The document provides an overview of recent economic indicators from Europe, the US, Japan, and Germany. It summarizes GDP forecasts, business and consumer confidence indexes, unemployment and inflation rates. GDP growth is expected to be modest in Europe and the US in 2014, while forecasts for Japan remain stable. Several indexes for Germany fell slightly in June due to concerns about the impact of crises in Ukraine and Iraq. Advertising growth forecasts from Zenith also are included, with global growth expected to be 4.7% in 2014.

1. | [Presentation title] | [Client Name] | [Date]1
Economic Indicators
Last update 18.7.2014

2. | Economic Indicators |2
Economic Outlook Monthly Overview – July 2014
Europe:
• Consensus July GDP forecast for WE remained stable on 1,5% for 2014 and on 1,8% for 2015.
• The EU industrial confidence and the consumer confidence both fell slightly in June.
• The IFO Business Climate index for Germany slightly fell again in June. The German economy
fears the potential impact of the crises in the Ukraine and Iraq.
• Following a relatively solid +0,9% y-o-y uptick in Q1 GDP growth, Q2 appears to be flagging.
May industrial reports weakened in several regions but the hope is for a bounce back in June,
although the manufacturing PMI moderated. Concern over the still fragile state of the recovery
puts additional pressure on policymakers to jumpstart activity.
US:
• Consensus July GDP forecast for the US decreased strongly again from 2,2% to 1,6% for 2014
and from 3,1% to 3,0% for 2015.
• GDP prospects have dimmed this month again after Q1 growth was downgraded to -2,9% q-o-q
from -1,0%. The poor outturn was largely due to harsh weather conditions and many economists
cite the Q1 contraction as a temporary blip. Jobless rate in June slipped from 6,3% to 6,1% but
wage growth remains muted, also contributing to a softer consumption outlook.
Japan:
• The July GDP growth forecast for Japan remained stable on 1,5% for 2014 and improved from
1,2% to 1,3% for 2015.
• The Tankan business sentiment survey slipped in Q2, a development which did not come as a
surprise, following the April consumption tax hike. Export weakness is still a concern as the
trade balance remains in deficit.

3. 3 | Economic Indicators |
Eurostat Data

4. | Economic Indicators |4
Economic Indicators – GDP EU 28
Source: Eurostat June 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 June 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

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Economic Indicators –EU 28 Consumer Price Index
Source: Eurostat July 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
0,7
%
The harmonized index of consumer prices is the result of the collaboration
between Eurostat and National Statistical Institutes of the Member States.

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Economic Indicators – ECB interest rate
Source: ECB, FED, Eurostat Jul 14
Jun.14; 0,5
Jul.14; 0,15
Jul.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 Jul 14
10,3
6
7
8
9
10
11
12
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
%
Unemployment rate for EU 28 countries

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Economic Indicators – Industrial Confidence Ind EU
Source: Eurostat Jul 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 decreased slightly in June, but 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 Jul 14
Consumer Confidence within EU 28 deteriorated very slightly in June but remains
on a fairly good level.
-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.

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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.

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Ifo Data

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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.

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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 July 14

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Economic Indicators – GDP Forecast Germany
Source: IFO July 14

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Economic Indicators – Exchange rate $ vs €
Source: IFO July 14

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Economic Indicators –
Ifo business situation and 6 month expectations
Source: IFO Jul 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 slightly fell in June. Assessments of the current
business situation remained good, but companies were less optimistic about future business
developments. The German economy fears the potential impact of the crises in the Ukraine
and Iraq.

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Economic Indicators – IFO Assessment of Current
Business Situation
Source: IFO Jul 14
The Ifo Business Climate Index for Germany slightly fell in May. Assessments of the current
business situation were no longer as favorable as in April and companies were also less
optimistic about future business developments. A lull was seen in the German economy in
May.

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Economic Indicators – IFO business climate index
printing industry
Source: IFO Jul 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 slightly from -3 to -1 in June.

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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 – June 2014:
 The assessment of the current business situation in the printing
industry again deteriorated in June but still remained on a better level
than in spring and summer of the previous year.
 The business climate – an indicator for the development in
the next quarter – improved slightly from -3% to -1% in June.
 The business expectations for the coming 6 months improved
considerably and reached the second best value of the last 12 months.
Source: IFO Jul 14, bundesverband druck und medien

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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