www.eulerhermes.com Euler Hermes Economic Outlook is published monthly by the Economic Research Department of Euler Hermes 1, place des Saisons, 92048 Paris La Défense Cedex E-mail : research@eulerhermes.com - Tel. : +33 (0) 1 84 11 50 50
This document reflects the opinion of the Economic Research Department of Euler Hermes. The information, analyses and forecasts contained herein are based on the Department's current hypotheses and viewpoints and are of a prospective nature. In this regard, the Economic Research Department of Euler Hermes has no responsibility for the consequences hereof and no liability. Moreover, these analyses are subject to modification at any time.