The six largest EU economies: Though its export driven economy is slowing German GDP remains positive. The slowing GDP growth however is endemic of the reduc- tion in both imports and exports over the last 12 months. Consumer confidence has dampened somewhat but insolvency levels are expected to be stable, representing an average business risk through 2013. Except for the textiles and paper industries, the business environment in Ger- many continues to be fair to good.
Despite concerns that the French economy
The UK economy though still in recession,
is expecting growth in 2013 driven largely by exports. Insolvencies are slowing and good im- provement is expected in 2013. Exports are only off marginally over the past 12 months but im- ports remain stable. While business conditions in the chemicals/pharmaceuticals industry are excel- lent and in the agricultural industry they are good, food, financial services and automotive/transport conditions remain fairly good. In Italy business conditions remain some-
Spain like Italy is working through a very dif-
ficult economic period with high youth unem- ployment, shrinking GDP and financial reform. Imports are down over the last 12 months. How- ever the increased emphasis on export should help stabilize the economy. Laws limiting pay- ment terms are expected to reduce the custom- arily long payment periods in Spain. Businesses exporting to Spain however usually benefit from shorter payment periods anyway. The food in- dustry is the main bright spot, but agriculture and
Despite concerns that the French economy would be fragile in 2012 due to the European economic crisis, France held its own and continues to be a good export destination
would be fragile in 2012 due to the European economic crisis, France held its own and con- tinues to be a good export destination. GDP is unchanged, but expected to be lower in 2013. Though insolvency risks are higher than in Ger- many, they are also stable with no change ex- pected through 2013. Import volumes continued to build until the second quarter and business conditions are more positive then negative. The business outlooks for agriculture, food, chemicals and pharmaceuticals and financial services are good.
what inconsistent. The economy is expected to continue to struggle in 2013. Imports are gradu- ally sliding, and exports are expected to decline in 2013 following marginal improvement in 2012. Reform efforts are taking hold and begin- ning to make a difference, but high youth un- employment, continued growth in insolvencies and historical poor payment behaviour pose a risk to exporters. The bright spots in respect to business conditions are in the chemicals/phar- maceuticals, financial services and to a little lesser extent the food industries.
electronics are also performing fairly well. The Netherlands, which spent most of 2012 in a mild recession, is beginning to show signs of a weak recovery in 2013. With private con- sumption continuing to slide and manufacturing production expected to grow only slightly, in- solvencies have been on the rise. Despite this payment behaviour tends to be fairly good in the Netherlands. The business conditions in the food industry are good, and in agriculture, chemicals and pharmaceuticals, electronics, financial services and services they are fair.
New European Economy
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