In April 2020, industrial and services turnover in Spain fell significantly due to COVID-19 lockdown measures. Industrial turnover declined 40.8% year-over-year, the largest decline since records began. Several sectors such as automotive and clothing saw declines over 80%. Hotel stays in May fell 99.2% year-over-year with occupancy down 78.9%. Government debt rose to a historic maximum of €1,234,694 million or 99.2% of GDP in April as tax revenue declined sharply.
Spanish GDP is forecast to decline between 10.1% and 12.4% in 2020 due to the negative effects of the COVID-19 pandemic on economic activity. The public deficit is expected to increase to between 11.9% and 14.4% of GDP and public debt is projected to be between 117.6% and 123.2% of GDP. Exports declined 17.2% between January and May 2020 compared to a 1.9% increase in the same period of 2019 as the pandemic impacted foreign trade.
INDUSTRY 4.0 The new industrial revolution - Think Act 2014polenumerique33
Publication du cabinet Roland Berger "INDUSTRY 4.0 The new industrial revolution" - Think Act 2014
http://www.rolandberger.com/media/publications/2014-04-02-rbsc-pub-INDUSTRY_4_0_The_new_industrial_revolution.html
- French economic growth stalled in the second quarter of 2016 due to strikes, floods, and uncertainty surrounding the UK's Brexit vote. However, growth is expected to recover in the third quarter.
- While household spending and business investment declined in Q2, confidence indicators suggest a rebound is likely in Q3, with Coface predicting 1.6% growth for France in 2016.
- The automotive industry has been downgraded to low risk, and rising car sales are providing benefits to the sector and upstream suppliers. However, overseas expansion by automakers will mainly help mid-term.
- In March, the number of new companies created in Spain fell 28.3% compared to the previous year, reaching the lowest level for that month since 1995. The sectors most affected were trade, real estate, and construction.
- Spanish exports fell 4.3% in Q1 2020 while imports fell 6.2%, reducing the trade deficit by 20.4%. The Eurozone also saw declines in exports and imports of around 2-4%.
- Spain is considered one of the European economies most at risk from the impact of Covid-19 on employment due to reliance on sectors like tourism and small/medium companies. Madrid, Navarra and the Basque Country showed greater resilience.
Global growth is expected to modestly pick up due to increasing confidence and investment, but productivity and wage growth remain subdued and financial stability risks persist. While headline employment is improving, labour markets have not fully recovered. Structural changes in technology, trade, and consumer preferences have resulted in manufacturing and mid-level job losses concentrated in specific regions. An integrated policy approach is needed, including reforms to boost competition, skills, and innovation; targeted policies to help displaced workers; and efforts to make the international system more equitable to ensure globalization benefits all.
Labour costs in Spain increased 2.4% year-on-year in Q2 2019, the largest spike in 10 years, driven by a rise in the minimum wage and social security contribution bases. House prices in Spain grew 5.3% year-on-year in Q2 2019, though below the previous quarter's rate due to slowing home sales. The number of new businesses formed in Spain rose 1.6% in July year-on-year but remained below 2018's rate, with most starts in retail and real estate.
2017 European Goodwill Impairment StudyDuff & Phelps
Now in its fifth edition, the 2017 European Goodwill Impairment Study (2017 Study) continues to examine general goodwill impairment trends across countries and industries within the European market.
In April 2020, industrial and services turnover in Spain fell significantly due to COVID-19 lockdown measures. Industrial turnover declined 40.8% year-over-year, the largest decline since records began. Several sectors such as automotive and clothing saw declines over 80%. Hotel stays in May fell 99.2% year-over-year with occupancy down 78.9%. Government debt rose to a historic maximum of €1,234,694 million or 99.2% of GDP in April as tax revenue declined sharply.
Spanish GDP is forecast to decline between 10.1% and 12.4% in 2020 due to the negative effects of the COVID-19 pandemic on economic activity. The public deficit is expected to increase to between 11.9% and 14.4% of GDP and public debt is projected to be between 117.6% and 123.2% of GDP. Exports declined 17.2% between January and May 2020 compared to a 1.9% increase in the same period of 2019 as the pandemic impacted foreign trade.
INDUSTRY 4.0 The new industrial revolution - Think Act 2014polenumerique33
Publication du cabinet Roland Berger "INDUSTRY 4.0 The new industrial revolution" - Think Act 2014
http://www.rolandberger.com/media/publications/2014-04-02-rbsc-pub-INDUSTRY_4_0_The_new_industrial_revolution.html
- French economic growth stalled in the second quarter of 2016 due to strikes, floods, and uncertainty surrounding the UK's Brexit vote. However, growth is expected to recover in the third quarter.
- While household spending and business investment declined in Q2, confidence indicators suggest a rebound is likely in Q3, with Coface predicting 1.6% growth for France in 2016.
- The automotive industry has been downgraded to low risk, and rising car sales are providing benefits to the sector and upstream suppliers. However, overseas expansion by automakers will mainly help mid-term.
- In March, the number of new companies created in Spain fell 28.3% compared to the previous year, reaching the lowest level for that month since 1995. The sectors most affected were trade, real estate, and construction.
- Spanish exports fell 4.3% in Q1 2020 while imports fell 6.2%, reducing the trade deficit by 20.4%. The Eurozone also saw declines in exports and imports of around 2-4%.
- Spain is considered one of the European economies most at risk from the impact of Covid-19 on employment due to reliance on sectors like tourism and small/medium companies. Madrid, Navarra and the Basque Country showed greater resilience.
Global growth is expected to modestly pick up due to increasing confidence and investment, but productivity and wage growth remain subdued and financial stability risks persist. While headline employment is improving, labour markets have not fully recovered. Structural changes in technology, trade, and consumer preferences have resulted in manufacturing and mid-level job losses concentrated in specific regions. An integrated policy approach is needed, including reforms to boost competition, skills, and innovation; targeted policies to help displaced workers; and efforts to make the international system more equitable to ensure globalization benefits all.
Labour costs in Spain increased 2.4% year-on-year in Q2 2019, the largest spike in 10 years, driven by a rise in the minimum wage and social security contribution bases. House prices in Spain grew 5.3% year-on-year in Q2 2019, though below the previous quarter's rate due to slowing home sales. The number of new businesses formed in Spain rose 1.6% in July year-on-year but remained below 2018's rate, with most starts in retail and real estate.
2017 European Goodwill Impairment StudyDuff & Phelps
Now in its fifth edition, the 2017 European Goodwill Impairment Study (2017 Study) continues to examine general goodwill impairment trends across countries and industries within the European market.
EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020IndexBox Marketing
This document provides a sample market report on acyclic hydrocarbons in the EU from 2007 to 2015. It includes an executive summary highlighting key findings such as market volume and value, production, imports and exports. The report then covers market trends, structure and opportunities. It provides data on production, imports, exports, prices and the business environment with forecasts to 2020. Tables and figures present statistical data on trade volumes and values by country and type.
- The French retail property market had a slow start to 2018, with retail sales up 1.1% in Q1 driven by food sales. However, tourism numbers increased setting a new 10-year record for hotel stays in the Greater Paris region.
- Brand strategies continue to evolve as alliances between traditional and online retailers grow, reflecting the increasing influence of e-commerce. While some brands expand, others are streamlining operations.
- New retail concepts multiplied in 2017 and continued to in 2018, especially in food, restaurants and fashion. Pop-up shops and other experimental formats are becoming more popular.
This document contains summaries of economic indicators from Spain, the Eurozone, and the US. For Spain, it notes a moderate increase in social security affiliates in June but significant job losses since March. Industrial production fell 24.5% in May from a year ago. The consumer confidence index increased in June but remains below 2019 levels. In the Eurozone, retail sales rose 17.8% in May from April as lockdowns eased but remain below January levels in most countries. For the US, manufacturing and services activity indices increased in July, signaling recovery, though employment remains contracted. The UNWTO forecasts significant declines in tourism GDP for many countries in 2020 due to COVID-19 disruptions.
1. The Spanish economy is slowing down, with the composite leading indicator decreasing by 0.22 points to 98.58 and below 100 points for 12 months. Spain recorded the third largest economic slowdown among OECD countries in August.
2. Tourism to Spain increased by 1.5% in arrivals but average spending grew only modestly by 1.7%, below last year's growth. Forecasts for Spanish GDP growth in 2019 were reduced to a range of 1.9-2.2%.
3. Industrial production in Spain grew 1.7% in August but this was below the 2015-2017 average, confirming weaker industry dynamics since 2018 due to slowing European and German industry and lower exports.
The document reports on recent economic indicators from Spain, the Eurozone, Italy, Germany, and China. In Spain, the economic sentiment index fell significantly in August due to worsening data in key sectors. International tourism to Spain plunged in July, with visitor numbers down 75% year-over-year. Inflation in Spain eased slightly in August. In Italy, GDP contracted by a record 12.8% in Q2 2020 due to declines in all components of demand. Germany is forecast to experience a smaller economic contraction in 2020 than previously expected, while Chinese economic activity continued recovering in August as shown by increases in manufacturing and non-manufacturing PMIs.
The document summarizes recent economic indicators from Spain, the Eurozone, China, and the US. In Spain, 7,339 businesses were incorporated in November 2020, a slight increase from the previous year. The manufacturing and services PMIs both improved but remained below 50, indicating a downturn. In the Eurozone, industrial production fell 0.6% year-over-year in November, with decreases in various sectors. China's GDP grew 2.3% in 2020, its slowest growth since 1976, with retail sales declining. The US announced a $1.9 trillion COVID rescue plan providing additional direct payments, unemployment benefits, and other relief.
- Industrial production in Spain fell 3.8% in November 2020 compared to a 1.6% increase in November 2019. Tourism was heavily impacted with a 76.9% decrease in visitors and 78.1% drop in spending from January to November 2020.
- The Eurozone is expected to enter a double recession as new COVID-19 cases and restrictions prolong economic disruption. Forecasts for Q1 2021 GDP growth have been revised downward, and mobility and retail activity remain well below pre-pandemic levels.
- US employment growth weakened in December 2020 with a loss of 140,000 nonfarm payrolls, primarily in leisure and hospitality. However, other sectors maintained growth while long-term unemployment fell slightly.
The document discusses business activity and economic indicators in Spain. It notes that in July 2016, the creation of commercial companies in Spain increased 1.7% year-over-year, with the greatest growth in La Rioja (+85.7%). It also discusses exports, GDP growth, foreign investment in Spain, real estate activity and home prices, credit conditions, and economic perspectives.
World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025IndexBox Marketing
IndexBox has just published its report: “World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025”. This report has been designed to provide a detailed analysis of the global vitamin market. It covers the most recent data sets of quantitative medium-term projections, as well as developments in production, trade, consumption and prices. The report also includes a comparative analysis of the leading consuming countries, revealing opportunities opened for producers and exporters across the globe. The forecast outlines market prospects to 2025.
Covid-19 - What are its mplications for the Greater Paris Region office market?Knight Frank France
The spread of Covid-19 and the implementation of drastic restrictions suddenly brought the Greater Paris Region office market to an unprecedented standstill, abruptly postponing a large amount of transactional activity.
The document discusses the state of European economies in January 2009 and August 2010. It summarizes that the European Commission raised its 2010 GDP growth forecasts for the EU and eurozone to 1.8% and 1.7% respectively, driven by strong export growth in Germany. However, growth is expected to slow in the second half of the year as the global economy hits a soft patch. Unemployment rates remain elevated across Europe.
World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025IndexBox Marketing
IndexBox has just published its report: "World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025". The report provides an in-depth analysis of the global nutmeg, mace and cardamom market. It presents the latest data of the market value, consumption, domestic production, exports and imports, price dynamics and food balance. 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 producers are also included.
The official name of UK is “United kingdom of Great Britain & Northern Ireland”
United kingdom began in 1707 with political union of the kingdom of England and Scotland
The economy of UK is highly developed & market oriented
It has made significant contribution in technology & industry to the world economy.
The Eurozone economy is slowing due to external headwinds such as the global trade slowdown, but some opportunities remain. While industrial production is collapsing, especially in Germany, domestic consumption and wage growth continue to support overall growth. Additionally, very accommodative financial conditions and opportunities arising from the US-China trade war could benefit some European sectors. The real estate sector also remains buoyant due to low interest rates.
OECD Regions and Cities at a Glance 2018 - OverviewOECD CFE
Presentation by Rudiger Ahrend, Head of Economic Analysis, Statistics and Multi-level Governance at the OECD Centre for Entrepreneurship, SMEs, Regions and Cities at the second meeting of the Spatial productivity Lab of the OECD Trento Centre held on 4 December 2018.
More info http://oe.cd/SPL
Interesting slides on social & macroeconomicsBruno Gremez
Compilation of Slides from Thomas Picketty, French Economist whose work focuses on wealth and income inequality. He argues a.o. that rates of return on capital in developed countries are persistently greater than economic growth rates, which results in increasing inequalities.
Euromonitor Head of Travel Research Caroline Bremner presented this session at ITB Berlin on 10 March 2017. This deck examines the impact of the current political environment on the global travel and tourism industry.
COMPLICATED PROBLEMS OF GOVERNANCE IN FRANCE (FRANCE GOVERNANCE STABILITY INDEX)
http://iilss.net/
http://maynter.com
TREND OF FRANCE BUDGET, BUDGET PER CAPITA AND BUDGET SIZE INDEX
THE FRANCE SITUATION IS NOT BAD, THEY HAVE JUST A CHALLENGE
PRISONER OF FREEDOM AND CULTURE (ANALYSIS OF FRANCE GOVERNMENTAL WEIGHT OR GW INDEX)
Africa: Hops - Market Report. Analysis And Forecast to 2025IndexBox Marketing
IndexBox has just published its report: “Africa: Hops - Market Report. Analysis And Forecast to 2025”.
The report provides an in-depth analysis of the African hop market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
The big-fall-impact-of-covid-19-on-eu-and-us-apparel-marketwastra101
The document discusses the expected impact of COVID-19 on the apparel markets in Europe and the US. It projects that apparel consumption will decrease by 45% in Europe and 40% in the US for 2020, resulting in an overall reduction of $308 billion. This is expected to lead to a $122 billion decrease in apparel imports for these regions. The document outlines several scenarios for shifts in market share among supplier countries under different economic conditions. Key potential gainers of market share mentioned include Bangladesh, Turkey, India, Vietnam and Poland.
The document summarizes an inaugural summit held in New York City on February 11, 2013 called "Italy Meets the United States of America". It includes welcoming letters from Mayor Bloomberg and the US Ambassador to Italy. It then provides an overview of the current economic situation in Italy, highlighting strengths such as low household debt and high private savings despite high public debt, as well as opportunities for investment in infrastructure, privatization projects, and growing sectors.
The document discusses trends in the German non-core asset market. It notes that asset quality has stabilized compared to 2010 due to an economic recovery. Non-core asset transactions have remained at relatively low levels but are expected to gradually increase, driven mainly by non-German institutions exiting the German market. Recent transactions have involved commercial real estate loan portfolios and smaller consumer loan portfolios, ranging from EUR 136 million to EUR 1.3 billion in size. Availability of debt funding has declined due to the Eurozone crisis and increased capital requirements.
EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020IndexBox Marketing
This document provides a sample market report on acyclic hydrocarbons in the EU from 2007 to 2015. It includes an executive summary highlighting key findings such as market volume and value, production, imports and exports. The report then covers market trends, structure and opportunities. It provides data on production, imports, exports, prices and the business environment with forecasts to 2020. Tables and figures present statistical data on trade volumes and values by country and type.
- The French retail property market had a slow start to 2018, with retail sales up 1.1% in Q1 driven by food sales. However, tourism numbers increased setting a new 10-year record for hotel stays in the Greater Paris region.
- Brand strategies continue to evolve as alliances between traditional and online retailers grow, reflecting the increasing influence of e-commerce. While some brands expand, others are streamlining operations.
- New retail concepts multiplied in 2017 and continued to in 2018, especially in food, restaurants and fashion. Pop-up shops and other experimental formats are becoming more popular.
This document contains summaries of economic indicators from Spain, the Eurozone, and the US. For Spain, it notes a moderate increase in social security affiliates in June but significant job losses since March. Industrial production fell 24.5% in May from a year ago. The consumer confidence index increased in June but remains below 2019 levels. In the Eurozone, retail sales rose 17.8% in May from April as lockdowns eased but remain below January levels in most countries. For the US, manufacturing and services activity indices increased in July, signaling recovery, though employment remains contracted. The UNWTO forecasts significant declines in tourism GDP for many countries in 2020 due to COVID-19 disruptions.
1. The Spanish economy is slowing down, with the composite leading indicator decreasing by 0.22 points to 98.58 and below 100 points for 12 months. Spain recorded the third largest economic slowdown among OECD countries in August.
2. Tourism to Spain increased by 1.5% in arrivals but average spending grew only modestly by 1.7%, below last year's growth. Forecasts for Spanish GDP growth in 2019 were reduced to a range of 1.9-2.2%.
3. Industrial production in Spain grew 1.7% in August but this was below the 2015-2017 average, confirming weaker industry dynamics since 2018 due to slowing European and German industry and lower exports.
The document reports on recent economic indicators from Spain, the Eurozone, Italy, Germany, and China. In Spain, the economic sentiment index fell significantly in August due to worsening data in key sectors. International tourism to Spain plunged in July, with visitor numbers down 75% year-over-year. Inflation in Spain eased slightly in August. In Italy, GDP contracted by a record 12.8% in Q2 2020 due to declines in all components of demand. Germany is forecast to experience a smaller economic contraction in 2020 than previously expected, while Chinese economic activity continued recovering in August as shown by increases in manufacturing and non-manufacturing PMIs.
The document summarizes recent economic indicators from Spain, the Eurozone, China, and the US. In Spain, 7,339 businesses were incorporated in November 2020, a slight increase from the previous year. The manufacturing and services PMIs both improved but remained below 50, indicating a downturn. In the Eurozone, industrial production fell 0.6% year-over-year in November, with decreases in various sectors. China's GDP grew 2.3% in 2020, its slowest growth since 1976, with retail sales declining. The US announced a $1.9 trillion COVID rescue plan providing additional direct payments, unemployment benefits, and other relief.
- Industrial production in Spain fell 3.8% in November 2020 compared to a 1.6% increase in November 2019. Tourism was heavily impacted with a 76.9% decrease in visitors and 78.1% drop in spending from January to November 2020.
- The Eurozone is expected to enter a double recession as new COVID-19 cases and restrictions prolong economic disruption. Forecasts for Q1 2021 GDP growth have been revised downward, and mobility and retail activity remain well below pre-pandemic levels.
- US employment growth weakened in December 2020 with a loss of 140,000 nonfarm payrolls, primarily in leisure and hospitality. However, other sectors maintained growth while long-term unemployment fell slightly.
The document discusses business activity and economic indicators in Spain. It notes that in July 2016, the creation of commercial companies in Spain increased 1.7% year-over-year, with the greatest growth in La Rioja (+85.7%). It also discusses exports, GDP growth, foreign investment in Spain, real estate activity and home prices, credit conditions, and economic perspectives.
World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025IndexBox Marketing
IndexBox has just published its report: “World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025”. This report has been designed to provide a detailed analysis of the global vitamin market. It covers the most recent data sets of quantitative medium-term projections, as well as developments in production, trade, consumption and prices. The report also includes a comparative analysis of the leading consuming countries, revealing opportunities opened for producers and exporters across the globe. The forecast outlines market prospects to 2025.
Covid-19 - What are its mplications for the Greater Paris Region office market?Knight Frank France
The spread of Covid-19 and the implementation of drastic restrictions suddenly brought the Greater Paris Region office market to an unprecedented standstill, abruptly postponing a large amount of transactional activity.
The document discusses the state of European economies in January 2009 and August 2010. It summarizes that the European Commission raised its 2010 GDP growth forecasts for the EU and eurozone to 1.8% and 1.7% respectively, driven by strong export growth in Germany. However, growth is expected to slow in the second half of the year as the global economy hits a soft patch. Unemployment rates remain elevated across Europe.
World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025IndexBox Marketing
IndexBox has just published its report: "World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025". The report provides an in-depth analysis of the global nutmeg, mace and cardamom market. It presents the latest data of the market value, consumption, domestic production, exports and imports, price dynamics and food balance. 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 producers are also included.
The official name of UK is “United kingdom of Great Britain & Northern Ireland”
United kingdom began in 1707 with political union of the kingdom of England and Scotland
The economy of UK is highly developed & market oriented
It has made significant contribution in technology & industry to the world economy.
The Eurozone economy is slowing due to external headwinds such as the global trade slowdown, but some opportunities remain. While industrial production is collapsing, especially in Germany, domestic consumption and wage growth continue to support overall growth. Additionally, very accommodative financial conditions and opportunities arising from the US-China trade war could benefit some European sectors. The real estate sector also remains buoyant due to low interest rates.
OECD Regions and Cities at a Glance 2018 - OverviewOECD CFE
Presentation by Rudiger Ahrend, Head of Economic Analysis, Statistics and Multi-level Governance at the OECD Centre for Entrepreneurship, SMEs, Regions and Cities at the second meeting of the Spatial productivity Lab of the OECD Trento Centre held on 4 December 2018.
More info http://oe.cd/SPL
Interesting slides on social & macroeconomicsBruno Gremez
Compilation of Slides from Thomas Picketty, French Economist whose work focuses on wealth and income inequality. He argues a.o. that rates of return on capital in developed countries are persistently greater than economic growth rates, which results in increasing inequalities.
Euromonitor Head of Travel Research Caroline Bremner presented this session at ITB Berlin on 10 March 2017. This deck examines the impact of the current political environment on the global travel and tourism industry.
COMPLICATED PROBLEMS OF GOVERNANCE IN FRANCE (FRANCE GOVERNANCE STABILITY INDEX)
http://iilss.net/
http://maynter.com
TREND OF FRANCE BUDGET, BUDGET PER CAPITA AND BUDGET SIZE INDEX
THE FRANCE SITUATION IS NOT BAD, THEY HAVE JUST A CHALLENGE
PRISONER OF FREEDOM AND CULTURE (ANALYSIS OF FRANCE GOVERNMENTAL WEIGHT OR GW INDEX)
Africa: Hops - Market Report. Analysis And Forecast to 2025IndexBox Marketing
IndexBox has just published its report: “Africa: Hops - Market Report. Analysis And Forecast to 2025”.
The report provides an in-depth analysis of the African hop market. It presents the latest data of the market size and volume, domestic production, exports and imports, price dynamics and turnover in the industry. In addition, the report contains insightful information about the industry, including industry life cycle, business locations, productivity, employment and many other crucial aspects. The Company Profiles section contains relevant data on the major players in the industry.
The big-fall-impact-of-covid-19-on-eu-and-us-apparel-marketwastra101
The document discusses the expected impact of COVID-19 on the apparel markets in Europe and the US. It projects that apparel consumption will decrease by 45% in Europe and 40% in the US for 2020, resulting in an overall reduction of $308 billion. This is expected to lead to a $122 billion decrease in apparel imports for these regions. The document outlines several scenarios for shifts in market share among supplier countries under different economic conditions. Key potential gainers of market share mentioned include Bangladesh, Turkey, India, Vietnam and Poland.
The document summarizes an inaugural summit held in New York City on February 11, 2013 called "Italy Meets the United States of America". It includes welcoming letters from Mayor Bloomberg and the US Ambassador to Italy. It then provides an overview of the current economic situation in Italy, highlighting strengths such as low household debt and high private savings despite high public debt, as well as opportunities for investment in infrastructure, privatization projects, and growing sectors.
The document discusses trends in the German non-core asset market. It notes that asset quality has stabilized compared to 2010 due to an economic recovery. Non-core asset transactions have remained at relatively low levels but are expected to gradually increase, driven mainly by non-German institutions exiting the German market. Recent transactions have involved commercial real estate loan portfolios and smaller consumer loan portfolios, ranging from EUR 136 million to EUR 1.3 billion in size. Availability of debt funding has declined due to the Eurozone crisis and increased capital requirements.
Volumes of transactions doubled in 2015 compared to 2014,
with the amount of disposed loans reaching €19 billion at the
end of last year. Q1 2016 began with €5 billion new deals in
the market, both in consumer, secured and secured leasing
areas.
The Government has put in place various reforms to give a
clearer and leaner context for NPL market players: acting on
improving procedures and shortening foreclosure timelines
via legal and regulatory measures; facilitating NPL portfolio
funding (GACS) and improving the tax regime.
In the meantime the investor base is confirming its interest
and commitment to the Italian market, not only through
portfolio investments but also via more complex structured
deals involving platforms and financial institutions.
In addition, there is the new role of the recently formed
Atlante fund: will it be an accelerator of deal flow or will its
impact be marginal given its limited capitalisation? Will it be
counterproductive by improving the situation of a few selected
banks but at the cost of increasing, directly or indirectly, the
NPE exposures of healthier banking institutions and
increasing interlinkage?
With gross NPE stock in excess of €340 billion and pressures
on banks to reduce these exposures, Italy remains one of the
largest global markets for Non-Performing Assets.
There is greater government and regulatory support for, and
commitment to, the sale and resolution of NPL credits versus
prior market cycles to accelerate bank sector rehabilitation
and improvement to the real economy. In addition, banking
sector wide pressures imply a more comprehensive NPL sales
cycle than prior Italian NPL market cycles.
Is the NPL volcano ready to erupt?
The document discusses developments in the Dutch construction sector in 2014. Key points include:
- 2014 will be a transitional year for the Dutch construction market as it bottoms out in the second half of the year. Stabilization or slight production growth is expected, with a more pronounced recovery in 2015.
- Positive signs are accumulating in the residential market, but 2014 will be challenging due to issues like low permit issuance, stricter housing corporation regulations, and lower employment.
- Demand for new non-residential buildings will remain subdued due to commercial real estate oversupply and a shift to renovations. Infrastructure production will suffer from austerity measures and a weak private sector.
The document discusses Why Not Italy?, an initiative to promote Italy as an attractive place for talented individuals and investors. It aims to highlight the positive aspects of Italy's entrepreneurial system, which are often unknown internationally. The group is made up of university professors and business leaders with successful international careers. They want to leverage their credibility and expertise to attract more capital to Italy. The document then provides an overview of Italy's economy, noting that it is the third largest in Europe, has many small businesses, and regions vary significantly in economic development. It also discusses Italy's government finances, export industry, and overall financial stability in a positive light.
Pontignano 2011_DemocracyPublic debt and private growthIgnazioRocco
This document discusses potential paths for democracies to reduce debt burdens in a sustainable way, including through austerity, restructuring, inflation, and growth. It notes the challenges of relying solely on growth given debt and deficit levels across countries. The document compares the different policy mixes used in the UK and Italy to reduce deficits, finding the UK relied more on expenditure cuts while Italy increased taxes and cut expenditures. It also discusses potential drivers of long-term growth, citing examples around developing the digital and sustainable economies. The workshop's goal is to generate proposals for how democracies can cope with debt in a sustainable manner.
2018 ManuTech Report comparing EU-BE Start- & ScaleupsBen Van Roose
- France led Europe in capital raised for manufacturing tech startups and scaleups from 2016-2018 with €129 million, followed by Germany with €125 million.
- Internet of Things was the dominant technology area at 43% of deals, though Artificial Intelligence is growing rapidly.
- While the marketplace model dominates other sectors, only 4% of manufacturing tech startups use this model, with subscription/transactional models more common.
- German and Swedish cities dominated the top locations for manufacturing tech deals and capital raised, with Berlin, Munich, Stockholm, and Oslo frequently in the top 5.
Spain is promoting itself as a partner for business in Europe by highlighting its highly internationalized economy and access to large markets. Key points made include:
- Spain has a large, growing economy and is a top exporter and attractor of foreign direct investment in Europe.
- Operating from Spain allows access to the large European single market as well as opportunities in Latin America and other regions due to cultural and economic ties.
- Major Spanish companies have significant global operations and influence, while many foreign multinationals use Spain as a European or Latin American hub.
This document analyzes the similarities between the current state of the Spanish economy and Germany in 2004. It argues that Spain has implemented reforms that have improved its export competitiveness and current account balance, just as Germany did in the early 2000s. The document then addresses and rebuts 10 "false claims" about the Spanish economy, such as the ideas that Spain's current account improvement was solely due to import reductions, or that high financing costs prevent Spanish companies from competing. It provides data showing Spain has significantly reduced fiscal and trade deficits through reforms rather than currency devaluation.
TIP has invested 1.7 billion Euro directly and through club deals in companies in Italy and abroad, with about one third of investments each in luxury/fashion, technology, and healthcare. TIP focuses on investing in Italian, French, and German luxury excellence and unique brands, and supports long-term equity stories. TIP has shown strong financial performance and is more dynamic than peer investment companies in its investment and divestment levels.
This document provides an overview of macroeconomic trends and business investment in Europe. It discusses how the recovery is gaining traction across most European economies, but challenges remain like low inflation and lack of credit for small businesses. While austerity has hampered growth, the ECB has implemented stimulus measures to boost lending and exports. Individual countries also need structural reforms. Europe remains attractive for business due to political stability, open trade policies, and a skilled workforce, though emerging markets present more opportunities for growth.
Unemployment rose across Western Europe after the 1970s due to economic restructuring and globalization. While measures to increase labor market flexibility in the 1990s reduced unemployment, they also increased social polarization as atypical employment rose. Unemployment led to social exclusion and high costs for states, though regional differences were significant. While flexibility decreased unemployment, inequality also increased as precarious work became more common. Europe faces tradeoffs between unemployment and precarious employment.
The document discusses the Eurozone crisis. It provides background on the formation of the eurozone and explains how countries like Greece, Portugal, Italy, Ireland and Spain (PIIGS) accumulated large debts and deficits after joining the euro. The crisis emerged as investors lost confidence in sovereign debt from these peripheral economies. Several factors contributed to the crisis, including low interest rates fueling overspending, unsustainable growth models, and banking losses. The EU and ECB have taken steps to address the crisis through monetary easing, bailout funds, and austerity policies.
This document discusses an investment group that holds stakes in 8 global leaders across various sectors. Over the past 10 years, the group has realized capital gains in about 80% of divestments. It has a market capitalization of about 60% of its portfolio's value and regularly pays a 2.5% annual dividend. The group has invested over €1.1 billion in the past decade and has demonstrated an ability to raise large funds through club deals due to its strong track record of returns. It focuses on acquiring stakes in European mid-sized companies with leadership positions and growth potential.
Europe has experienced two fractures in its industrial landscape over the past decades. First, emerging economies like China and Brazil have greatly increased their manufacturing output and share of global production. Second, some traditional European industrial powers like France and the UK have seen declines in industrial employment and value added, while Germany and Eastern European countries have retained stronger industrial sectors. For Europe to maintain 15-20% of value from industry, it will need to invest heavily to transition to new digital technologies and production methods known as Industry 4.0.
Les introductions en bourse européennes affichent une forte activité au 2e trimestre grâce aux spin-off,
mais entrent de plus en plus en concurrence avec les processus de ventes.
Slides from NERI Quarterly Economic Observer (QEO) Summer, 2019 Launch which took place in Buswells Hotel on Thursday 18th July, 2019. The QEO proposes changes to the taxation of capital stocks in the Republic, in particular reforms to Local Property Tax.
Similar to La economía intangible en Italia, Portugal y España. Matilde Mas 17112021 (20)
Presentación informe 'Fondos Next Generation European Union destinados a actu...Ivie
Joaquín Maudos y Juan Pérez presnetan los resultados del último informe del Ivie y la fundación Cotec sobre la gestión de los fondos NGEU dedicados a I+D+i+d. Madrid, 18 de abril de 2024.
Presentación del Mapa del Talento Cotec-Ivie 2023Ivie
Matilde Mas y Javier Quesada presentan los resultados del Mapa del talento en España 2023, un estudio de la Fundación Cotec y el Ivie. Valladolid, 15 de abril de 2024.
Jornada GECE - Presentación informe 2/2023: Evolución de los niveles de competitividad en las empresas de la Comunitat Valenciana (2014-2021). Alejandro Escribá - 18/01/2024
La calidad del empleo en España y sus comunidades autónomasIvie
Este documento presenta los resultados de un índice de calidad del empleo calculado para las 17 comunidades autónomas de España entre 2007 y 2022. La Comunidad Valenciana ha mejorado su índice en este periodo, pero sigue estando por debajo de la media nacional. Algunos indicadores como la temporalidad, los contratos a tiempo parcial y los salarios bajos son más altos en la Comunidad Valenciana que a nivel nacional. El documento analiza las diferencias entre las comunidades autónomas en varias dimensiones de la calidad del empleo
La contribución del empresariado a la sociedad española, presentación de Joaq...Ivie
La contribución del empresariado a la sociedad española, presentación de Joaquín Maudos. València, 12092023
Asociación Valenciana de Empresarios (AVE) .- Primer Barómetro de Valoración del Empresario
Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...Ivie
Presentación del Análisis 1/2023 del Observatorio GECE sobre los cambios en el posicionamiento internacional de las empresas valencianas durante y tras el COVID-19. València, 4 de julio de 2023
Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...Ivie
Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. Conferencia Cristina Herrero (AIReF). Jornada IvieLAB Deuda y sostenibilidad de las finanzas autonómicas. València, 1 de marzo de 2023
La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...Ivie
La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego Martínez (Fedea). Jornada IvieLAB Deuda y sostenibilidad de las finanzas autonómicas. València, 1 de marzo de 2023
El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...Ivie
El desigual punto de partida de las CC.AA. para enfrentarse a un entorno complejo. Carmen López (Afi). Jornada IvieLAB Deuda y sostenibilidad de las finanzas autonómicas. València, 1 de marzo de 2023
Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...Ivie
Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. Santiago Lago. Jornada IvieLAB Deuda y sostenibilidad de las finanzas autonómicas. València, 1 de marzo de 2023.
Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...Ivie
Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Zabalza. Jornada IvieLAB
Deuda y sostenibilidad de las finanzas autonómicas. València, 1 de marzo de 2023.
La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...Ivie
La evaluación y la revisión de gasto en la Generalitat de Catalunya. Presentación de Esther Pallarols en la jornada "La Evaluación de las Políticas Públicas y la mejora en la eficiencia de la Administración". València, 28 de marzo de 2023
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
[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.
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.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. THE HISTORY OF CAPITALISM IS THE HISTORY OF THE INTRODUCTION OF DIFFERENT FORMS OF CAPITAL
Physical capital Human capital Technological capital Social capital Intangible capital
• They all began their industrial development at a late stage…
• … and have experienced a slow productivity growth over the last two
decades
• They have showed slower adaptation to recent technological changes in
general…
• ... and to intangibles in particular, as the Covid-19 pandemic has proven in
all its rawness
Italy
Portugal
Spain
3. ALL THREE COUNTRIES ARE EQUIVALENT WITH EUROPE IN TANGIBLES… BUT NOT INTANGIBLES
Ireland
Sweden
France
Netherlands
Denmark
Finland
Austria
Average
United Kingdom
Luxembourg
Portugal
Italy
Germany
Spain
Greece
0 4.5 9 13.5 18
10.5
14.0
12.4
11.4
13.0
12.4
10.3
12.1
15.7
13.1
12.5
12.1
11.8
14.0
13.7
4.2
5.5
6.5
6.7
6.8
7.0
8.2
8.3
8.7
9.6
9.6
10.1
10.4
14.6
16.4
Intangible
Tangible
* Expanded.
Note: The investment in tangible assets does not include residential investment.
Average of European countries: former EU-15 (including UK), except Belgium.
Source: EU KLEMS and own elaboration.
Graphic 7. Tangible and
intangible investment over
GDP*. Total economy. 2018
(percentage)
4. ONLY ITALY IS CLOSE TO THE EUROPEAN AVERAGE IN THE WEIGHT OF INTANGIBLE CAPITAL OVER TOTAL INVESTMENT
Ireland
Sweden
France
Netherlands
United Kingdom
Denmark
Finland
Average
Italy
Luxembourg
Austria
Germany
Portugal
Greece
Spain
0 25 50 75 100
71.6
71.5
65.6
65.4
64.4
63.8
62.8
59.4
57.7
56.5
55.8
54.6
53.3
48.9
45.5
28.4
28.5
34.4
34.6
35.6
36.2
37.2
40.6
42.3
43.5
44.2
45.4
46.7
51.1
54.5
Intangible
Tangible
* Expanded.
Note: The investment in tangible assets does not include residential investment
Average of European countries: former EU-15 (including UK), except Belgium.
Source: EU KLEMS and own elaboration.
Graph 8. Composition of non-residential investment*. Total economy. 2018 (percentage)
5. SPAIN AND PORTUGAL HAVE MAINTAINED A PATH OF CONVERGENCE WITH EUROPE
OVER THE PAST TWO DECADES IN INTANGIBLE INVESTMENT
0
4
8
12
16
Ireland
Luxembourg
Denmark
Austria
Sweden
Netherlands
Spain
France
Portugal
Average
Finland
Germany
United Kingdom
Italy
Greece
0.5
1.5
2.3
2.8
2.9
3.1
3.5
3.6
4.1
4.3
4.4
4.5
4.7
6.9
11.4
Average of European countries: former EU-15 (including UK), except Belgium.
Source: EU KLEMS and own elaboration.
Graph 11. Average annual rate of variation in real investment in intangible assets. Total economy. 1995-2018 (percentage)
6. INTANGIBLE INVESTMENT PROVED MORE RESILIENT DURING THE CRISIS
50
100
150
200
250
1995 1998 2001 2004 2007 2010 2013 2016 2018
a. Italy
139.3
107.6
* Expanded.
Note: The investment in tangible assets does not include residential investment.
Average of European countries: former EU-15 (including UK), except Belgium.
Source: EU KLEMS and own elaboration.
115.0
50
100
150
200
250
1995 1998 2001 2004 2007 2010 2013 2016 2018
b. Portugal
215.1
124.3
136.0
50
100
150
200
250
1995 1998 2001 2004 2007 2010 2013 2016 2018
c. Spain
248.5
163.4
164.0
50
100
150
200
250
1995 1998 2001 2004 2007 2010 2013 2016 2018
Expanded GDP
Tangible assets (without residential investment)
Intangible assets
d. Average of European countries
201.3
144.2
148.1
Graph 9. Dynamic of GDP. intangible and
tangible investment*. Total economy.
1995-2018 1995 =100
7. THE SLOW PACE OF INVESTMENT IN INTANGIBLES IS RESPONSIBLE FOR THE SLOW PROGRESS OF PRODUCTIVITY
Table 4. Contribution of sources of economic growth to the growth in labour productivity (GDP per hour worked). Italy, Portugal, Spain and EU-12 2009-2017. (percentage points and horizontal percentage).
Productivity per hour
worked
1
(=2+3+4+5)
TFP
2
Capital in intangible
assets per hour worked
3
Capital in tangible assets
per hour worked
4
Changes in the
composition of labour
5
2009-2016
Italy 0.51 0.24 0.02 0.05 0.20
Portugal 0.72 -0.61 0.02 -0.41 1.72
Spain 1.17 0.21 0.11 0.21 0.65
EU-12 0.96 1.18 0.07 -0.72 0.42
Note: EU-12: Austria, Belgium, Czech Republic, Germany, Denmark, Spain, Finland, France, Italy, Netherlands, Sweden and United Kingdom.
Source: EU KLEMS
• If Italy and Portugal had seen the same contribution from intangible assets as the EU, its productivity growth would
have been 8 basis points higher for Portugal, and 5 points higher for Italy
• Spain has suffered because it has failed to match its strong growth in tangible assets with parallel growth in intangibles
to compensate the initial backwardness, undermining the growth of TFP, which is a measure of efficiency
8. CONCLUSIONS
Although they are similar economies, Italy, Portugal and Spain have different
strengths and weaknesses. Their identification enables us to orient the policies
(public and private) financed with the Next Generation EU funds in the most
appropriate direction in order to emerge stronger from Covid-19.