1Alevel of aircraft (100+seats)deliveries immune to the influences of the economic environment ? 2Challenges remainfor the aviationindustry
3 Acces tofinancingfor aircraftpurchases, still a crucialparameter for aviationindustry
page 19 > Air transport – Legacy companies, a fragmentedworld
Special Report Transport: a two-speed world
Economic Outlook n° 1188 | Special Report | Transport: a two-speed world
page4 > Automobile – Europe stalled as theworld rolls onby
1Theglobalmarket is currentlygrowingby 4%to5%per year
2Productionpartiallybutnot exclusivelydrivenbygrowthinemergingmarketdemand 3Theglobalmarkethas alsobenefitedfromthe recovery inUnitedStates andJapan 4But Europe continues to suffer
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Subsidiaries page21
Economic outlook
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Euler Hermes Economic outlook is issued ten times a year by the Economic research department of Euler Hermes. It is also available on subscription for other businesses and organisations. Reproduction is authorised, so long as mention of source is made. ▣ Publication Director and Chief Economist: Ludovic Subran • Macroeconomic Research:Maxime Lemerle (Manager),Mahamoud Islam(Economist), Ana Boata (Economist), Virginie Reboul (Economist), Romeo Grill (Economist Germany), Dan North (Economist USA), Clément Bouillet (Intern) • Sector Research: Yann Lacroix (Manager), Bruno Goutard, Marc Livinec, Didier Moizo (Sector Economists) • Country Risk Research:David Atkinson (Manager), AndrewAtkinson,Manfred Stamer (Economists) •GraphicDesign: ClaireMabille • Editors:Martine Benhadj • Support: Valérie Poulain, Mathilde Lavaud • For further information, contact: the Economic Research Department of Euler Hermes at 1, place des Saisons 92 048 Paris La Défense Cedex – Tel.: +33 (0) 1 84 11 53 77 > Euler Hermes is a limited company with a Directoire and Supervisory Board, with a capital of 14,451,032.64 euros, RCS Paris B 388 236 853 • Photoengraving: Evreux Compo, Evreux, France – Permit november 2012—Bull 1176; ISSN 1 162 – 2 881▣15 December 2012