European Real Estate Market
|
|
- Dora Kennedy
- 6 years ago
- Views:
Transcription
1 European Real Estate Market A P R I L 2 18
2 European Real Estate Market - April 218 The European Union MACROECONOMIC OVERVIEW The stronger cyclical momentum in Europe and the positive unexpected rise of global trade are supporting the European Union (EU) economies transition from recovery to expansion. EU GDP data reported by the International Monetary Found (IMF) have grown, and according to European Commission (EC), EU economies are estimated to increase from 2.1 to 2.3% for this year. Inflation in the EU reached 1.7% in 217, and is forecasted to grow in 218. However, it is expected to slightly decrease in 219 (1.8%). If short-term economic growth exceed expectations, in the medium-term, high global asset prices could be vulnerable to a re-assessment of risks and fundamentals. The outcome of Brexit negotiations remains uncertain and geopolitical tensions/protectionist polices are main threats for EU economies. European Union GDP U.S. Dollars (Billion) (% change) ** 218** 219** 22* 221* European Union (28) (Billions U.S. Dollars) European Union (28) (% change) * IMF forecast ** EC Winter 218 forecast Source: Duff & Phelps REAG R&D on IMF European Commission (EC) data Inflation (average consumer prices, % change) * ** ** 1.8** * 218* 219* 22* 221* 222* -.5 European Union (28) Advanced Economies * IMF forecast ** EC Winter 218 forecast Source: Duff & Phelps REAG R&D on IMF European Commission (EC) data 2
3 European Real Estate Market - April 218 The European Union REGIONAL COMPETITIVENESS According to the European Commission ( EC ), regional competitiveness is the ability of a region to offer an attractive and sustainable environment for firms and residents to live and work. The tool used for measuring and assessing the competitiveness at regional level in the EU is the Regional Competitiveness Index (RCI). The factors which determine RCI are: Basic dimension (institution, macroeconomic stability, infrastructure, health and basic education), Efficiency dimension (higher education and lifelong learning, labour market efficiency and market size) and Innovation dimension (technological readiness, business sophistication and innovation). The RCI shows a more polycentric pattern with strong capital and metropolitan regions in many parts of Europe. London and its commuting zone ranked top in 216. Capital regions tend to be the most competitive region in their Country, but there are exceptions. In the Netherlands, the capital region is ranked second, while in Italy, Lombardia, a historically highly productive region, continues to be the best. Many other German regions outperform Berlin, which may be due to its relatively short history as the capital of a reunited Germany. Rank* Country Region name Rank* Country Region name United Kingdom 2 United Kingdom *Equal same rank is assigned to two regions if their score difference (on a -1 scale) is not above Austria Belgium EU Region ranking based on RCI 216 score (EU28=) Czech Republic London and regions covered by its commuting zone Berkshire, Buckinghamshire and Oxfordshire Germany Denmark Spain Finland 254 Romania Sud-Muntenia 255 Romania Sud-Vest Oltenia 3 Netherlands Utrecht 256 Greece Ionia Nisia 4 Sweden Stockholm 257 Greece Dytiki Ellada 5 United Kingdom Surrey, East and West Sussex 258 Greece Peloponnisos 6 Denmark Hovedstaden 258 Bulgaria Severozapaden 7 Luxembourg Luxembourg 258 Greece Sterea Ellada 8 France Île de France 261 Greece 9 Germany Oberbayern 262 Romania Sud-Est 1 United Kingdom Top 1 and Bottom 1 EU regions Hampshire and Isle of Wight 262 France Guyane Source: Duff & Phelps REAG R&D on EU Regional Competitiveness Index 216 France Italy Netherlands Poland Anatoliki Makedonia, Thraki Portugal Sweden UK Capital Region Other Region (max) Other Region (min) Source: Duff & Phelps REAG R&D on EU Regional Competitiveness Index 216 3
4 European Real Estate Market - April 218 The European Union DIGITAL ECONOMY AND SOCIETY E-shopping In the EU 66% of all age groups internet users ordered good or services online In 216, clothes & sports goods are the most popular online purchases, followed by travel/holiday accommodation, household goods and tickets for events. Less common were online purchases of food or groceries and medicine. Looking at e-shopping data using age-users criteria, it comes to light that clothes & sports are mainly ordered by millennials (aged 16 to 34 years). Booking travel and holiday accommodation online are purchased by shoppers aged 45 to 64 year (57%). Finally, the age group of 35 to 44 year old had the highest share of e-shoppers who bought household goods online (52%). E-sales According to Eurostat, in 216, 2% of EU businesses reported that they conducted e-commerce sales (e-sales) to consumers, other businesses and/or public authorities; this is a moderate increase compared with 15 % in 21. The turnover derived by e-sales amounted to 16% of the total (11% of EDI-type sales and 5% of web sales). In the EU, in 216, web sales to other business (B2B) were 12% and to consumers (B2C) were 13%. Of the 5 % of total turnover generated by web sales, 2 % came from B2C sales and 3 % from B2B sales. Average % of individuals 6% 16% 11% 5% 8% 6% 5% 4% 1% 4% -3% 3% 2% 1% % 4% 35% 3% 25% 2% 15% 1% 5% % Average percentage of individuals who ordered goods or services, over the internet, for private use in 217 and var % yoy 7% 2% 3% -28% Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Croatia Italy -4% -2% Average percentage Var % yoy (217/216) Source: Duff & Phelps REAG R&D on Eurostat Percentage of Enterprises having received orders via computer mediated networks and related % of turnover from e-commerce (216) Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Croatia Italy Cyprus Latvia Lithuania Hungary Malta Netherlands Austria Poland Portugal Romania Slovenia Slovakia Finland Sweden United Kingdom Norway Enterprises total turnover from e-commerce Source: Duff & Phelps REAG R&D on Eurostat 3% 1% 6% 15% 7% 1% 5% 7% 3% 2% 7%2% -4% -2% Cyprus Latvia Lithuania Luxembourg Hungary Malta Netherlands Austria Poland Romania Slovenia Slovakia Finland Sweden United Kingdom Norway Enterprises having received orders via computer mediated networks var % yoy (217/216) 2% 15% 1% 5% % -5% -1% -15% -2% -25% -3% -35% 4
5 European Real Estate Market - April 218 European Office Market INVESTMENTS VOLUME In 217, the volume of investments in the office sector increased by 5% on an annual basis. Office still remains the most attractive sector for investors, with the 43% of total investments. Strong investments were registered in Spain, Netherland, Italy and Ireland, but Germany remains the most attractive country with several deals greater than 1, m2. Billion Investments ( billion) Office Total KEY DRIVERS Management of innovative office space (smart-working) Technology will increase the demand in the main tech district Lack of supply core asset Shorter leases Efficiency, quality and flexibility V A C A N C Y On half-yearly basis, vacancy rates 14% bps 2 remained stable at 7.7%, compared to 216 which decreased by.7% across European markets. The greatest compressions were registered in Prague (-3.7%) and Barcelona (-3%). 12% 1% 8% 6% 4% 2% % -4 Amsterdam Barcelona Berlin Birmingham Brussels Copenhagen Dublin Dusseldorf Frankfurt Hamburg Helsinki (CBD) Lisbon London Luxembourg Madrid Milan Moscow Munich Oslo Paris Prague Rome St. Petersbourg Stockholm Vienna Warsaw Zurich Vacancy rate (%) YOY var. (bps) 5
6 European Real Estate Market - April 218 European Office Market PRIME RENTS AND YIELDS In 217, average prime rents slightly increased (+3%) and average prime yields are under compression, reaching 4.2% on annual basis. For 218, this trend of rental growth and yields compression is expected to continue. MARKET HIGHLIGHTS: London: The Brexit effect represents a potential risk for investments, in particular for those related to relocation. /sqm/year European average prime office rents and yields Net prime yields (%) Prime rents ( /sqm/year) 6.% 5.% 4.% 3.% 2.% 1.%.% Milan: Remained the most dynamic Italian location. In particular CDB and Centre sub-markets registered an important take up increase. Barcelona: In line with the Spanish economic recovery, the take up of the CBD increased due to national and international investments. Paris: Take up in 217 increased by 2% and vacancy rate remained stable. On the other hand, investments saw an important decrease compared to the previous year, mainly due to a lack of mega-transaction. Rents in prime cities in Germany rose again and are expected to grow in 218 due to the operator in co-working spaces /sqm/year 1, Office market Amsterdam Barcelona Berlin Birmingham Brusselles Copenhagen Dublin Dusseldorf Edinburgh Frankfurt Glasgow Hamburg Helsinki Lisbon London Luxembourg Madrid Manchester Milan Moscow Munich Oslo Paris Prague Rome Stockholm Vienna Warsaw Prime rent 216 ( /sqm/year) Prime rent 217 ( /sqm/year) Net prime yield (%) 12% 1% 8% 6% 4% 2% % 6
7 European Real Estate Market - April 218 European Office Market 5 km 3 mi Legend: Prime rents ( /sqm/year) Prime yields (%) d-maps.com Dublin 683 Glasgow % 4.1% Birmingham % Edinburgh % Manchester % London % Paris % Oslo % Stockholm % Copenhagen Hamburg % Amsterdam 3.1% 4 3.8% Dusseldorf % Brussels % Luxembourg % Zurich % Frankfurt 4 3.1% Munich % Milan % Berlin % Prague % Wien % Warsaw % Helsinki % Moscow % Lisbon % Madrid % Barcelona % Rome % Source: Duff & Phelps REAG R&D on various data 7
8 European Real Estate Market Study - April 218 European Retail Market INVESTMENTS VOLUME In 217, the volume of investments in the retail sector increased by 3% over the prior year. Retail investment represents 22% of the European ones. Investor demand is expected to experience a strong recovery in 218. Billion Investments ( billion) Investors are looking for core properties in the emerging markets. In 218, private consumption will increase thanks to the higher consumer confidence and the tourism growth Retail Total KEY DRIVERS Growth of tourism in prime locations Population growth Digital economy Lack of supply in prime location yields 6.% 5.% 4.% 3.% 2.% European Average prime retail rents and yields rents V A C A N C Y The strong demand in the main European markets led to a compression in vacancy rates that in 217 reached 4.7%. 1.%.% High Street yields High Street rents Shopping centre yields Shopping centre rents
9 European Real Estate Market Study - April 218 European Retail Market PRIME RENTS AND YIELDS In 217, average prime rents registered an increase of 1.2% for High Streets and 1.6% for shopping centers, respectively. Average net prime yields slightly decreased, reaching 4,1% for the High Street market and 4.9% for shopping centers Further yields compression in the main European markets is expected in 218. MARKET HIGHLIGHTS UK: Investments are dominated by the political uncertainties caused by Brexit. Nonetheless, London remains one of the most expensive cities. Italy: prime rents in the main cities are growing sustained by tourism. Market is still dominated by international player. Germany: Secondary locations are taking advantage of the lack of supply in prime areas. Rents remained stable compared to 216. France: Demand in Paris remained resilient thanks to the attractive environment and the impact of tourists. On the contrary, demand for secondary locations is weakening. Spain: Growth of tourism and economic improvements helped to maintain stable rents and yields for the High street. An increase in turnover is expected in 218. /smq/year 25, 2, 15, 1, 5, 12.% 1.% 8.% 6.% 4.% 2.%.% Paris London Milan Rome Zurich Dublin Munich Vienna Frankfurt Berlin Hamburg Barcelona Madrid Amsterdam Copenhagen Moscow Glasgow Prague Oslo Helsinki Brussels Stockholm Edimburgh Manchester Birmingham Warsaw Lisbon Bucharest Bratislava Prime rent 216 ( /sqm/year) France Norway Germany Austria Belgium Czech republic Spain High Street Retail market Yield shopping centre Sweden Prime rent 217 ( /sqm/year) United Kingdom Italy Finland Poland Portugal Ireland Slovakia Net prime Yield 216 Net prime Yield 217 Net prime yield (%) 217 Hungary Romania Bulgaria Greece Russia 14% 12% 1% 8% 6% 4% 2% % 9
10 European Real Estate Market Study - April 218 European Retail Market 5 km 3 mi d-maps.com Lisbon 1,44 5.% P 5.5% E 4.3% Madrid 3,18 3.2% IRL 4.9% Dublin 4,735 Glasgow 2,583 4.% 3.5% Birmingham 1, % Barcelona 3,34 3.4% Edinburgh 1, % Manchester 2,546 4.% UK 4.1% London 16, 2.5% Paris 19, % F 3.5% Amsterdam B 3,48 3.% 4.1% Brussels 1, % Zurich 17,64 3.2% N 4.1% Oslo 2, % D 4.1% Frankfurt 3,66 3.2% Munich 4,44 2.9% Milan 13, 3.% Berlin 4,65 3.3% A 4.5% S 4.5% Stockholm 1, % Copenhagen Hamburg 2,816 3,52 3.% 3.4% Prague 2, % Vienna 3,66 2.9% Rome 12,5 2.9% IT 4.9% PL 5.3% Warsaw 1,68 6.5% CZ 4.7% Bratislava 516 SK 7.3% 6.% H 5.8% FIN 4.4% Helsinki 2,13 4.2% GR 8.3% RO 7.% Bucharest % BG 7.4% Legend: High Street prime rents ( /sqm/year) High Street Net prime yields (%) Shopping Centre net prime yield (%) Moscow 4,16 12.% RUS 9.5% 1
11 European Real Estate Market Study - April 218 European Logistics Market INVESTMENTS VOLUME In 217, the volume of industrial investments increased by 54% on an annual basis. The Industrial sector was the most attractive commercial real estate market in terms of investments. Industrial investments absorbed 15% of the total. Investments in this sector doubled compared to 216. UK registered the highest volume of investment. Billion Investments ( billion) Industrial and logistics Total KEY DRIVERS Warehouse spaces Drones High quality greenfield and brownfield required Build-to-suit developments Well-connected assets Digital economy V A C A N C Y Vacancy rates continued to decline in most of the major markets, reaching the lowest level in the past five years Netherlands 8% France 12% Poland 3% Spain 3% Investments by country Italy 3% Other countries 3% UK 32% Nordic countries 12% Germany 24% 11
12 European Real Estate Market Study - April 218 European Logistics Market PRIME RENTS AND YIELDS In 217, rents remained stable in most countries. Average net prime yields remained stable at 6%. In 218, yield compression and rental growth is expected for the main markets due to the lack of investment products. MARKET HIGHLIGHTS UK: Despite the low yields, e-commerce and positive rental growth continue to attract the investors. Italy: 217 registered a record in terms of annual volume. Demand is dominated by built-to-suite projects. Germany: Strong demand for quality space and the lack of land increased the speculative construction France: Rents and yields are stabilizing. Supply is increasing in secondary regions. Spain: 217 ended with a take up above the average of last year, but it was not recorded levels of 216. Rents are expected to grow, while yields will see a slight compression. Netherlands: The positive economic development impacted the transportation sector, which saw a sharp growth of new logistics buildings Logistics market /sqm/year % Amsterdam Barcelona Berlin Birmingham Brusseles Copenhagen Dublin Dusseldorf Edinburgh Frankfurt Glasgow Hamburg Helsinki Lisbon London Madrid Manchester Milan Moscow Munich Oslo Paris Prague Rome St. Peterbourg Stockholm Wien Warsaw Prime rent 216 ( /sqm/year) Prime rent 217 ( /sqm/year) /sqm/year European average prime logistics rents and yields Net prime yield (%) Net prime yields (%) Prime rents ( /sqm/year) 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 14% 12% 1% 8% 6% 4% 2% % 12
13 European Real Estate Market Study - April 218 European Logistics Market 5 km 3 mi d-maps.com Legend: Prime rents ( /sqm/year) Net prime yields (%) Dublin 88 Glasgow % 5.4% Birmingham 8 4.9% Edinburgh 85 6.% Manchester 78 5.% London % Paris 57 5.% Brussels 56 6.% Oslo % Amsterdam Hamburg % 4.6% Dusseldorf % Frankfurt % Munich % Milan 53 6.% Copenhagen % Berlin 6 4.6% Stockholm % Prague 51 6.% Vienna % Warsaw % Helsinki % St.Petersburg % Moscow % Lisbon % Madrid % Barcelona % Rome % 13
14 CONTACT R&D Dept. Italy The information presented in this report has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed to be complete, accurate or timely. Duff & Phelps, LLC expressly disclaims any liability, of any type, including direct, indirect, incidental, special or consequential damages, arising from or relating to the use of this material or any errors or omissions that may be contained herein. About Duff & Phelps Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues. Our clients include publicly traded and privately held companies, law firms, government entities and investment organizations such as private equity firms and hedge funds. We also advise the world s leading standard-setting bodies on valuation and governance best practices. The firm s nearly 2,5 professionals are located in over 7 offices in 2 countries around the world. For more information, visit Duff & Phelps, LLC. All rights reserved. DP18319 M&A advisory, capital raising and secondary market advisory services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/ SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory, capital raising and secondary market advisory services in the United Kingdom are provided by Duff & Phelps Securities Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. M&A advisory and capital raising services in Germany are provided by Duff & Phelps GmbH, which is a Tied Agent of DPSL. Valuation Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India.
European 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 informationPROPERTY EU EUROPEAN LOGISTICS INVESTMENT BRIEFING
PROPERTY EU EUROPEAN LOGISTICS INVESTMENT BRIEFING RICHARD HOLBERTON, SENIOR DIRECTOR, EMEA RESEARCH, CBRE FEBRUARY 19 TH 2015 AGENDA Economy Market Activity Forecasts Issues ECONOMY 2014 Some Alarms and
More informationOutlook 2015: Europe & Germany
Part of the M&G Group Outlook 215: Europe & Germany Research presentation 27 th November 214 European Economic Fundamentals Update & Outlook 2 Economic recovery broadening GDP growth by country Q3 214
More informationFiscal rules in Lithuania
Fiscal rules in Lithuania Algimantas Rimkūnas Vice Minister, Ministry of Finance of Lithuania 3 June, 2016 Evolution of National and EU Fiscal Regulations Stability and Growth Pact (SGP) Maastricht Treaty
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 informationInvestment Market Germany. PROVADA 5 th June 2013
Investment Market Germany PROVADA 5 th June 2013 In Europe, which country/region do you believe to be the most attractive for making investment purchases in 2013? 40 35 2012 2013 2012 (n=341) 2013 (n=361)
More informationEU BUDGET AND NATIONAL BUDGETS
DIRECTORATE GENERAL FOR INTERNAL POLICIES POLICY DEPARTMENT ON BUDGETARY AFFAIRS EU BUDGET AND NATIONAL BUDGETS 1999-2009 October 2010 INDEX Foreward 3 Table 1. EU and National budgets 1999-2009; EU-27
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 informationP3: Causes of Globalisation
Learning Aim B P3: Causes of Globalisation The main features of globalisation e.g. trading blocs, international mobility of labour and capital, international currencies, multinational corporations, international
More informationThe Office Property Handbook 4.0 Investment & Financing Keys Spain 2019
The Office Property Handbook 4.0 Investment & Financing Keys Spain 2019 February 2019 Financial Advisory I Real Estate 1 of 19 The spanish economy keeps growing and remains stable but a lower pace than
More informationLive Long and Prosper? Demographic Change and Europe s Pensions Crisis. Dr. Jochen Pimpertz Brussels, 10 November 2015
Live Long and Prosper? Demographic Change and Europe s Pensions Crisis Dr. Jochen Pimpertz Brussels, 10 November 2015 Old-age-dependency ratio, EU28 45,9 49,4 50,2 39,0 27,5 31,8 2013 2020 2030 2040 2050
More informationBank of Greece 2 nd conference on real estate market. Property valuations during crisis: consequences and risks
Bank of Greece 2 nd conference on real estate market Property valuations during crisis: consequences and risks Ioannis Ganos MRICS Chairman RICS Hellas Bluehouse Capital Agenda 1. European Economic Environment
More informationEuropean Commercial March European Investment. SPOTLIGHT Savills Research. Alternative Sectors Yield Compression Korean Investment
SPOTLIGHT Savills Research European Commercial March 2019 European Investment Alternative Sectors Yield Compression Korean Investment Poland, Portugal and Luxembourg were among the most active markets
More informationEuropean Advertising Business Climate Index Q4 2016/Q #AdIndex2017
European Advertising Business Climate Index Q4 216/Q1 217 ABOUT Quarterly survey of European advertising and market research companies Provides information about: managers assessment of their business
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 informationEUROPA - Press Releases - Taxation trends in the European Union EU27 tax...of GDP in 2008 Steady decline in top corporate income tax rate since 2000
DG TAXUD STAT/10/95 28 June 2010 Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 The overall tax-to-gdp ratio1
More informationALLIANZ REAL ESTATE REAL ESTATE INVESTMENTS FROM A GLOBAL INVESTOR S PERSPECTIVE
ALLIANZ REAL ESTATE REAL ESTATE INVESTMENTS FROM A GLOBAL INVESTOR S PERSPECTIVE Investors Forum 2018 Alexander Gebauer CEO Western Europe Brussels, January 18 th 2018 Vertigo, Luxembourg AGENDA 01 at
More informationDG TAXUD. STAT/11/100 1 July 2011
DG TAXUD STAT/11/100 1 July 2011 Taxation trends in the European Union Recession drove EU27 overall tax revenue down to 38.4% of GDP in 2009 Half of the Member States hiked the standard rate of VAT since
More informationPROGRESS TOWARDS THE LISBON OBJECTIVES 2010 IN EDUCATION AND TRAINING
PROGRESS TOWARDS THE LISBON OBJECTIVES IN EDUCATION AND TRAINING In, reaching the benchmarks for continues to pose a serious challenge for education and training systems in Europe, except for the goal
More informationReal Estate Investment Strategy
Real Estate Investment Strategy 8th of July, 2015 Alessandro Bronda Head of Global Real Estate Investment Strategy Group Real Estate Zurich s real estate strategy Zurich has a systematic and structured
More informationWill Rising Interest Rates Pummel Your Portfolio?
Will Rising Interest Rates Pummel Your Portfolio? ULI Fall Meeting Chicago - November 2013 Dr. Richard Barkham, MRICS Global Research Director, Grosvenor Group Eileen Marrinan, CRE Director of Research,
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 informationHSE HR Circular 009/ th March, Subsistence Allowances Abroad
Office of the National Director of Human Resources Health Service Executive Dr. Steevens Hospital Dublin 8 Tel: (01) 635 2319 Fax: (01) 635 2486 E-mail: nationalhr@hse.ie HSE HR Circular 009/2009 25 th
More informationEMPLOYMENT RATE Employed/Working age population (15 64 years)
EMPLOYMENT RATE 198 26 Employed/Working age population (15 64 years 8 % Finland 75 EU 15 EU 25 7 65 6 55 5 8 82 84 86 88 9 92 94 96 98 2 4** 6** 14.4.25/SAK /TL Source: European Commission 1 UNEMPLOYMENT
More informationPROGRESS TOWARDS THE LISBON OBJECTIVES 2010 IN EDUCATION AND TRAINING
PROGRESS TOWARDS THE LISBON OBJECTIVES IN EDUCATION AND TRAINING In 7, reaching the benchmarks for continues to pose a serious challenge for education and training systems in Europe, except for the goal
More informationCOMMISSION STAFF WORKING DOCUMENT Accompanying the document
EUROPEAN COMMISSION Brussels, 9.10.2017 SWD(2017) 330 final PART 13/13 COMMISSION STAFF WORKING DOCUMENT Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE
More informationAdministrative and support service statistics - NACE Rev. 2
Administrative and support service statistics - NACE Rev. 2 Statistics Explained Data from May 2018 Planned article update: October 2019 This article presents an overview of statistics for the European
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 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 information2017 Figures summary 1
Annual Press Conference on January 18 th 2018 EIB Group Results 2017 2017 Figures summary 1 European Investment Bank (EIB) financing EUR 69.88 billion signed European Investment Fund (EIF) financing EUR
More informationLearn more about Thresholds
Learn more about Thresholds VAT registration: Threshold VAT registration thresholds 1.1. Overview of local VAT threshold Local VAT registration thresholds were designed to reduce the administrative burden
More informationDATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions
DIRECTORATE GENERAL STATISTICS LAST UPDATE: 10 APRIL 2013 DIVISION MONETARY & FINANCIAL STATISTICS ECB-UNRESTRICTED DATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions The series keys related to Investment
More informationInvestment and Investment Finance. the EU and the Polish story. Debora Revoltella
Investment and Investment Finance the EU and the Polish story Debora Revoltella Director - Economics Department EIB Warsaw 27 February 2017 Narodowy Bank Polski European Investment Bank Contents We look
More informationThe Architectural Profession in Europe 2012
The Architectural Profession in Europe 2012 - A Sector Study Commissioned by the Architects Council of Europe Chapter 2: Architecture the Market December 2012 2 Architecture - the Market The Construction
More informationTaxation trends in the European Union EU27 tax ratio at 39.8% of GDP in 2007 Steady decline in top personal and corporate income tax rates since 2000
DG TAXUD STAT/09/92 22 June 2009 Taxation trends in the European Union EU27 tax ratio at 39.8% of GDP in 2007 Steady decline in top personal and corporate income tax rates since 2000 The overall tax-to-gdp
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS
EUROPEAN COMMISSION Brussels,.4.29 COM(28) 86 final/ 2 ANNEXES to 3 ANNEX to the REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE
More informationGrowth, competitiveness and jobs: priorities for the European Semester 2013 Presentation of J.M. Barroso,
Growth, competitiveness and jobs: priorities for the European Semester 213 Presentation of J.M. Barroso, President of the European Commission, to the European Council of 14-1 March 213 Economic recovery
More informationThemes Income and wages in Europe Wages, productivity and the wage share Working poverty and minimum wage The gender pay gap
5. W A G E D E V E L O P M E N T S At the ETUC Congress in Seville in 27, wage developments in Europe were among the most debated issues. One of the key problems highlighted in this respect was the need
More information2018 EUROPEAN PROPERTY MARKET OUTLOOK
AEW RESEARCH 2018 EUROPEAN PROPERTY MARKET OUTLOOK FUNDAMENTALS DRIVING FEARS AWAY 2 EUROPEAN PROPERTY MARKET OUTLOOK - 2018 AEW EUROPEAN PROPERTY OUTLOOK We are delighted to share with you our first European
More informationINVESCO Real Estate House View European Market Outlook
INVESCO Real Estate House View European Market Outlook This document is for Investment Professionals and Market Counterparties only and is not for consumer use. In the UK, from 1 November 2007, this publication
More informationOctober 2010 Euro area unemployment rate at 10.1% EU27 at 9.6%
STAT//180 30 November 20 October 20 Euro area unemployment rate at.1% EU27 at 9.6% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was.1% in October 20, compared with.0% in September 4.
More informationMeasuring financial protection: an approach for the WHO European Region
Division of Health Systems and Public Health WHO Regional Office for Europe Measuring financial protection: an approach for the WHO European Region Jon Cylus WHO Barcelona Office for Health Systems Strengthening
More informationCOMMISSION DECISION of 23 April 2012 on the second set of common safety targets as regards the rail system (notified under document C(2012) 2084)
27.4.2012 Official Journal of the European Union L 115/27 COMMISSION DECISION of 23 April 2012 on the second set of common safety targets as regards the rail system (notified under document C(2012) 2084)
More informationEuropean Property Investment Markets. Sorbonne Immo 13 Juin 2007
European Property Investment Markets Sorbonne Immo 13 Juin 2007 European Direct Commercial Property in bn. Euro 250 Investment by sector Office Retail Logistics Others 200 150 100 50 0 2000 2001 2002 2003
More informationGender pension gap economic perspective
Gender pension gap economic perspective Agnieszka Chłoń-Domińczak Institute of Statistics and Demography SGH Part of this research was supported by European Commission 7th Framework Programme project "Employment
More informationElectricity & Gas Prices in Ireland. Annex Business Electricity Prices per kwh 2 nd Semester (July December) 2016
Electricity & Gas Prices in Ireland Annex Business Electricity Prices per kwh 2 nd Semester (July December) 2016 ENERGY POLICY STATISTICAL SUPPORT UNIT 1 Electricity & Gas Prices in Ireland Annex Business
More informationJanuary 2010 Euro area unemployment rate at 9.9% EU27 at 9.5%
STAT//29 1 March 20 January 20 Euro area unemployment rate at 9.9% EU27 at 9.5% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was 9.9% in January 20, the same as in December 2009 4.
More informationBorderline cases for salary, social contribution and tax
Version Abstract 1 (5) 2015-04-21 Veronica Andersson Salary and labour cost statistics Borderline cases for salary, social contribution and tax (Workshop on Labour Cost Survey, Rome, Italy 5-6 May 2015)
More informationFiscal sustainability challenges in Romania
Preliminary Draft For discussion only Fiscal sustainability challenges in Romania Bucharest, May 10, 2011 Ionut Dumitru Anca Paliu Agenda 1. Main fiscal sustainability challenges 2. Tax collection issues
More informationBusiness Friendly Slovakia. Slovak Ukrainian Forum, Košice April 20-23, 2015
Business Friendly Slovakia Slovak Ukrainian Forum, Košice April 20-23, 2015 CONTENT OF THE PRESENTATION SARIO INTRODUCTION TO SLOVAKIA KEY SECTORS INVESTMENT AID SARIO BUSINESS EVENTS SARIO INVESTMENT
More informationSustainability and Adequacy of Social Security in the Next Quarter Century:
Sustainability and Adequacy of Social Security in the Next Quarter Century: Balancing future pensions adequacy and sustainability while facing demographic change Krzysztof Hagemejer (Author) John Woodall
More informationMarketView European Capital Markets
MarketView European Capital Markets www.cbre.eu/research OVERVIEW Quick Stats Change from Q4 11 Q1 11 Capital Values Yields Hot Topics Investment activity down on weaker economic activity. Economic outlook
More information5 Household accounts. Introduction: Measuring wealth. Private household income. 90 Eurostat regional yearbook 2010 eurostat
5 Household accounts Introduction: Measuring wealth One of the primary aims of regional statistics is to measure the wealth of regions. This is of particular relevance as a basis for policy measures which
More informationCourthouse News Service
14/2009-30 January 2009 Sector Accounts: Third quarter of 2008 Household saving rate at 14.4% in the euro area and 10.7% in the EU27 Business investment rate at 23.5% in the euro area and 23.6% in the
More informationApproach to Employment Injury (EI) compensation benefits in the EU and OECD
Approach to (EI) compensation benefits in the EU and OECD The benefits of protection can be divided in three main groups. The cash benefits include disability pensions, survivor's pensions and other short-
More informationSTAT/12/ October Household saving rate fell in the euro area and remained stable in the EU27. Household saving rate (seasonally adjusted)
STAT/12/152 30 October 2012 Quarterly Sector Accounts: second quarter of 2012 Household saving rate down to 12.9% in the euro area and stable at 11. in the EU27 Household real income per capita fell by
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 informationMacroeconomic overview SEE and Macedonia
Macroeconomic overview SEE and Macedonia Zoltan Arokszallasi Chief Analyst, Macro & FX/FI Research Erste Group Bank Erste Investors Breakfast, 29 September, Skopje 02. Oktober SEE shows mixed performance
More informationScenario for the European Insurance and Occupational Pensions Authority s EU-wide insurance stress test in 2016
17 March 2016 ECB-PUBLIC Scenario for the European Insurance and Occupational Pensions Authority s EU-wide insurance stress test in 2016 Introduction In accordance with its mandate, the European Insurance
More informationDecember 2010 Euro area annual inflation up to 2.2% EU up to 2.6%
STAT/11/9 14 January 2011 December 2010 Euro area annual inflation up to 2.2% EU up to 2.6% Euro area 1 annual inflation was 2.2% in December 2010 2, up from 1.9% in November. A year earlier the rate was
More informationBriefing Note European property themes 2018
Savills World Research European Commercial Briefing Note European property themes 2018 December 2017 GRAPH 1 European economy another year of a healthy growth rate is predicted yoy % change 4.0 3.0 2.0
More informationJanuary 2014 Euro area international trade in goods surplus 0.9 bn euro 13.0 bn euro deficit for EU28
STAT/14/41 18 March 2014 January 2014 Euro area international trade in goods surplus 0.9 13.0 deficit for EU28 The first estimate for the euro area 1 (EA18) trade in goods balance with the rest of the
More informationMove to T+2 settlement cycle: Singapore market
Move to T+2 settlement cycle: Singapore market Lum Yong Teng 20 May 2015 Singapore Exchange Contents 1 Overview of Singapore market 2 Drivers for SGX to move to T+2 settlement cycle 3 Benefits for the
More informationPUBLIC PROCUREMENT INDICATORS 2011, Brussels, 5 December 2012
PUBLIC PROCUREMENT INDICATORS 2011, Brussels, 5 December 2012 1. INTRODUCTION This document provides estimates of three indicators of performance in public procurement within the EU. The indicators are
More informationEU KLEMS Growth and Productivity Accounts March 2011 Update of the November 2009 release
EU KLEMS Growth and Productivity Accounts March 2011 Update of the November 2009 release Description of methodology and country notes Prepared by Reitze Gouma, Klaas de Vries and Astrid van der Veen-Mooij
More informationMay 2009 Euro area annual inflation down to 0.0% EU down to 0.7%
STAT/09/88 16 June 2009 May 2009 Euro area annual inflation down to 0.0% EU down to 0.7% Euro area 1 annual inflation was 0.0% in May 2009 2, down from 0.6% in April. A year earlier the rate was 3.7%.
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 informationAugust 2008 Euro area external trade deficit 9.3 bn euro 27.2 bn euro deficit for EU27
STAT/08/143 17 October 2008 August 2008 Euro area external trade deficit 9.3 27.2 deficit for EU27 The first estimate for the euro area 1 (EA15) trade balance with the rest of the world in August 2008
More informationJune 2014 Euro area international trade in goods surplus 16.8 bn 2.9 bn surplus for EU28
127/2014-18 August 2014 June 2014 Euro area international trade in goods surplus 16.8 bn 2.9 bn surplus for EU28 The first estimate for the euro area 1 (EA18) trade in goods balance with the rest of the
More informationNOTE. for the Interparliamentary Meeting of the Committee on Budgets
NOTE for the Interparliamentary Meeting of the Committee on Budgets THE ROLE OF THE EU BUDGET TO SUPPORT MEMBER STATES IN ACHIEVING THEIR ECONOMIC OBJECTIVES AS AGREED WITHIN THE FRAMEWORK OF THE EUROPEAN
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 informationMacroeconomic scenarios for skill demand and supply projections, including dealing with the recession
Alphametrics (AM) Alphametrics Ltd Macroeconomic scenarios for skill demand and supply projections, including dealing with the recession Paper presented at Skillsnet technical workshop on: Forecasting
More informationEIB Financing for Social and Affordable Housing
EIB Financing for Social and Affordable Housing Andrea Colantonio, Urban Development Division, European Investment Bank Affordable housing for inclusive cities, 16 th May 2018 Brussels European Investment
More informationMay 2012 Euro area international trade in goods surplus of 6.9 bn euro 3.8 bn euro deficit for EU27
108/2012-16 July 2012 May 2012 Euro area international trade in goods surplus of 6.9 3.8 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationSocial Protection and Social Inclusion in Europe Key facts and figures
MEMO/08/625 Brussels, 16 October 2008 Social Protection and Social Inclusion in Europe Key facts and figures What is the report and what are the main highlights? The European Commission today published
More informationREGIONAL PROGRESS OF THE LISBON STRATEGY OBJECTIVES IN THE EUROPEAN REGION EGRI, ZOLTÁN TÁNCZOS, TAMÁS
REGIONAL PROGRESS OF THE LISBON STRATEGY OBJECTIVES IN THE EUROPEAN REGION EGRI, ZOLTÁN TÁNCZOS, TAMÁS Key words: Lisbon strategy, mobility factor, education-employment factor, human resourches. CONCLUSIONS
More informationLithuania: in a wind of change. Robertas Dargis President of the Lithuanian Confederation of Industrialists
Lithuania: in a wind of change Robertas Dargis President of the Lithuanian Confederation of Industrialists 2017 06 15 Lithuanian Confederation of Industrialists - the largest business organisation in Lithuania
More informationTHE IMPACT OF THE PUBLIC DEBT STRUCTURE IN THE EUROPEAN UNION MEMBER COUNTRIES ON THE POSSIBILITY OF DEBT OVERHANG
THE IMPACT OF THE PUBLIC DEBT STRUCTURE IN THE EUROPEAN UNION MEMBER COUNTRIES ON THE POSSIBILITY OF DEBT OVERHANG Robert Huterski, PhD Nicolaus Copernicus University in Toruń Faculty of Economic Sciences
More informationQuarterly Gross Domestic Product of Montenegro 3 rd quarter 2017
MONTENEGRO STATISTICAL OFFICE R E L E A S E No: 224 Podgorica, 22 December 2017 When using the data, please name the source Quarterly Gross Domestic Product of Montenegro 3 rd quarter 2017 The release
More informationJune 2012 Euro area international trade in goods surplus of 14.9 bn euro 0.4 bn euro surplus for EU27
121/2012-17 August 2012 June 2012 Euro area international trade in goods surplus of 14.9 0.4 surplus for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationReport Penalties and measures imposed under the UCITS Directive in 2016 and 2017
Report Penalties and measures imposed under the Directive in 206 and 207 4 April 209 ESMA34-45-65 4 April 209 ESMA34-45-65 Table of Contents Executive Summary... 3 2 Background and relevant regulatory
More informationMarket Perspective. Prudential Real Estate Investors. European Quarterly October 2007
Prudential Real Estate Investors European Quarterly October 2007 Market Perspective Executive Summary While the business cycle is maturing, forward-looking indicators have been declining but are still
More informationAugust 2012 Euro area international trade in goods surplus of 6.6 bn euro 12.6 bn euro deficit for EU27
146/2012-16 October 2012 August 2012 Euro area international trade in goods surplus of 6.6 12.6 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the
More informationYouth Integration into the labour market Barcelona, July 2011 Jan Hendeliowitz Director, Employment Region Copenhagen & Zealand Ministry of
Youth Integration into the labour market Barcelona, July 2011 Jan Hendeliowitz Director, Employment Region Copenhagen & Zealand Ministry of Employment, Denmark Chair of the OECD-LEED Directing Committee
More informationEIOPA Statistics - Accompanying note
EIOPA Statistics - Accompanying note Publication references: Published statistics: [Balance sheet], [Premiums, claims and expenses], [Own funds and SCR] Disclaimer: Data is drawn from the published statistics
More informationInstitutional Core Investors in CEE Jörn Stobbe FRICS, Chairman RICS Europe Managing Director, RREEF Management GmbH
Institutional Core Investors in CEE, Chairman RICS Europe Managing Director, RREEF Management GmbH Sofia, 17.03.2015 Client logo positioning Modest downgrade in the outlook for Europe with notable divergence
More information11 th Economic Trends Survey of the Impact of Economic Downturn
11 th Economic Trends Survey 11 th Economic Trends Survey of the Impact of Economic Downturn 11 th Economic Trends Survey COUNTRY ANSWERS Austria 155 Belgium 133 Bulgaria 192 Croatia 185 Cyprus 1 Czech
More informationBEST EXECUTION POLICY
BEST EXECUTION POLICY Effective from 3 January 2018 TABLE OF CONTENT 1. Introductory provisions 2. Execution Venues and Quality of Executions 3. Execution venues where the Company executes customer's instructions
More informationMIRRIS Scoping paper addendum
MIRRIS Scoping paper addendum From the programming period 2007-2013 to 2014-2020 I. From FP7 to Horizon 2020: first observations Some non-dg Research databases are offering statistics regarding the results
More informationEIOPA Statistics - Accompanying note
EIOPA Statistics - Accompanying note Publication reference: Published statistics: [Balance sheet], [Premiums, claims and expenses], [Own funds and SCR] Disclaimer: Data is drawn from the published statistics
More informationList of nationally authorised medicinal products
9 July 2015 EMA/483529/2015 Procedure Management and Committees Support Active substance: dapoxetine Procedure no.: PSUSA/00000928/201412 30 Churchill Place Canary Wharf London E14 5EU United Kingdom Telephone
More informationCountry Health Profiles
State of Health in the EU Country Health Profiles Brussels, November 2017 1 The Country Health Profiles 1. Highlights 2. Health status 3. Risk Factors 4. Health System (description) 5. Performance of Health
More informationMay 2009 Euro area external trade surplus 1.9 bn euro 6.8 bn euro deficit for EU27
STAT/09/106 17 July 2009 May 2009 Euro area external trade surplus 1.9 6.8 deficit for EU27 The first estimate for the euro area 1 (EA16) trade balance with the rest of the world in May 2009 gave a 1.9
More informationBurden of Taxation: International Comparisons
Burden of Taxation: International Comparisons Standard Note: SN/EP/3235 Last updated: 15 October 2008 Author: Bryn Morgan Economic Policy & Statistics Section This note presents data comparing the national
More informationFirst estimate for 2011 Euro area external trade deficit 7.7 bn euro bn euro deficit for EU27
27/2012-15 February 2012 First estimate for 2011 Euro area external trade deficit 7.7 152.8 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationJanuary 2009 Euro area external trade deficit 10.5 bn euro 26.3 bn euro deficit for EU27
STAT/09/40 23 March 2009 January 2009 Euro area external trade deficit 10.5 26.3 deficit for EU27 The first estimate for the euro area 1 (EA16) trade balance with the rest of the world in January 2009
More information2 ENERGY EFFICIENCY 2030 targets: time for action
ENERGY EFFICIENCY 2030 targets: time for action The Coalition for Energy Savings The Coalition for Energy Savings strives to make energy efficiency and savings the first consideration of energy policies
More informationOVERVIEW OF VALUE ADDED TAX AND EXCISE DUTY IN THE COUNTRIES OF EUROPEAN UNION. R. Suba3ien4, dr. assoc. professor Vilnius University, Lithuania
OVERVIEW OF VALUE ADDED TAX AND EXCISE DUTY IN THE COUNTRIES OF EUROPEAN UNION R. Suba3ien4, dr. assoc. professor Vilnius University, Lithuania Taxes and contributions are the main source of income for
More informationDEPARTURE SCHEDULE FOR CONSOLIDATED CARGO Land Transport Europe & North Africa From Hamburg
Copyright: MAN Truck & Bus AG We transport your goods as complete loads or partial shipments securely and reliably by road to 4 destinations in Europe and North Africa. We offer you bonded warehousing
More informationRaising the retirement age is the labour market ready for active ageing: evidence from EB and Eurofound research
Raising the retirement age is the labour market ready for active ageing: evidence from EB and Eurofound research Robert Anderson, EUROFOUND, Dublin Reforming pension systems in Europe and Central Asia
More information