Economic Indicators and Monthly Overview May 2014

1. | [Presentation title] | [Client Name] | [Date]1
Economic Indicators
Last update 16.5.2014

2. | Economic Indicators |2
Economic Outlook Monthly Overview – May 2014
Europe:
• Consensus May GDP forecast for WE remained stable on 1,5% for 2014 and on 1,8% for 2015.
• Both, the EU industrial confidence and the consumer confidence indicator improved in April and
continued the positive development from the last months.
• The IFO Business Climate index for Germany slightly rose in April. Despite the crisis in Ukraine,
the positive mood in the Germany economy prevails.
• Latest data point to fairly positive growth in the Euro area. April’s manufacturing PMI picked up
again and retail sales rose in February and March, but employment remains very weak.
ECB, based on concerns regarding the Euro’s strength and low inflation, is widely expected to
cut its refinancing rate below the current record-low 0,25% in June.
US:
• Consensus May GDP forecast for the US decreased again from 2,7% to 2,5% for 2014.
Forecast for 2015 improved from 3,0% to now 3,1%.
• The US economy showed a mixed picture with a disappointing advance report for Q1 2014,
partly to be explained by frigid weather conditions, but also based on weakness from net trade
and inventories. On the other side Federal government spending rebounded after a decline in the
previous quarter, the trade deficit declined and the unemployment rate dropped.
Japan:
• The May GDP growth forecast for Japan remained stable on 1,3% for 2014 and 2015.
• Japanese household spending increased by its quickest rate in 39 years in March as
consumers stepped up their purchases in the build-up to the sales tax hike from 5% to 8%
implemented on April 1.

3. 3 | Economic Indicators |
Eurostat Data

4. | Economic Indicators |4
Economic Indicators – GDP EU 28
Source: Eurostat May 14
-5
-4
-3
-2
-1
0
1
2
3
4
08Q1
09Q1
10Q1
11Q1
12Q1
13Q1
14Q1
%
GDP for the EU 28 countries at constant prices quarter vs. same quarter of last year

5. | Economic Indicators |5
Economic Indicators – GDP EU 28
Source: Eurostat May 14
-2,5
-2
-1,5
-1
-0,5
0
0,5
1
08Q1
09Q1
10Q1
11Q1
12Q1
13Q1
14Q1
%
GDP for the EU 28 countries at constant prices quarter on quarter

6. | Economic Indicators |6
Economic Indicators –EU 28 Consumer Price Index
Source: Eurostat May 14
0
0,5
1
1,5
2
2,5
3
3,5
4
4,5
08/1
09/1
10/1
11/1
12/1
13/1
14/1
15/1
14.Apr; 0,8
%
The harmonized index of consumer prices is the result of the collaboration
between Eurostat and National Statistical Institutes of the Member States.

7. | Economic Indicators |7
Economic Indicators – ECB interest rate
Source: ECB, FED, Eurostat May 14
Apr.14; 0,7
May 14; 0,25
-0,5
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
Jan08
July08
Jan09
Jul.09
Jan10
Jul.10
Jan11
July11
Jan12
Jul.12
Jan13
Jul.13
Jan14
Jul.14
Jan15
%
ECB short-term rate
Eurozone inflation
FED rate

8. | Economic Indicators |8
Economic Indicators –EU 28 Unemployment Rate
Source: Eurostat May 14
10,5
6
7
8
9
10
11
12
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
%
Unemployment rate for EU 28 countries

9. | Economic Indicators |9
Economic Indicators – Industrial Confidence Ind EU
Source: Eurostat May 14
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
Industrial confidence within EU 28 improved slightly in April, the industry remains in a
fairly positive mood.
The Industrial Confidence Indicator is the arithmetic average of the answers to the
questions on production expectations, order books and stocks.

10. | Economic Indicators |10
Economic Indicators – Consumer Confidence Ind EU
Source: Eurostat May 14
Consumer Confidence within EU 28 continued its positive path in April and reached
its highest level since October 2007.
-35
-30
-25
-20
-15
-10
-5
0
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
The Consumer Confidence Indicator is the arithmetic average of the answers to the questions
on the financial situation of households and general economic situation (past and future)
together with that on the advisability of making major purchases.

11. | Economic Indicators |11
Economic Indicators – Capacity Utilization
in Manufacturing Industry in % - EU 27
Source: Eurostat May 14
60
65
70
75
80
85
04Q1
05Q1
06Q1
07Q1
08Q1
09Q1
10Q1
11Q1
12Q1
13Q1
14Q1
79,5
%
The capacity utilization in manufacturing industry gives the level of capacity utilization
in percent, as assessed by managers in manufacturing industry.

12. | Economic Indicators |12
Ifo Data

13. | Economic Indicators |13
Economic Indicators – IFO World Economic Climate
Source: IFO May 14
The Ifo World Economic climate clouded slightly regarding expectations in Q2 2014
but remains friendly overall.
This indicator is being updated on a quarterly basis.

14. | Economic Indicators |14
Economic Indicators – IFO European Economic Climate
Source: IFO May 14
The economic climate in Europe continued its positive path in Q2 2014.
This indicator is being updated on a quarterly basis.

15. | Economic Indicators |15
Economic Indicators – IFO NA Economic Climate
Source: IFO May 14
This indicator is being updated on a quarterly basis.

16. | Economic Indicators |16
Economic Indicators – IFO Asia Economic Climate
Source: IFO May 14
This indicator is being updated on a quarterly basis.
The economic climate in Asia slowed down quite significantly in Q2 2014.

17. | Economic Indicators |17
Economic Indicators – GDP Forecast Euro Area
Source: IFO May 14

18. | Economic Indicators |18
Economic Indicators – GDP Forecast Germany
Source: IFO May 14

19. | Economic Indicators |19
Economic Indicators – Exchange rate $ vs €
Source: IFO May 14

20. | Economic Indicators |20
Economic Indicators –
Ifo business situation and 6 month expectations
Source: IFO May 14
75
80
85
90
95
100
105
110
115
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
80
85
90
95
100
105
110
115
120
125
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
Business situation 6 months expectations
The IFO-Institut für Wirtschaftsforschung business situation index shows the current evaluation of the
economic situation, while the 6 month expectations index shows the expectations of the companies for the next
6 months. Over 7000 companies are being interviewed.
The Ifo Business Climate Index for Germany rose slightly in April. Companies remain satisfied
with their current business situation and are more confident about future business
developments. Despite the crisis in Ukraine, the positive mood in the Germany economy
prevails.

21. | Economic Indicators |21
Economic Indicators – IFO Assessment of Current
Business Situation
Source: IFO May 14
The Ifo Business Climate Index for Germany rose slightly in April. Companies remain satisfied
with their current business situation and are more confident about future business
developments. Despite the crisis in Ukraine, the positive mood in the Germany economy
prevails.

22. | Economic Indicators |22
Economic Indicators – IFO business climate index
printing industry
Source: IFO May 14, bundesverband druck und medien
-60
-50
-40
-30
-20
-10
0
10
20
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is
based on a monthly representative questionnaire to 300 German printers.
The business climate within the printing industry improved significantly from -3 to +10 in April.

23. | Economic Indicators |23
Economic Indicators – IFO business climate index
printing industry
The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is
based on a monthly representative questionnaire to 300 German printers.
Business Development at German Printers – April 2014:
 The assessment of the current business situation in the printing
industry is more optimistic again and improved by 12%points to 14%
in April.
 The business climate – an indicator for the development in
the next quarter – also improved considerably, reaching 10% after -3%
in the previous month.
 The business expectations for the coming 6 months also improved. More
than a quarter of all companies expect an improvement of the business
situation in the coming 6 months.
Source: IFO May 14, bundesverband druck und medien

24. | Economic Indicators |24
Zenith Data

25. | Economic Indicators |25
Global Advertising Growth – Zenith 4/14 Press Release
Source: ZenithOptimedia 4/14

26. | Economic Indicators |26
Regional Advertising Development –
Zenith 4/14 Press Release
Source: ZenithOptimedia 4/14

27. | Economic Indicators |27
Global Advertising Market – Zenith 4/14 Press Release
Source: ZenithOptimedia 4/14

28. | Economic Indicators |28
Advertising by medium – Zenith 4/14 Press Release
Source: ZenithOptimedia 4/14