Economic Outlook no. 1189-1190 |Macroeconomic, Risk and Insolvency Outlook


Euler Hermes


Employment Yearly change, in %


-5 -4 -3 -2 -1 0 1 2 3


forecasts


Public deficits in 2012 in% of GDP


Ireland Japan


United Kingdom United States Spain


Portugal Greece


Netherlands France


Denmark Canada Austria


Australia Belgium Italy


Euro zone United States OECD


0 0 0 0 0 0 0 0 0 0 1 1 1 1 1432109876543210 Sources: national statistics, IHS Global Insight, Euler Hermes forecasts


Switzerland Germany Sweden Finland


Norway


-9.6% -8.4% -7.5% -7.2% -6.5% -6.5% -5.0% -4.5% -4.0% -3.8% -3.5% -3.1% -3.0% -2.8% -1.9% -1.4% -0.4%


0.1% 0.5%


13.3% Sources: national statistics, IHS Global Insight


Index of industrial output Basis, 2000=100


250 200 150 100 50 World


Emerging countries Euro zone


Japan United States


Developed countries


Exchange rates


Real effective exchange rate, basis 100=Q1 2000 United Kingdom


100 110 120 130


0 0 0 0 0 0 0 0 0 0 1 1 12109876543210 Source: CPB


60 70 80 90


Euro zone


Japan United States


0 0 0 0 0 0 0 0 0 0 1 1 12109876543210 Sources: IMF, Euler Hermes


Commodities Monthly index


110 160 210 260 310


60 05 06


Raw materials * Food *


Metals and minerals * Crude oil **


Naturel gaz *


100 120 140


* monthly indices based on current USD, basis, 2005=100, left axis ** Brent/WTI/Dubai avg, $/bl, right axis


07 08 Sources: World Bank, Euler Hermes 09 10 11 12


20 40 60 80


Key interest rates in%


9 0 0 0 0 0 0 0 0 0 0 1 1 121098765431109 Sources: national statistics, Euler Hermes


0 1 2 3 4 5 6 7 8


7


Australia Japan Eurozone United Kingdom United States


Switzerland Norway


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