The document provides an overview of recent economic indicators from Europe, the US, and Japan in June 2013. In Europe, GDP forecasts remained stable but consumer and business confidence improved slightly. German business confidence rose after declines, and the economy remains on track. US growth prospects are uncertain due to slowing indicators and fiscal issues. Japan's GDP growth forecast improved considerably. The document also summarizes recent advertising expenditure forecasts from Zenith, predicting a return to growth in major markets in 2013.

1. | [Presentation title] | [Client Name] | [Date]1
Economic Indicators
Last update 14.06.2013

2. | Economic Indicators |2
Economic Outlook Monthly Overview – June 2013
Europe:
• Consensus June GDP forecast for WE remained stable on -0,1% for 2013 and on 1,1% for
2014.
• Both, the EU industrial confidence and the consumer confidence indicator improved slightly in
May.
• The IFO Business Climate index for Germany has risen again after two consecutive declines.
Companies assessed their current business situation clearly more positive than last month, the
outlook for future business remained unchanged. The German economy remains on track.
• Q1 GDP fell by 0,2% q-o-q from -0,6% in Q4 2012, a sixth straight quarter of contraction. The
pace of downturn should slowly ease and many observers suggest that GDP is poised to grow
in the 2nd half of 2013.
US:
• Consensus June GDP forecast for the US remained at 1,9% for 2013 and at 2,7% for 2014.
• US growth prospects are somewhat uncertain as slowing industrial indicators and fiscal drag
hamper activity. The Fed’s recent suggestion to ‘taper’ the current pace of asset purchases has
sent the world financial and currency markets into a flurry, even though it is unclear whether this
means outright monetary tightening.
Japan:
• The June GDP growth forecast for Japan improved again considerably from 1,4% to 1,9% for
2013 and remained on 1,5% for 2014.
• The final release of GDP data for Q1 showed the economy growing at a faster pace than
previously thought.

3. 3 | Economic Indicators |
Eurostat Data

4. | Economic Indicators |4
Economic Indicators – GDP EU 27
Source: Eurostat May 13
-5
-4
-3
-2
-1
0
1
2
3
4
'07Q1
'08Q1
'09Q1
'10Q1
'11Q1
12Q1
13Q1
GDP for the EU 27 countries at constant prices quarter vs. same quarter of last year

5. | Economic Indicators |5
Economic Indicators – GDP EU 27
Source: Eurostat May 13
-2,5
-2
-1,5
-1
-0,5
0
0,5
1
'07Q1
'08Q1
'09Q1
'10Q1
'11Q1
12Q1
13Q1
GDP for the EU 27 countries at constant prices quarter on quarter

6. | Economic Indicators |6
Economic Indicators –EU 27 Consumer Price Index
Source: Eurostat June 13
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
1,4
%
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 June 13
May 13; 1,4
Jun.13; 0,5
Jun.13; 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
ECB short-term rate
Eurozone inflation
FED rate

8. | Economic Indicators |8
Economic Indicators –EU 27 Unemployment Rate
Source: Eurostat June 13
Apr.13; 11
6
7
8
9
10
11
12
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Unemployment rate for EU 27 countries

9. | Economic Indicators |9
Economic Indicators – Industrial Confidence Ind EU
Source: Eurostat June 13
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
Jan06
Jan07
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Industrial confidence within EU 27 improved slightly in May.
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 June 13
Consumer Confidence within EU 27 improved very slightly in May.
-35
-30
-25
-20
-15
-10
-5
0
Jan06
Jan07
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
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 13
60
65
70
75
80
85
04Q1
05Q1
06Q1
07Q1
08Q1
09Q1
10Q1
11Q1
12Q1
13Q1
77,9
%
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 June 13
The Ifo World Economic climate improved again in Q2 2013
This indicator is being updated on a quarterly basis.

14. | Economic Indicators |14
Economic Indicators – IFO WE Economic Climate
Source: IFO June 13
The economic climate for Western Europe improved slightly in Q2 2013.
This indicator is being updated on a quarterly basis.

15. | Economic Indicators |15
Economic Indicators – IFO NA Economic Climate
Source: IFO June 13
This indicator is being updated on a quarterly basis.

16. | Economic Indicators |16
Economic Indicators – GDP Forecast Euro Area
Source: IFO June 13

17. | Economic Indicators |17
Economic Indicators – GDP Forecast Germany
Source: IFO June 13

18. | Economic Indicators |18
Economic Indicators – Exchange rate $ vs €
Source: IFO June 13

19. | Economic Indicators |19
Economic Indicators –
Ifo business situation and 6 month expectations
Source: IFO June 13
75
80
85
90
95
100
105
110
115
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
80
85
90
95
100
105
110
115
120
125
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
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 has risen again after two consecutive declines.
The firms are clearly more satisfied with their current business situation than in the previous
month. The outlook for future business is unchanged and slightly positive. The Germany
economy remains on track in a challenging European environment.

20. | Economic Indicators |20
Economic Indicators – IFO Assessment of Current
Business Situation
Source: IFO June 13
The Ifo Business Climate Index for Germany has risen again after two consecutive declines.
The firms are clearly more satisfied with their current business situation than in the previous
month. The outlook for future business is unchanged and slightly positive. The Germany
economy remains on track in a challenging European environment.

21. | Economic Indicators |21
Economic Indicators – IFO business climate index
printing industry
Source: IFO Apr 13, bundesverband druck und medien
-60
-50
-40
-30
-20
-10
0
10
20
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
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 declined slightly from -2 to -5 in March.

22. | Economic Indicators |22
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 – March 2013:
 The assessment of the current business situation in the printing
industry improved slightly from last month (+5%) and is positive now for
the 7th month in a row.
 The business climate – an indicator for the development in
the next quarter – declined slightly from -2% to -5%.
 The business expectations for the coming 6 months remained
negative for the 7th month in succession, and declined from -6%
to now -15%. In the same month of last year expectations were
considerably better than today (+5%).
Source: IFO Apr 13, bundesverband druck und medien

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Zenith Data

24. | Economic Indicators |24
Advertising Growth – Zenith 4/13 Press release
Source: Zenith 4/13

25. | Economic Indicators |25
Advertising Growth – Zenith 4/13 Press release
Source: Zenith 4/13

26. | Economic Indicators |26
Advertising Growth – Zenith 4/13 Press release
Source: Zenith 4/13

27. | Economic Indicators |27
Advertising Growth – Zenith 4/13 Press release
Source: Zenith 4/13