute to the country's growth. But investment needs fertile terrain
More informationResults of MCI CG Q May 2013
Results of MCI CG Q1 2013 15 May 2013 Summary of Q1 2013 2 Summary of Q1 2013 Key events New investments / exits Portfolio companies Signing new investment in Turkish public listed company Indeks (planned
More informationTHE ACTIVE BANKING FUND
THE ACTIVE BANKING FUND Annual Performance Report August 2014 Disclaimer This communication material is prepared by Global Capital Securities & Financial Services Ltd (hereinafter Global Capital ), an
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 informationASSET ALLOCATION FOR TODAY AND TOMORROW
Investment Strategy ASSET ALLOCATION FOR TODAY AND TOMORROW Wyatt Lee, CFA, Portfolio Manager, Asset Allocation Jennifer O Hara Martin, Portfolio Specialist, U.S. Equity Jeff DeVack, CFA, Portfolio Specialist,
More informationStrong platform in Norway. Untapped opportunities for profitable growth
Strong platform in Norway Untapped opportunities for profitable growth 2 Strong market shares Well positioned in home market product areas and customer segments Retail market Lending Deposits Policyholders
More informationGeneral government expenditure by function
Government Finance 2014 General government expenditure by function Ratio of total general government expenditure to gross domestic product grew in The ratio of total general government expenditure to gross
More informationLowest implicit tax rates on labour in Malta, on consumption in Spain and on capital in Lithuania
STAT/13/68 29 April 2013 Taxation trends in the European Union The overall tax-to-gdp ratio in the EU27 up to 38.8% of GDP in 2011 Labour taxes remain major source of tax revenue The overall tax-to-gdp
More information1H 2018 Results Presentation
1H 2018 Results Presentation Agenda of the presentation 1. Executive Summary 2. Summary of Eurocash parts (segments) 3. Market overview 4. Eurocash Financials 2 1. Executive summary WHOLESALE - STRONG
More informationHUGO BOSS First Nine Months Results 2011
HUGO BOSS First Nine Months Results 2011 Mark Langer (CFO) November 2, 2011 Conference Call, First Nine Months Results 2011 HUGO BOSS November 2, 2011 2 / 30 AGENDA OPERATIONAL HIGHLIGHTS FIRST NINE MONTHS
More informationEUE3 vs. EUE2 July 2009 Model Structure Comparison
EUE3 vs. EUE2 Model Structure Comparison This document compares the re-estimated Barra European Equity Model (EUE3) to its predecessor, EUE2. We compare model structure, asset coverage, factors and descriptors
More informationFocus on: Hong Kong. International Business Report 2011 Economy focus series
Focus on: Hong Kong International Business Report 11 Economy focus series The recovery The economy rebounded strongly in, posting growth of 6.8 per cent as recovering global demand boosted exports. Prospects
More informationBasic information. Tax-to-GDP ratio Date: 24 October 2012
Federal Department of Finance FDF Federal Finance Administration FFA Basic information Date: 24 October 2012 Tax-to-GDP ratio 2011 The tax-to-gdp ratio is the sum of all taxes and social security levies
More informationThe euro area in a globalized economy: An ESM perspective
The euro area in a globalized economy: An ESM perspective Rolf Strauch, Chief Economist, Member of the Management Board 3 rd Annual BBVA European Debt Conference New York, 4 October 217 The euro area:
More informationFederal Budget : This Time It s Personal. May 2018
Federal Budget 2018-19: This Time It s Personal May 2018 Executive Summary The Federal Government and the nation s fiscal position have become the beneficiaries of an unexpected windfall primarily in the
More informationThe Young-at-Heart Economy
ECONOMIC COMMENTARY SPRING 2018 The Young-at-Heart Economy 5 REASONS WE DON T EXPECT AN ECONOMIC DOWNTURN SOON SUMMARY ANTHONY CHAN, PhD CHIEF ECONOMIST FOR CHASE Anthony is a member of the J.P. Morgan
More informationGERRY WEBER International AG Interim report Q2 2010/2011. Report on the six-month period ended 30 April 2011 WKN: ISIN: DE
GERRY WEBER International AG Interim report Q2 2010/2011 Report on the six-month period ended 30 April 2011 WKN: 330 410 ISIN: DE0003304101 The GERRY WEBER share Gaining roughly 27 percent, the GERRY WEBER
More informationECC-Net: Travel App. A new mobile application for European consumers when travelling abroad
1 ECC-Net: Travel App A new mobile application for European consumers when travelling abroad A joint project of the European Consumer Centres Network ------------------------------------------------------
More informationHow the World Pays: Our Most Popular Research is Back with New Data. John O Brien, VP Business Development, Worldpay
How the World Pays: Our Most Popular Research is Back with New Data John O Brien, VP Business Development, Worldpay Raising the bar on what we call insight QBRs worldpay.com/global/insights Case studies
More information> Economic risk and implications for
> Economic risk and implications for financial markets Investment Strategy and Economics Multi Asset Group March 212 Outlook for the year ahead > Budget cutbacks in Europe and US, but global monetary easing,
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 30 NOVEMBER 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44(0)2075771591 E akiko.darvell@uk.mufg.jp The Bank of TokyoMitsubishi
More informationVantiv Investor Presentation
Vantiv Investor Presentation February 1, 2017 2015 Vantiv, LLC. All rights reserved. Disclaimer This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements
More informationFishery and aquaculture products
1 buy Fishery and aquaculture an overview of EU consumer habits Maritime Affairs & Fisheries Fish sauce month Overall, 74 % of respondents say that they eat FAPs at least once a month TOP FAP consumers
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 informationIRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS
IRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS irishfunds.ie CONTENTS Executive Summary 4 Ireland - the European Centre for Exchange Traded Funds (ETFs) 5 Growth of Irish ETFs and Current
More informationTaxation trends in the European Union Further increase in VAT rates in 2012 Corporate and top personal income tax rates inch up after long decline
STAT/12/77 21 May 2012 Taxation trends in the European Union Further increase in VAT rates in 2012 Corporate and top personal income tax rates inch up after long decline The average standard VAT rate 1
More informationIreland update: Considerations for U.S. companies
Ireland update: June 20, 2013 Leading today s discussion Dan Gaffey Julian Caplin Michael Shelley Michael McGivern Partner Partner, Head of International Audit International Tax Partner Corporate Finance
More informationPayments and E-commerce Report Eastern Europe & the Commonwealth of Independent States EE/CIS
s and E-commerce Report Eastern Europe & the Commonwealth of Independent States Dear reader, Welcome to the PPRO Regional s and E-commerce report for Eastern Europe and the CIS (Commonwealth of Independent
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 informationJuly 2012 Decoding Global Investment Attitudes
July 2012 Decoding Global Investment Attitudes Investment decisions and matters of personal wealth vary by gender, age and geographic region Globally, men are 36% more active than women with investments
More informationThe European economy since the start of the millennium
The European economy since the start of the millennium A STATISTICAL PORTRAIT 2018 edition 1 Since the start of the millennium, the European economy has evolved and statistics can help to better perceive
More informationStatistical annex. The digital economy 2007
Statistical annex The digital economy 2007 The statistical annex of the publication The digital economy 2007 includes several detailed tables on various subjects. This annex contains nine tables related
More informationPayment Painkillers for asian PsPs:
Payment Painkillers for asian PsPs: identifying the opportunities and tackling the challenges for asian businesses making payments into europe the network for GloBal CommerCe PAYMENT PAINKILLERS FOR ASIAN
More informationDavid Dayan. Thierry Petit. Co-Founder and Co-CEO. Co-Founder and Co-CEO
January 2017 I David Dayan Co-Founder and Co-CEO 25 years experience in fashion sales Prior to founding Showroomprivé, David was CEO of fashion wholesale company France Export Thierry Petit Co-Founder
More informationPoverty and social inclusion indicators
Poverty and social inclusion indicators The poverty and social inclusion indicators are part of the common indicators of the European Union used to monitor countries progress in combating poverty and social
More informationVisa Inc. Overview. August 2010
Visa Inc. Overview August 2010 Disclaimer The following materials and management s discussion of them may contain forwardlooking statements within the meaning of Section 27A of the Securities Act of 1933,
More informationSchwerpunkt Außenwirtschaft 2016/17 Austrian economic activity, Austria's price competitiveness and a summary on external trade
Schwerpunkt Außenwirtschaft /7 Austrian economic activity, Austria's price competitiveness and a summary on external trade Christian Ragacs, Klaus Vondra Abteilung für volkswirtschaftliche Analysen, OeNB
More informationH & M HENNES & MAURITZ AB NINE-MONTH REPORT
NINE-MONTH REPORT 2010 H & M HENNES & MAURITZ AB NINE-MONTH REPORT 1 December 2009 31 August 2010 NINE MONTHS The H&M Group s sales excluding VAT during the first nine months of the financial year amounted
More information