Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
- Annual inflation remained slightly negative at -0.1% in May due to falling fuel and food prices. This year's average annual inflation is projected to be the lowest since the 1990s.
- GDP grew 1.4% quarter-over-quarter in Q1 2013, driven mainly by private consumption which expanded on the back of employment growth and wage increases.
- Exports of Latvian goods continued rising at 17.5% year-over-year in April despite weak external demand, demonstrating the flexibility of Latvian exporters.
The Latvian Economy - 2010 September (pdf)Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document compares the economies of Switzerland and Germany for establishing a headquarters. It finds that Switzerland has consistently ranked highly on global competitiveness indexes, while Germany typically ranks around 5-7. Both countries' textile sectors saw growth in 2011, though Switzerland's growth was slower and expectations have worsened. The document recommends establishing a headquarters in the Greater Zurich Area of Switzerland or around Munich, Germany due to their strong economies and convenient airport access.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights
> Consumer price level down year-on-year
> Industrial production increased year-on-year in August
> Latvian exports resist unfavourable external factors
In Focus
>Exports of wood: contribution to total exports and changes
There is a solid foundation upon which to argue that the labour market is the most important market of modern economies (see, for example, Elliott 1991). The reason for this arises
from the well-known fact that, by a wide margin, most individuals derive their current income flow from selling their labour services. This applies to the Finnish labour markets,
which have gained growing interest during the 1990s.
The prominent reason for the interest has been the empirical feature that the unemployment rate soared during the so-called great slump of the early 1990s. Since then, according to a number of commentators on public affairs, unemployment has been the most important economic and social problem
in Finland. In this respect, the situation is nowadays much the same across the whole of the European labour markets.
As a consequence of this development of the 1990s, the
issues associated with the Finnish labour markets constitute a topical research theme.
The Swedish economy is showing signs of slowing growth as exports weaken and domestic demand declines. Export demand is at risk due to uncertainty in Sweden's key export markets like the US and China. Domestic demand that was strong in the first quarter appears to be falling back as confidence indicators drop and unemployment rises. The debt crisis in Europe and slowing growth abroad may negatively impact the Swedish economy in the coming months.
European specialty retail sales have continued a tentative recovery in 2007, though growth remains uneven across markets. While overall EU retail trade rose in January 2007, sales declined in Germany due to a VAT increase. UK sales have also slowed due to higher interest rates, though French sales have improved with falling unemployment. Retailers' performances vary by product and country - electronics sellers benefit from flat screen TV demand but face margin pressure, while home improvement chains are stronger with rising home prices in many markets. Foreign expansion and online shopping increase competitive pressures on all European retailers.
- Annual inflation remained slightly negative at -0.1% in May due to falling fuel and food prices. This year's average annual inflation is projected to be the lowest since the 1990s.
- GDP grew 1.4% quarter-over-quarter in Q1 2013, driven mainly by private consumption which expanded on the back of employment growth and wage increases.
- Exports of Latvian goods continued rising at 17.5% year-over-year in April despite weak external demand, demonstrating the flexibility of Latvian exporters.
The Latvian Economy - 2010 September (pdf)Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document compares the economies of Switzerland and Germany for establishing a headquarters. It finds that Switzerland has consistently ranked highly on global competitiveness indexes, while Germany typically ranks around 5-7. Both countries' textile sectors saw growth in 2011, though Switzerland's growth was slower and expectations have worsened. The document recommends establishing a headquarters in the Greater Zurich Area of Switzerland or around Munich, Germany due to their strong economies and convenient airport access.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Highlights
> Consumer price level down year-on-year
> Industrial production increased year-on-year in August
> Latvian exports resist unfavourable external factors
In Focus
>Exports of wood: contribution to total exports and changes
There is a solid foundation upon which to argue that the labour market is the most important market of modern economies (see, for example, Elliott 1991). The reason for this arises
from the well-known fact that, by a wide margin, most individuals derive their current income flow from selling their labour services. This applies to the Finnish labour markets,
which have gained growing interest during the 1990s.
The prominent reason for the interest has been the empirical feature that the unemployment rate soared during the so-called great slump of the early 1990s. Since then, according to a number of commentators on public affairs, unemployment has been the most important economic and social problem
in Finland. In this respect, the situation is nowadays much the same across the whole of the European labour markets.
As a consequence of this development of the 1990s, the
issues associated with the Finnish labour markets constitute a topical research theme.
The Swedish economy is showing signs of slowing growth as exports weaken and domestic demand declines. Export demand is at risk due to uncertainty in Sweden's key export markets like the US and China. Domestic demand that was strong in the first quarter appears to be falling back as confidence indicators drop and unemployment rises. The debt crisis in Europe and slowing growth abroad may negatively impact the Swedish economy in the coming months.
European specialty retail sales have continued a tentative recovery in 2007, though growth remains uneven across markets. While overall EU retail trade rose in January 2007, sales declined in Germany due to a VAT increase. UK sales have also slowed due to higher interest rates, though French sales have improved with falling unemployment. Retailers' performances vary by product and country - electronics sellers benefit from flat screen TV demand but face margin pressure, while home improvement chains are stronger with rising home prices in many markets. Foreign expansion and online shopping increase competitive pressures on all European retailers.
Savills european investment market 2014Jorge Larrea
2013 saw the highest volume of transactions since 2007, mostly thanks to record levels reached in the UK and Germany. While offices remained the dominant asset class, industrial investment saw the strongest growth. Prime yields continued falling in core markets like the UK, Germany and France but stabilized elsewhere, with investors increasingly looking outside major cities for opportunities with higher returns. Overall investment is forecast to rise slightly in 2014, with more diverse buyers and continued strong demand for prime assets.
Ulster Bank's Purchasing Managers' Index (PMI) surveys private sector companies to provide an early indication of economic performance by sector. The February 2019 survey shows that global output growth increased but manufacturing declined, while growth accelerated in the US, Eurozone, Germany and UK but slowed in China, Japan and Spain. The Northern Ireland private sector reported near stagnation in output as orders and employment fell.
Šoreiz, sadaļā "Highlights":
* Inflation returns
* Moderate growth in retail
* Challenging environment for exporters
"In Focus":
* ICT is almost a perfectly performing sector, autors: Igors Kasjanovs
The document is a 78-page report from Euromonitor International on the packaging industry in Hungary. It provides historical data from 2005-2010 on various packaging types and forecasts from 2010-2015. It also profiles the major companies in the Hungarian packaging industry and their market shares. The report examines key trends in the industry and the regulatory environment. It aims to give readers a detailed understanding of the current state and future prospects of the packaging industry in Hungary.
This document provides a summary of the December 2020 Purchasing Managers' Index (PMI) survey results for Northern Ireland and other economies. Key findings include:
- Global output growth slowed for the sixth consecutive month but remained in expansion territory. Input cost inflation hit a 9.5-year high.
- The UK and Republic of Ireland returned to growth in December led by manufacturing, while Northern Ireland's private sector remained in contraction across all sectors.
- Northern Ireland recorded the fastest rate of output contraction among UK regions in 2020. Firms reported ongoing declines in new orders, output, and employment in December.
- Input cost inflationary pressures increased in recent months across sectors in Northern Ireland,
Ulster Bank Northern Ireland PMI September 2021 Slide PackRichard Ramsey
The document provides a summary of the September 2021 Purchasing Managers' Index (PMI) survey results for Northern Ireland, the UK, Eurozone, and global economies. Key findings include:
- Global composite PMI rose slightly but growth is slowing across regions. Inflation remains close to recent highs.
- UK and NI economies continue lagging behind the Republic of Ireland. NI private sector recovery is slower than other UK regions.
- NI manufacturing and services sectors reported output and employment growth in September but new orders contracted.
- Input cost and output price inflation are accelerating across sectors in NI, UK and globally at near record rates.
The document provides an analysis of purchasing managers' index (PMI) surveys from April 2020 for various global economies, Eurozone countries, the UK and its regions, and Northern Ireland. Key highlights include:
- Global output growth slumped with services falling to a record low. All economies except China saw composite PMIs hit record lows in April.
- Northern Ireland's PMI fell to a new record low in April, with output, new orders, employment, and export orders all declining at record rates across sectors.
- Manufacturing and services output in Northern Ireland, the UK, and Ireland all posted steep falls and record lows, while construction also declined sharply. Northern Ireland saw the stee
Ulster Bank Northern Ireland April 2019 PMI Richard Ramsey
Global economic growth slowed in April according to purchasing managers' index surveys. Growth accelerated in Japan and the UK while slowing in China, India, the US, and Eurozone. The Northern Ireland private sector contraction accelerated, with the fastest declines in output, orders, and employment in several years. Retail sales and orders in Northern Ireland fell sharply while the manufacturing, services, and construction sectors all reported declining activity.
Ulster Bank Northern Ireland PMI March 2021 PMI Slide PackRichard Ramsey
The document provides an economic analysis and update of purchasing managers' index (PMI) surveys for Northern Ireland, the UK, Eurozone, and global economies for March 2021. Key points include:
- Global output growth and emerging market PMI increased while developed market PMI remained high. Eurozone, US, and UK composite PMIs all improved.
- Northern Ireland saw manufacturing and services output growth pick up while construction stabilized. UK and Republic of Ireland posted robust new orders growth while Northern Ireland orders continued shrinking.
- Input cost inflation accelerated sharply across sectors, and firms increased prices at their fastest rates, squeezing profit margins. Employment returned to growth in manufacturing and services after declines.
Like many industries, the downturn in world economies of 2008 and 2009 had a profound effect on the trade of perforated metal and associated products internationally. For an industry that was formerly extremely robust due to the ever growing number of industries served, the sudden decrease in sales came as somewhat of a shock to many suppliers of perforated metal in Europe and further afield.
- Global economic growth remains subdued with manufacturing flat and services slowing. Growth picks up in the US but slows in the Eurozone and Japan.
- The Northern Ireland private sector continues to contract sharply with all sectors reporting declines in output for the fifth month in a row. Employment is falling for the ninth month.
- Manufacturing output and new orders are contracting across Northern Ireland, the UK, and the Republic of Ireland, with Northern Ireland seeing the sharpest declines. The construction and services sectors are also declining in Northern Ireland.
Northern Ireland December 2019 PMI Chart PackRichard Ramsey
Global output growth accelerated to an 8-month high in December due to stronger services activity, though manufacturing output slipped. Growth also picked up in the US, Eurozone, India, Spain and Ireland. The Northern Ireland PMI showed that while the rate of contraction eased, output and orders continued to decline across all sectors, with the steepest falls in Northern Ireland compared to other UK regions. Firms in Northern Ireland reported modest job losses and subdued inflationary pressures, alongside cautious optimism about future growth.
Denmark: Plastic Tubes, Pipes And Hoses, And Fitting - Market Report. Analys...IndexBox Marketing
IndexBox has just published its report: “Denmark: Plastic Tubes, Pipes And Hoses, And Fitting - Market Report. Analysis And Forecast To 2025”. The report provides an in-depth analysis of the plastic tube market in Denmark. It presents the latest data of the market size and volume, European production, exports and imports, price dynamics and turnover in the industry. The report shows the sales data, allowing you to identify the key drivers and restraints. You can find here a strategic analysis of key factors influencing the market. Forecasts illustrate how the market will be transformed in the medium term. Profiles of the leading companies and brands are also included.
Latvijas Banka Monthly Newsletter: July 2018Latvijas Banka
Highlights:
Energy pushes consumer prices upward
Household lending increased in May
Growth in goods exports continued in May
In Focus:
Competitiveness of Latvia's Exports of Goods in the Region
Global output growth slows due to slowing growth in the services sector, despite manufacturing returning to growth. The US sees growth slow to a 42-month low while the Eurozone and countries like China, Japan, Brazil and Russia post faster growth. The Northern Ireland private sector continues to see sharp declines in output, new orders, exports and employment, with all sectors contracting and business confidence at new lows. Regional comparisons show Northern Ireland having the sharpest declines in output and fastest rate of job losses of all UK regions.
Ulster Bank Northern Ireland PMI - July 2018 SlidepackRichard Ramsey
Ulster Bank Northern Ireland Purchasing Managers Index (PMI) includes analysis of economic performance by sector in Global, Eurozone, UK, UK Regions, NI & Republic of Ireland. PMI surveys track variables such as output, new orders, employment and prices across sectors. Index numbers above 50 indicate expansion and below 50 indicate contraction. The July 2018 survey update found that global output growth slowed with manufacturing at a 22-month low, while NI's private sector reported an acceleration in activity for the fourth month in a row at a faster rate than the UK. NI firms' optimism for the year ahead slipped to a 16-month low, the lowest of any UK region.
FX month(s) in review: Wild transition to the New Year.
Themes for 2011
Carry Trade Model – coming unhinged
Central Bank Watch: Expectations shifting higher
Saxo Bank G-10 FX Outlook
The document discusses Ukraine's Universal Periodic Review by the UN human rights system. It provides information on Ukraine's previous UPR that took place in 2008 and its most recent review in 2012 in Geneva. Key details included are the types of recommendations Ukraine received during its 2008 and 2012 UPR reviews.
Savills european investment market 2014Jorge Larrea
2013 saw the highest volume of transactions since 2007, mostly thanks to record levels reached in the UK and Germany. While offices remained the dominant asset class, industrial investment saw the strongest growth. Prime yields continued falling in core markets like the UK, Germany and France but stabilized elsewhere, with investors increasingly looking outside major cities for opportunities with higher returns. Overall investment is forecast to rise slightly in 2014, with more diverse buyers and continued strong demand for prime assets.
Ulster Bank's Purchasing Managers' Index (PMI) surveys private sector companies to provide an early indication of economic performance by sector. The February 2019 survey shows that global output growth increased but manufacturing declined, while growth accelerated in the US, Eurozone, Germany and UK but slowed in China, Japan and Spain. The Northern Ireland private sector reported near stagnation in output as orders and employment fell.
Šoreiz, sadaļā "Highlights":
* Inflation returns
* Moderate growth in retail
* Challenging environment for exporters
"In Focus":
* ICT is almost a perfectly performing sector, autors: Igors Kasjanovs
The document is a 78-page report from Euromonitor International on the packaging industry in Hungary. It provides historical data from 2005-2010 on various packaging types and forecasts from 2010-2015. It also profiles the major companies in the Hungarian packaging industry and their market shares. The report examines key trends in the industry and the regulatory environment. It aims to give readers a detailed understanding of the current state and future prospects of the packaging industry in Hungary.
This document provides a summary of the December 2020 Purchasing Managers' Index (PMI) survey results for Northern Ireland and other economies. Key findings include:
- Global output growth slowed for the sixth consecutive month but remained in expansion territory. Input cost inflation hit a 9.5-year high.
- The UK and Republic of Ireland returned to growth in December led by manufacturing, while Northern Ireland's private sector remained in contraction across all sectors.
- Northern Ireland recorded the fastest rate of output contraction among UK regions in 2020. Firms reported ongoing declines in new orders, output, and employment in December.
- Input cost inflationary pressures increased in recent months across sectors in Northern Ireland,
Ulster Bank Northern Ireland PMI September 2021 Slide PackRichard Ramsey
The document provides a summary of the September 2021 Purchasing Managers' Index (PMI) survey results for Northern Ireland, the UK, Eurozone, and global economies. Key findings include:
- Global composite PMI rose slightly but growth is slowing across regions. Inflation remains close to recent highs.
- UK and NI economies continue lagging behind the Republic of Ireland. NI private sector recovery is slower than other UK regions.
- NI manufacturing and services sectors reported output and employment growth in September but new orders contracted.
- Input cost and output price inflation are accelerating across sectors in NI, UK and globally at near record rates.
The document provides an analysis of purchasing managers' index (PMI) surveys from April 2020 for various global economies, Eurozone countries, the UK and its regions, and Northern Ireland. Key highlights include:
- Global output growth slumped with services falling to a record low. All economies except China saw composite PMIs hit record lows in April.
- Northern Ireland's PMI fell to a new record low in April, with output, new orders, employment, and export orders all declining at record rates across sectors.
- Manufacturing and services output in Northern Ireland, the UK, and Ireland all posted steep falls and record lows, while construction also declined sharply. Northern Ireland saw the stee
Ulster Bank Northern Ireland April 2019 PMI Richard Ramsey
Global economic growth slowed in April according to purchasing managers' index surveys. Growth accelerated in Japan and the UK while slowing in China, India, the US, and Eurozone. The Northern Ireland private sector contraction accelerated, with the fastest declines in output, orders, and employment in several years. Retail sales and orders in Northern Ireland fell sharply while the manufacturing, services, and construction sectors all reported declining activity.
Ulster Bank Northern Ireland PMI March 2021 PMI Slide PackRichard Ramsey
The document provides an economic analysis and update of purchasing managers' index (PMI) surveys for Northern Ireland, the UK, Eurozone, and global economies for March 2021. Key points include:
- Global output growth and emerging market PMI increased while developed market PMI remained high. Eurozone, US, and UK composite PMIs all improved.
- Northern Ireland saw manufacturing and services output growth pick up while construction stabilized. UK and Republic of Ireland posted robust new orders growth while Northern Ireland orders continued shrinking.
- Input cost inflation accelerated sharply across sectors, and firms increased prices at their fastest rates, squeezing profit margins. Employment returned to growth in manufacturing and services after declines.
Like many industries, the downturn in world economies of 2008 and 2009 had a profound effect on the trade of perforated metal and associated products internationally. For an industry that was formerly extremely robust due to the ever growing number of industries served, the sudden decrease in sales came as somewhat of a shock to many suppliers of perforated metal in Europe and further afield.
- Global economic growth remains subdued with manufacturing flat and services slowing. Growth picks up in the US but slows in the Eurozone and Japan.
- The Northern Ireland private sector continues to contract sharply with all sectors reporting declines in output for the fifth month in a row. Employment is falling for the ninth month.
- Manufacturing output and new orders are contracting across Northern Ireland, the UK, and the Republic of Ireland, with Northern Ireland seeing the sharpest declines. The construction and services sectors are also declining in Northern Ireland.
Northern Ireland December 2019 PMI Chart PackRichard Ramsey
Global output growth accelerated to an 8-month high in December due to stronger services activity, though manufacturing output slipped. Growth also picked up in the US, Eurozone, India, Spain and Ireland. The Northern Ireland PMI showed that while the rate of contraction eased, output and orders continued to decline across all sectors, with the steepest falls in Northern Ireland compared to other UK regions. Firms in Northern Ireland reported modest job losses and subdued inflationary pressures, alongside cautious optimism about future growth.
Denmark: Plastic Tubes, Pipes And Hoses, And Fitting - Market Report. Analys...IndexBox Marketing
IndexBox has just published its report: “Denmark: Plastic Tubes, Pipes And Hoses, And Fitting - Market Report. Analysis And Forecast To 2025”. The report provides an in-depth analysis of the plastic tube market in Denmark. It presents the latest data of the market size and volume, European production, exports and imports, price dynamics and turnover in the industry. The report shows the sales data, allowing you to identify the key drivers and restraints. You can find here a strategic analysis of key factors influencing the market. Forecasts illustrate how the market will be transformed in the medium term. Profiles of the leading companies and brands are also included.
Latvijas Banka Monthly Newsletter: July 2018Latvijas Banka
Highlights:
Energy pushes consumer prices upward
Household lending increased in May
Growth in goods exports continued in May
In Focus:
Competitiveness of Latvia's Exports of Goods in the Region
Global output growth slows due to slowing growth in the services sector, despite manufacturing returning to growth. The US sees growth slow to a 42-month low while the Eurozone and countries like China, Japan, Brazil and Russia post faster growth. The Northern Ireland private sector continues to see sharp declines in output, new orders, exports and employment, with all sectors contracting and business confidence at new lows. Regional comparisons show Northern Ireland having the sharpest declines in output and fastest rate of job losses of all UK regions.
Ulster Bank Northern Ireland PMI - July 2018 SlidepackRichard Ramsey
Ulster Bank Northern Ireland Purchasing Managers Index (PMI) includes analysis of economic performance by sector in Global, Eurozone, UK, UK Regions, NI & Republic of Ireland. PMI surveys track variables such as output, new orders, employment and prices across sectors. Index numbers above 50 indicate expansion and below 50 indicate contraction. The July 2018 survey update found that global output growth slowed with manufacturing at a 22-month low, while NI's private sector reported an acceleration in activity for the fourth month in a row at a faster rate than the UK. NI firms' optimism for the year ahead slipped to a 16-month low, the lowest of any UK region.
FX month(s) in review: Wild transition to the New Year.
Themes for 2011
Carry Trade Model – coming unhinged
Central Bank Watch: Expectations shifting higher
Saxo Bank G-10 FX Outlook
The document discusses Ukraine's Universal Periodic Review by the UN human rights system. It provides information on Ukraine's previous UPR that took place in 2008 and its most recent review in 2012 in Geneva. Key details included are the types of recommendations Ukraine received during its 2008 and 2012 UPR reviews.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
SEB Enskilda Nordic Banks Seminar, May 2010Swedbank
- Swedbank's financial results improved significantly in Q1 2010 compared to Q4 2009, with a profit of SEK 547 million versus a loss of SEK 1.788 billion previously.
- Non-performing loans increased slightly by SEK 1.5 billion excluding foreign exchange effects, though asset quality continues to strengthen overall as property prices stabilize in CEE markets.
- The bank's resilience has greatly increased through measures like reducing CEE lending, establishing restructuring units, and strengthening liquidity and capital positions. However, some risks remain from central bank exit strategies and fiscal consolidations.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank reported third quarter 2010 results with continued financial improvement. Net profit increased to SEK 2.6 billion driven by improved net interest income and stable commission income. Asset quality indicators improved with declining impaired loans and credit impairments. Liquidity remained solid with ongoing wholesale funding activity and long-term funding of SEK 190 billion year-to-date.
Roadshow, Öhman Baltic Banking Day, Priit PerensSwedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Capital Market Days 2008 - Mikael InglanderSwedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Planning session for value chain case studykoichi ikeda
we will support any value chain with IT process.
sharing what problems or issues they have.
we will support any value chain with IT process.
sharing what problems or issues they have.
we will support any value chain with IT process.
sharing what problems or issues they have.
we can use service science or service engineering methods.
I like to share your ideas.
Thanks,
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Cecilia Hermansson, Chief Economist at Swedbank, delivered a speech at a conference in Riga celebrating Latvia's completion of its IMF and EU support program. In her speech, she:
1) Praised Latvia's strong economic recovery and commitment to reforms following the deep recession, while noting remaining challenges.
2) Emphasized the need to close productivity gaps, adapt to demographic changes, and strengthen institutions to sustain recovery.
3) Concluded that Latvia and other Baltic states must maintain reform momentum to avoid problems seen in Southern Europe and further improve competitiveness.
Poland's economy is slowing after strong growth in recent years. GDP growth is expected to decline to 2.7% in 2012 from 4.3% in 2011 due to weaker global demand, lower investment, and rising unemployment. While Poland avoided recession in 2008-2009 due to fiscal stimulus and currency depreciation, continued reforms are needed to increase competitiveness through innovation, education, and reducing regional economic disparities. The eurozone crisis has allowed Poland to delay euro adoption plans, but it wants to still have influence over eurozone policies as its economy remains closely tied to Europe's.
Meri Obstbaum: Finnish economy – Success and challengesSuomen Pankki
The document summarizes the Finnish economy, its past success, current challenges, and outlook. It notes that Finland experienced over 10 years of above average growth after recovering from a depression in the 1990s, but has since become one of the worst performing advanced economies due to a combination of cyclical and structural shocks. While economic fundamentals remain strong, the macroeconomy is weak and long-term growth prospects are also weak. Policy actions are needed to focus on structural reforms, fiscal consolidation, and improving competitiveness to boost potential growth.
Finnish technology industry statistics, August 2015TechFinland
The Finnish technology industry is comprised of five sub-sectors: electronics and electrotechnical, metals, mechanical engineering, consulting engineering, and information technology. It accounts for 50% of Finnish exports, 75% of private R&D investment, and employs over 280,000 people directly and 700,000 total. While the industry has struggled since the financial crisis, new orders increased 14% in Q2 2015 compared to the previous year and order books were up 22% in June 2015, indicating growth in the sector.
Finnish technologyindustry in numbers (October 2015)TechFinland
The Finnish technology industry is comprised of five sub-sectors: electronics and electrotechnical, metals, mechanical engineering, consulting engineering, and information technology. It accounts for 50% of Finnish exports, 75% of private R&D investment, and employs over 280,000 people directly and 700,000 total. While the industry has struggled since the financial crisis, new orders increased 14% in Q2 2015 compared to the previous year and order books were up 22% in June 2015, indicating growth in the sector.
Estonia, Latvia, Lithuania - who has done the best?! Kaspar OjaGerd Tarand
The document compares the economic recoveries of Estonia, Latvia, and Lithuania following the economic crisis. It finds that while Estonia had the sharpest initial decline, its recovery is also the fastest, with GDP and industrial production growing the most. Exports are increasing in all three countries as entrepreneurs reopen factories. Unemployment remains high across the Baltics but activity rates have stayed up. Estonia pursued a different fiscal policy before the crisis, maintaining budget surpluses and lower government debt compared to Latvia and Lithuania.
Finnish technology industry and economy: September 2015TechFinland
The Finnish technology industry is comprised of five sub-sectors: electronics and electrotechnical, metals, mechanical engineering, consulting engineering, and information technology. It accounts for 50% of Finnish exports, 75% of private R&D investment, and employs over 280,000 people directly and 700,000 total. While the industry has struggled since the financial crisis, new orders increased 14% in Q2 2015 compared to the previous year and order books were up 22% in June 2015, indicating growth in the sector.
After declining sharply in 2008-2009, Lithuanian exports of goods started recovering in late 2009 and growth picked up significantly in 2010, with exports of goods increasing 28.4% in the first three quarters of the year. Exports have largely relied on Lithuania's export-oriented manufacturing sector, including foodstuffs, plastics, metals, machinery, and equipment. While the revival in manufacturing exports is positive, continued strong performance is not guaranteed given anticipated slowdowns in old EU member states. Higher value-added industries have greater long-term potential but Lithuania will remain reliant on traditionally strong lower and medium value sectors in the near future. Exports of services have lagged exports of goods, growing more modestly.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Agenda for Europe: which of Estonia’s success factors can be useful for other...Eesti Pank
Ardo Hansson, Eesti Pank 5 April 2014
A financial forum organised by The European House – Ambrosetti in Italy http://www.ambrosetti.eu/en/news/2014/financial-markets-workshop
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
According to CSC forecasts exports will be the most dynamic GDP component in 2017-2018, taking full advantage of the favourable global trade momentum. In 2018 exports will be 15,0% higher than pre-crisis levels and equal to 32,5% of GDP.
What structural factors sustained the Italian export performance?
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Finnish technology industry, February 2016TechFinland
The technology industry represents a significant portion of the Finnish economy, accounting for 50% of exports, 75% of private R&D investment, and employing 30% of the labor force. It is comprised of five subsectors: electronics/electrotechnical, metals, mechanical engineering, consulting engineering, and information technology. While the industry has experienced structural changes and uneven development between companies, overall turnover increased slightly in 2015 and order books grew year-over-year as of December 2015.
Finnish technology industry in numbers, December 2015TechFinland
The Finnish technology industry is comprised of five sub-sectors: electronics/electrotechnical, mechanical engineering, metals, consulting engineering, and information technology. It accounts for 50% of Finnish exports, 75% of private R&D investment, and employs over 280,000 people directly and 700,000 total. The industry has seen declines in new orders, exports, and employment in recent years. Electronics/electrotechnical and mechanical engineering have been particularly impacted, while consulting engineering's order books have grown.
Finnish technology industry in statiscs, November 2015TechFinland
The Finnish technology industry is comprised of five sub-sectors: electronics/electrotechnical, mechanical engineering, metals, consulting engineering, and information technology. It accounts for 50% of Finnish exports, 75% of private R&D investment, and employs over 280,000 people directly and 700,000 total. The industry has experienced declines in new orders and order books recently compared to last year and the previous quarter across most sub-sectors.
Finnish Technology Industry, January 2016TechFinland
The document provides an overview of the technology industry in Finland, which comprises five sub-sectors: electronics/electrotechnical, metals, mechanical engineering, consulting engineering, and information technology. It notes that the technology industry accounts for 50% of Finnish exports, 75% of private R&D investment, and employs over 280,000 people directly and 700,000 total. Charts show trends in the industry's turnover, exports, new orders, order books, and employment from 2005-2015. The number of employees in the industry is projected to decline in the coming years due to retirements.
Swedbank corporate presentation April 25 2017Swedbank
This document provides an overview of Swedbank, a bank operating in Sweden, Estonia, Latvia, and Lithuania. It details that Swedbank has over 16 million inhabitants, 7.3 million private customers, and 651,000 corporate customers across its four home markets. Key figures on branches, employees and lending are also provided for each country. The document discusses Swedbank's history, vision, values, purpose and engagement in society. It outlines challenges from new customer needs, competitors, regulations and economic developments, and how Swedbank is adapting. Services provided to private and corporate customers are also summarized.
The interim report summarizes Swedbank's financial results for the first quarter of 2017. Net interest income and lending volumes increased compared to the previous quarter, while net commission income decreased due to seasonal effects. Overall profits increased 25% compared to the first year, strengthened by a capital gain from the sale of Hemnet. Credit quality remained strong across all business segments, though additional provisions were made for oil-related sectors. The report provides an overview of each business segment and notes that economic indicators have strengthened in Sweden and the Baltic countries in recent months.
Swedbank reported its year-end results for 2016. In Q4 2016, net interest income increased 3% compared to Q3 2016 supported by increased lending volumes. Net commission income benefited from positive stock market development. Higher volumes of covered bond repurchases weighed down Treasury's result. Costs were in line with expectations and credit quality remained solid despite increased provisions in oil related sectors. For the full year 2016, total income increased 11% while total expenses increased only 1%, leading to an 18% rise in operating profit. Return on equity was 15.8% and the proposed dividend per share was SEK 13.20, up from SEK 10.70 the previous year.
Swedbank corporate presentation, February 2 2017Swedbank
Swedbank is a major banking group in Sweden, Estonia, Latvia, and Lithuania, serving over 16 million inhabitants and 7.3 million private customers. It has 389 branches and over 13,700 employees across its four home markets. The document provides an overview of Swedbank's operations and presence in each of its home markets, its financial figures, strategic focus areas, engagement in society, and the services it provides to both private and corporate customers.
Swedbank Corporate Presentation, October 25 2016Swedbank
Swedbank is a major bank operating in Sweden, Estonia, Latvia, and Lithuania with over 14,000 employees. It has a presence in several other Nordic and Baltic countries as well as in China, South Africa, Luxembourg, and the US. The bank provides a variety of financial services to over 7 million private customers and 640,000 corporate customers. Swedbank is adapting to changes in customer needs, regulations, competitors and the macroeconomic environment to remain a strong, relevant bank.
Swedbank Corporate Presentation, June 30 2016Swedbank
Swedbank is a Swedish bank that provides banking services to individuals and businesses. It has over 2.4 trillion SEK in total assets and 7.3 billion SEK in operating profits. It operates primarily in Sweden, Estonia, Latvia, and Lithuania, serving over 4 million private customers and over 500,000 corporate customers. Swedbank aims to be accessible to customers through its branches, phone, and digital channels and to promote financial well-being for households and enterprises.
Swedbank is a bank based in Sweden with operations also in Estonia, Latvia, Lithuania and other markets. As of March 31, 2016 it had total assets of SEK 2,404 billion and an operating profit of SEK 5,275 million. It aims to promote sound financial situations for households and enterprises through offering banking services such as savings, loans, investments and insurance. The presentation provides an overview of Swedbank's home markets, history, values of being simple, open and caring, and private and corporate banking services.
The presentation outlines Swedbank's purpose, history, values, products and services for private and corporate customers, and emphasizes its commitment to being accessible and providing a positive experience for customers.
This document provides Swedbank's year-end report for 2015. It summarizes that Swedbank's profit for the fourth quarter was stable at SEK 3.8 billion despite challenges from lower interest rates and economic uncertainty. Total income was SEK 9.5 billion for the quarter. For the full year, profit was SEK 15.7 billion, down 4% from 2014, as lower interest rates reduced net interest income despite increased mortgage and deposit volumes. The CEO commented that priorities in 2015 were improving customer value, increasing efficiency, and integrating Sparbanken Öresund.
Swedbank Corporate Presentation, September 2015Swedbank
The bank aims to promote sound financial management for households and enterprises through products like loans, savings, investments, and insurance that are accessible via branches, phone, and online banking designed to be simple, open, and caring.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
1. The Estonian Economy
Monthly newsletter from Swedbank’s Economic Research Department
by Maris Lauri, Elina Allikalt No. 1 • 19 May 2010
Economic Research Department. Swedbank AB. SE-105 34 Stockholm. Phone +46-8-5859 1000.
E-mail: ek.sekr@swedbank.com www.swedbank.com
Legally responsible publisher: Cecilia Hermansson, +46-8-5859 1588.
Maris Lauri, +372 6 131 202. Elina Allikalt, +372 6 131 989. Annika Paabut, +372 6 135 440.
Manufacturing output recovering strongly, supported
by improving export sales
After a large-scale drop-off in manufacturing production during late 2008 and early
2009 due to falling domestic and external demand, output in Estonia started
recovering, confidence levels are rising, and manufacturing sales and exports are
growing. However, the recovery has been uneven within sectors, being more
notable in exporting sectors, while those targeting their production towards the
domestic market have been struggling more.
In order to increase competitiveness, Estonian manufacturers have to continue to
restructure their production processes, diversify products, and search for new
export markets. Also, production should move from low-cost to higher-cost products
as the convergence process continues.
Weaknesses of manufacturing sector
exposed during downturn
The Estonian manufacturing sector, which suffered
a severe domestic and external demand drop-off at
the end of 2008 and the beginning of 2009, reached
its lowest production level about a year ago in April
2009. While signs of weaker domestic demand and
manufacturing sales were visible already in the
beginning of 2008, export demand declined sharply
at the end of 2008, coinciding with the global
recession. This decline lowered total production
volumes by about 40% from the highest levels
Manufacturing sector, Jan 2004 - Apr 2010
(Left scale: annual growth, working day adjusted; right
scale: points, s.a.)
-40%
-30%
-20%
-10%
0%
10%
20%
30%
2004 2005 2006 2007 2008 2009 2010
-50
-40
-30
-20
-10
0
10
20
30
40
Production, ls Conf idence, rsSources: SE, DG ECFIN
seen, in the beginning of 2008, to the levels of early
2003. In turn, confidence levels reached an all-time
low and export volumes plummeted.
Manufacturing production, Jan 2008 - Mar 2010
(Index Dec 2007=100, seasonally and working day
adjusted)
20
40
60
80
100
120
140
160
2008 2009 2010
electro-
nics
f ood
products
total
f urniture
wood, -
products
metal
products
building
materials
chemi-
calsSources: SE, Swedbank calculations
About a year ago, the biggest declines had been
left behind and stabilisation signs were visible. The
drop in domestic demand had slowed and external
demand even showed some recovery. As the
recovery in demand has since been uneven, the
growth in production has varied across sectors as
well. Branches, which are more dependent on
export sales, have recovered faster; this includes
among others the production of computer,
2. The Estonian Economy
Monthly newsletter from Swedbank’s Economic Research Department, continued
Nr 1 • 19 May 2010
2 (5)
electronics, and optical products, wood and timber
products, and food products. As domestic demand
has continued to be sluggish, industries such as the
manufacturing of building materials have been
taking more time to recover.
Manufacturing sales, Jan 2006 - Mar 2010
(Annual change compared to same period in previous
year)
-40%
-30%
-20%
-10%
0%
10%
20%
30%
2006 2007 2008 2009 2010
Total Export DomesticSource: SE
During the downturn, manufacturing export sales
suffered the most due to a sharp drop in Estonia’s
main export markets (Finland, Sweden, and
Germany). One can clearly see that the sharpest
decline in Estonian manufacturing occurred due to
a deterioration of production in those markets (see
chart). This was a result of the large share of
subcontracting in export production in Estonian
manufacturing, particularly in the production of
capital goods, which are more sensitive to the
fluctuations of an economic cycle. The
subcontracting and tight connections with high-
technology firms are good for acquiring knowledge,
developing business contacts, and production
transfers. However, subcontracting can be
problematic too, as Estonian companies saw during
the recent boom-and-crisis years: global cost
competition is harsh, and contracts tend to be short
term, which means that market share is easy to
lose. In addition, the convergence process, which
intensified as expected when Estonia became a
member of the EU, pushed up production costs,
particularly labour costs (also because of declining
labour supply), thus weakening the cost
competitiveness of Estonian producers even more.
Manufacturing production, Jan 2000 - Mar 2010
(Index 2005=100, 3-month averages, seasonally and
calendar adjusted)
40
60
80
100
120
140
160
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Capital goods Durable goods
Intermediate goods Nondurable consumer goods
Source: SE, Swedbank calculations
Manufacturing production, Jan 1997 - Mar 2010
(Index 2005=100, 3-month averages, seasonally
adjusted)
50
60
70
80
90
100
110
120
130
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Sweden Finland Germany Estonia
Source: Reuters EcoWin, Swedbank calculations
Of course, in addition to external demand factors,
there were local problems too regarding businesses
themselves as well as economic developments. For
instance, producers did not focus enough on
maintaining international competitiveness and
investing in more advanced technologies and
production. Instead, domestic demand in the
overheating economy was preferred and production
was expanded by using old technologies, while
efficiency issues were neglected as a rule. Many
companies started to invest in “popular” areas, like
real estate, which afterwards become a source of
difficulties or bankruptcy in the otherwise profitable
main business area.
3. The Estonian Economy
Monthly newsletter from Swedbank’s Economic Research Department, continued
Nr 1 • 19 May 2010
3 (5)
Manufacturing Survey: Competitive position, 1Q 2004
- 2Q 2010
(Balance of answers "better"/"worse", seasonally
adjusted)
-15
-10
-5
0
5
10
15
20
2004 2005 2006 2007 2008 2009 2010
Inside EU Outside EUSource: DG ECFIN
Manufacturing Survey: Current export demand,
1Q 2006 - 1Q 2010
(Balance of answers "above/below regular level", 6-
month average)
-100
-80
-60
-40
-20
0
20
40
2006 2007 2008 2009 2010
Wood and
-products
Tele-
communic.
apparatus
Food
products
Furniture
Chemicals
Textiles
Metal
products
Source: EKI
Demand in Estonia’s main export markets started
recovering rather slowly in 2009, thus motivating
Estonian companies to find new markets outside
their main markets, and especially outside the EU,
for which growth prospects are far weaker than for
other regions of world, and to diversify their
products accordingly. As the manufacturing survey
shows (see chart), the competitive position of
companies had always been higher inside the EU
than outside but the levels evened up during 2009,
and competitiveness outside the EU has overtaken
competitiveness inside in 2010. Although the EU
has remained the major export partner for Estonia
(covering about 65-70% of total), the shares of
Sweden and Finland have fallen in goods exports,
and other EU countries and non-EU countries have
strengthened their positions. This is a good
development, as it diminishes Estonia’s
dependence on only a few certain countries.
Overall manufacturing confidence hit its lowest
levels about a year ago in March 2009, when
production levels were the lowest as well. Within a
year, however, confidence has risen from -40 points
to almost equilibrium. Production trends and order-
book levels have been steadily improving, with
production targeted to the export markets assessed
as better than average. The stock of finished
products, however, has been thought to be too low
for the last half-year. Employment expectations
turned positive in April, for the first time since
February 2008.
Manufacturing Confidence, Jan 2006 - Apr 2010
(Seasonally adjusted)
-80
-60
-40
-20
0
20
40
2006 2007 2008 2009 2010
Total
Order-book lev els
Stocks of f inished products
Production expectations Source: DG ECFIN
All this gives reason to believe that the
improvement in manufacturing will continue in 2010
and 2011. Of course, the main basis for future
growth will come from recovering global demand,
which is still connected with many uncertainties and
poses several risks (especially inside the euro
zone). Nevertheless, the elimination of
extravagancies (e.g., overstaffing and a strong
reliance on the domestic market) has made
surviving companies stronger and benefited them in
international competition. The domestic demand-
oriented industries, however, are expected to
improve more slower. At the same time, it is
becoming more and more difficult to distinguish
between domestic and exporting producers. Even
the food industry, which traditionally is more
domestically oriented, is about to produce more for
export, as an increasing number of factories are
going into the hands of Nordic consortia (the latest
4. The Estonian Economy
Monthly newsletter from Swedbank’s Economic Research Department, continued
Nr 1 • 19 May 2010
4 (5)
being the candy-maker Kalev), and Nordic retailers
are looking for producers of label products in
Estonia.
Competitiveness needs to improve even
more
Although the Estonian manufacturers have
weathered the recent plunge quite well by
restructuring their production, more needs to be
done in order to increase competitiveness and to
profit more from their different strengths and
advantages - even more so because the Estonian
manufacturing sector is very dependent on exports.
Cost competitiveness in the Nordic region continues
to favour Estonia. Although one cannot expect that
costs will remain as low as they were or are now,
the convergence process will take several years.
Labour cost levels in Estonia are not the lowest in
the eastern coast of the Baltic Sea; however,
compared with its main economic partners
(Sweden, Finland, and Germany), Estonia’s are
substantially lower. Wages declined in 2009 and will
continue to do so in 2010, as the internal
devaluation process in the economy continues.
Looking ahead, wage developments will mostly be
dependent on labour supply, i.e. with
unemployment rate eventually starting to fall, the
wage growth will pick up too. In the long run, there
are also risks for a situation of too low labour supply
and unsustainable wage growth, as seen during
boom-years, to repeat.
Labour compensation per hour in selected countries,
Manufacturing sector, 2008
(PPP-adjusted, USD)
0 10 20 30 40
Germany
Netherlands
Norway
Austria
France
Finland
Sweden
Denmark
Italy
Spain
Greece
Slovak Rep
Czech Rep
Lithuania
Estonia
Source: OECD euro zone country
Other production costs are also lower than in richer
EU countries – this applies to transport costs
(particularly compared with transport, e.g., from
China, where production itself may be cheaper),
energy (however, it is on the increase due to global
processes, such as the opening of the electricity
market and the closure of the Ignalina nuclear
power station in Lithuania), land, water, services,
etc.
Consequently, the already low labour costs,
together with the high availability of labour
resources, should provide reasons for Nordic
investors and producers to replace and/or expand
their production in Estonia. Nevertheless, Estonia
will have to move towards higher-value production
in the long run, because the production cost during
the convergence process will increase.
It is also very important that the overall business
climate continue to be favourable in order to attract
more investments. The likelihood of euro adoption
will increase confidence in Estonia, thus making it
more attractive to possible investors, and will lower
the risks for business partners. In addition, last
year, during the low levels of production, the
government strengthened several export support
mechanisms and successfully increased the usage
of several EU fund instruments to support
companies. Other measures for boosting
employment (e.g., “wage support” by the
unemployment office, changes in social tax law to
increase part-time employment), education (e.g.,
supporting the finishing of higher education by
those who abandoned it during the boom years),
and training are being implemented as well.
R&D expenditure in selected countries, Business
enterprise sector, 2008
(% of GDP)
0 0.5 1 1.5 2 2.5 3
Sweden
Finland
Germany
EU27
Slov enia
Czech Rep
Estonia
Slov akia
Lithuania
Poland
Latvia
Bulgaria
Source: Eurostat
Several researches have shown that the
innovativeness of Estonian companies is very high
and above EU average; even more, recent
recession years have only strengthened that
attitude. Although the R&D expenditure in Estonia is
5. The Estonian Economy
Monthly newsletter from Swedbank’s Economic Research Department, continued
Nr 1 • 19 May 2010
5 (5)
below the EU average, it is among the highest in
the CEE region (see chart). The government’s
attitude towards supporting R&D in the business
sector has been favourable so far and this needs to
strengthen even more, as the manufacturing
develops towards higher value-added production.
A stable economic and political environment is also
needed. Even though coalition governments have
changed relatively frequently in Estonia, the overall
economic policy has been the same starting from
early 1990s – i.e., equal treatment of all business
sectors and enterprises, diminishing differences in
tax treatment, and the increasing application of
simple procedures for businesses. We do not
expect this approach to change, although minor
shifts of course are possible depending on the
coalition partners.
Elina Allikalt
Maris Lauri
Swedbank
Economic Research Department
SE-105 34 Stockholm
Phone +46-8-5859 1028
ek.sekr@swedbank.com
www.swedbank.com
Legally responsible publisher
Cecilia Hermansson, +46-88-5859 1588
Maris Lauri +372 6 131 202
Elina Allikalt +372 6 131 989
Annika Paabut +372 6 135 440
Swedbank’s monthly newsletter The Estonian Economy is published as a service to our
customers. We believe that we have used reliable sources and methods in the preparation
of the analyses reported in this publication. However, we cannot guarantee the accuracy or
completeness of the report and cannot be held responsible for any error or omission in the
underlying material or its use. Readers are encouraged to base any (investment) decisions
on other material as well. Neither Swedbank nor its employees may be held responsible for
losses or damages, direct or indirect, owing to any errors or omissions in Swedbank’s
monthly newsletter The Estonian Economy.