The Swedish economy experienced strong GDP growth in the third quarter but indicators show weakening underlying growth dynamics. Exports continue to grow but are reliant on slowing global demand while domestic demand is cautious. The labor market is cooling with rising unemployment and layoffs as collective bargaining negotiations face challenges of weak wage growth and a slowing economy. Overall the Swedish economy remains stable for now but faces risks from a weakening global economy and declining confidence.
The Swedish Economy No.7 - October 25, 2011 Swedbank
The Swedish economy is slowing due to concerns over the European debt crisis and weaker growth in the US. The document makes three key points:
1) Sweden's economic growth forecast for 2011 has been revised downward from 4.3% to 3.9% due to slowing export demand from Europe and the US.
2) Confidence indicators among Swedish households and businesses have dropped sharply in recent months, and consumption and investment are expected to grow more slowly.
3) Swedish exports began declining in the second quarter, industrial production and order bookings have slowed significantly, and many companies plan to cut back on production and hiring in light of weakening global economic conditions.
The Lithuanian Economy - No 9, December 2, 2011Swedbank
Industrial production in Lithuania decreased by 1.3% in October compared to the previous year, indicating stagnation in the industry sector. However, retail trade growth remained resilient at 9.5% higher than the previous year. Unemployment has been decreasing while wages have grown only modestly. Deteriorating consumer confidence and expectations of weaker external demand signal that industrial production and domestic spending growth will slow in the coming months.
The Swedish Economy No.2 - March 29, 2012 Swedbank
The Swedish economy contracted significantly in the fourth quarter of 2011 due to declining external demand, but signs of improvement emerged in early 2012. While GDP growth for 2010 was revised upward, growth in 2011 was weaker than previously reported. Lower productivity growth and household savings than estimated earlier pose challenges for economic analysis and policymaking.
The Lithuanian Economy, No.2, 9 March/2011Swedbank
The Lithuanian economic sentiment indicator reached its lowest point in the first half of 2009 but has been gradually improving since then, though it remains in negative territory, indicating continued pessimism. The recovery of sentiment across different sectors has been uneven - while services confidence has been positive since early 2010, construction confidence remains weak at -40 points. Consumer confidence increased in the first half of 2010 but has stalled more recently due to high inflation and slowing wage and jobs growth. Overall the economic sentiment recovery is noticeable but gradual as structural unemployment remains high and domestic demand is still subdued.
The Swedish Economy No.7 - October 25, 2011 Swedbank
The Swedish economy is slowing due to concerns over the European debt crisis and weaker growth in the US. The document makes three key points:
1) Sweden's economic growth forecast for 2011 has been revised downward from 4.3% to 3.9% due to slowing export demand from Europe and the US.
2) Confidence indicators among Swedish households and businesses have dropped sharply in recent months, and consumption and investment are expected to grow more slowly.
3) Swedish exports began declining in the second quarter, industrial production and order bookings have slowed significantly, and many companies plan to cut back on production and hiring in light of weakening global economic conditions.
The Lithuanian Economy - No 9, December 2, 2011Swedbank
Industrial production in Lithuania decreased by 1.3% in October compared to the previous year, indicating stagnation in the industry sector. However, retail trade growth remained resilient at 9.5% higher than the previous year. Unemployment has been decreasing while wages have grown only modestly. Deteriorating consumer confidence and expectations of weaker external demand signal that industrial production and domestic spending growth will slow in the coming months.
The Swedish Economy No.2 - March 29, 2012 Swedbank
The Swedish economy contracted significantly in the fourth quarter of 2011 due to declining external demand, but signs of improvement emerged in early 2012. While GDP growth for 2010 was revised upward, growth in 2011 was weaker than previously reported. Lower productivity growth and household savings than estimated earlier pose challenges for economic analysis and policymaking.
The Lithuanian Economy, No.2, 9 March/2011Swedbank
The Lithuanian economic sentiment indicator reached its lowest point in the first half of 2009 but has been gradually improving since then, though it remains in negative territory, indicating continued pessimism. The recovery of sentiment across different sectors has been uneven - while services confidence has been positive since early 2010, construction confidence remains weak at -40 points. Consumer confidence increased in the first half of 2010 but has stalled more recently due to high inflation and slowing wage and jobs growth. Overall the economic sentiment recovery is noticeable but gradual as structural unemployment remains high and domestic demand is still subdued.
The Indian stock markets extended their gains for a sixth straight week as the benchmark indices rose over 1%. Foreign investors have poured $3.6 billion into Indian equities so far this year, outperforming many global markets. The markets gained on positive US jobs data but slipped on India's lower-than-expected GDP growth of 6.9% for fiscal year 2012. Hopes of further aid to Greece helped the markets recover. Key factors to watch this week include India's January inflation data and various major company earnings announcements. The outlook is for a range-bound market between 5,200-5,480 points.
Global economic output expanded for the second month in a row in August. While global manufacturing and services output growth accelerated, the eurozone's growth rate slowed and Japan remained in contraction. The UK and Chinese manufacturing sectors saw strong growth, but the eurozone saw manufacturing growth ease. The UK composite PMI hit a six-year high, while growth rates in Northern Ireland and the Republic of Ireland slowed. Northern Ireland firms reported a notable contraction and remained the most pessimistic UK region about the year ahead.
According to a report by Swedbank's Economic Research Department:
- Estonia's GDP growth slowed to 4.5% in the fourth quarter of 2011, down from 8.5% in the previous quarter, due to a decline in export growth.
- While domestic demand continued strengthening in the fourth quarter, contributing 7.7% to overall growth, net exports were negative for the second consecutive quarter as import growth exceeded export growth.
- The report forecasts Estonia's economic growth will slow to 2.7% in 2012, supported by domestic demand, with investment growth driven by public sector projects and private sector investment expected to increase more in 2013.
The Estonian Economy, No 7, November 28, 2011Swedbank
The Estonian economy has been heavily reliant on exports and manufacturing, which drove a rapid recovery from the 2008 recession. However, export growth is expected to slow substantially due to high base effects from previous double-digit growth and signs of weaker global demand. Manufacturing output declined sharply in September, with computer and electronics sectors dropping over 40%, pointing to falling export order books. While exports still grew 30% annually in September, much lower growth is expected in coming months due to base effects and softening external demand.
- U.S. and European stock futures fell as investors weighed concerns about global growth and the outcome of Greece's debt swap this week. Asian markets also declined.
- European stocks dropped with banks and resource stocks falling the most. Data showed the eurozone economy contracted 0.3% in Q4.
- Private investors holding about 20% of the bonds involved in Greece's debt restructuring have agreed to participate in the swap, which aims to reduce Greece's debt by 53.5%.
- Aecon Group reported a 143% rise in quarterly earnings but revenue missed estimates. Its backlog was $2.39 billion at the end of December.
- US and European stock futures fell as concerns over global growth and the outcome of Greece's debt swap weighed on investor sentiment.
- European stocks dropped with banks and resource stocks declining the most. Eurozone GDP contracted 0.3% in Q4 according to a report.
- Private investors holding about 20% of Greek bonds involved in the debt swap have declared participation in the restructuring so far.
- Asian stocks fell sharply led by miners following global markets lower on growth worries. The Hang Seng dropped 2.2% and Shanghai fell 1.4%.
Ulster Bank Northern Ireland PMI October 2021 Slide PackRichard Ramsey
Global economic growth accelerated in October according to purchasing managers' index (PMI) surveys, though supply chain disruptions worsened. In Northern Ireland, private sector output and employment grew, but new orders contracted for the second month in a row, lagging growth in the UK and Ireland. Input cost and output price inflation reached record highs across sectors in Northern Ireland, squeezing firm profit margins.
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.
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.
Today sees the release of January data from the Ulster Bank Northern Ireland PMI®. The latest report – produced for Ulster Bank by IHS Markit – saw the Northern Ireland private sector move towards stabilisation amid a reduction in near-term uncertainty. Business activity fell at a softer pace thanks to broadly unchanged new order volumes. Meanwhile, firms raised their staffing levels for the second month running and business confidence was the highest since April 2018.
U.S. and European stock futures fell while Asian markets also declined sharply as concerns over global growth prospects and the outcome of Greece's debt restructuring weighed on investor sentiment. In economic news, a report showed the eurozone economy contracted 0.3% quarter-over-quarter in Q4, confirming an earlier estimate. Private investors holding about 20% of Greek bonds eligible for restructuring have agreed to participate in the debt swap.
- U.S. and Asian stock futures fell on Monday due to concerns about global growth and the outcome of Greece's debt restructuring. European stocks also dropped, with banks and resource stocks declining.
- In corporate news, Apple and Dell will join a Foxconn-led consortium bidding for Toshiba's chip unit. The USITC voted to continue its investigation into Bombardier's trade practices regarding its CSeries jets. GE announced that Jeff Immelt will step down as CEO.
- Economic data expected this week include CPI, retail sales, industrial production, housing starts and the FOMC rate decision.
Roadshow, Öhman Baltic Banking Day, Maris AvotinsSwedbank
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
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 - 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.
The economic update provides the following information about Northern Ireland's economy:
1) Northern Ireland experienced a longer and deeper recession than the UK and its recovery has been weaker, with growth projected to be 1.5% in 2016, 1.0% in 2017, and 0.5% in 2018.
2) While some indicators suggest Northern Ireland may be outperforming the UK, Northern Ireland's composite economic index remains 5% below its 2007 peak.
3) The private sector is expanding according to the Purchasing Managers' Index, but private sector output remains below 2007 levels, and Northern Ireland still lags other UK regions in growth.
Get Register today at Epic Research and get share market tips, Intraday Tips, Equity Tips & stock market live updates on your mobile. Visit now: http://www.epic-research.co/
Mārtiņš Bitāns. Lessons from the Latvian austerity programEesti Pank
The document examines Latvia's fiscal austerity program following the 2008 financial crisis which saw large cuts to government spending and wages that helped reduce high budget deficits and current account imbalances. Through internal devaluation, fiscal austerity restored Latvia's competitiveness and export-led growth, avoiding a deep and prolonged recession despite an initial sharp GDP decline. The success of Latvia's fiscal austerity program demonstrates that expansionary fiscal contraction can work under certain economic conditions.
Internet users are able to reach any server from any access point at any time due to the interconnection and the exchange of IP traffic between about 40,000 different Autonomous Systems. The underlying business model for traffic exchange generates concerns among the network service providers (NSPs), resulting in deadlocks that are challenging the internet ecosystem. We introduce the Sending Party Network Pays (SPNP) model and demonstrate why this model can be considered to be a prerequisite to the deployment of QoS. We also outline ecosystem issues that can be addressed through this model and discuss its limitations.
Este documento presenta la estructura y operaciones de BPO en Centroamérica, incluyendo representantes y contactos en países como Costa Rica, Panamá, Honduras, El Salvador y Guatemala. También resume varios proyectos recientes de BPO para clientes como Coca-Cola, Nescafé y Hertz en áreas como eventos, BTL, diseño y videos.
The Indian stock markets extended their gains for a sixth straight week as the benchmark indices rose over 1%. Foreign investors have poured $3.6 billion into Indian equities so far this year, outperforming many global markets. The markets gained on positive US jobs data but slipped on India's lower-than-expected GDP growth of 6.9% for fiscal year 2012. Hopes of further aid to Greece helped the markets recover. Key factors to watch this week include India's January inflation data and various major company earnings announcements. The outlook is for a range-bound market between 5,200-5,480 points.
Global economic output expanded for the second month in a row in August. While global manufacturing and services output growth accelerated, the eurozone's growth rate slowed and Japan remained in contraction. The UK and Chinese manufacturing sectors saw strong growth, but the eurozone saw manufacturing growth ease. The UK composite PMI hit a six-year high, while growth rates in Northern Ireland and the Republic of Ireland slowed. Northern Ireland firms reported a notable contraction and remained the most pessimistic UK region about the year ahead.
According to a report by Swedbank's Economic Research Department:
- Estonia's GDP growth slowed to 4.5% in the fourth quarter of 2011, down from 8.5% in the previous quarter, due to a decline in export growth.
- While domestic demand continued strengthening in the fourth quarter, contributing 7.7% to overall growth, net exports were negative for the second consecutive quarter as import growth exceeded export growth.
- The report forecasts Estonia's economic growth will slow to 2.7% in 2012, supported by domestic demand, with investment growth driven by public sector projects and private sector investment expected to increase more in 2013.
The Estonian Economy, No 7, November 28, 2011Swedbank
The Estonian economy has been heavily reliant on exports and manufacturing, which drove a rapid recovery from the 2008 recession. However, export growth is expected to slow substantially due to high base effects from previous double-digit growth and signs of weaker global demand. Manufacturing output declined sharply in September, with computer and electronics sectors dropping over 40%, pointing to falling export order books. While exports still grew 30% annually in September, much lower growth is expected in coming months due to base effects and softening external demand.
- U.S. and European stock futures fell as investors weighed concerns about global growth and the outcome of Greece's debt swap this week. Asian markets also declined.
- European stocks dropped with banks and resource stocks falling the most. Data showed the eurozone economy contracted 0.3% in Q4.
- Private investors holding about 20% of the bonds involved in Greece's debt restructuring have agreed to participate in the swap, which aims to reduce Greece's debt by 53.5%.
- Aecon Group reported a 143% rise in quarterly earnings but revenue missed estimates. Its backlog was $2.39 billion at the end of December.
- US and European stock futures fell as concerns over global growth and the outcome of Greece's debt swap weighed on investor sentiment.
- European stocks dropped with banks and resource stocks declining the most. Eurozone GDP contracted 0.3% in Q4 according to a report.
- Private investors holding about 20% of Greek bonds involved in the debt swap have declared participation in the restructuring so far.
- Asian stocks fell sharply led by miners following global markets lower on growth worries. The Hang Seng dropped 2.2% and Shanghai fell 1.4%.
Ulster Bank Northern Ireland PMI October 2021 Slide PackRichard Ramsey
Global economic growth accelerated in October according to purchasing managers' index (PMI) surveys, though supply chain disruptions worsened. In Northern Ireland, private sector output and employment grew, but new orders contracted for the second month in a row, lagging growth in the UK and Ireland. Input cost and output price inflation reached record highs across sectors in Northern Ireland, squeezing firm profit margins.
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.
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.
Today sees the release of January data from the Ulster Bank Northern Ireland PMI®. The latest report – produced for Ulster Bank by IHS Markit – saw the Northern Ireland private sector move towards stabilisation amid a reduction in near-term uncertainty. Business activity fell at a softer pace thanks to broadly unchanged new order volumes. Meanwhile, firms raised their staffing levels for the second month running and business confidence was the highest since April 2018.
U.S. and European stock futures fell while Asian markets also declined sharply as concerns over global growth prospects and the outcome of Greece's debt restructuring weighed on investor sentiment. In economic news, a report showed the eurozone economy contracted 0.3% quarter-over-quarter in Q4, confirming an earlier estimate. Private investors holding about 20% of Greek bonds eligible for restructuring have agreed to participate in the debt swap.
- U.S. and Asian stock futures fell on Monday due to concerns about global growth and the outcome of Greece's debt restructuring. European stocks also dropped, with banks and resource stocks declining.
- In corporate news, Apple and Dell will join a Foxconn-led consortium bidding for Toshiba's chip unit. The USITC voted to continue its investigation into Bombardier's trade practices regarding its CSeries jets. GE announced that Jeff Immelt will step down as CEO.
- Economic data expected this week include CPI, retail sales, industrial production, housing starts and the FOMC rate decision.
Roadshow, Öhman Baltic Banking Day, Maris AvotinsSwedbank
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
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 - 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.
The economic update provides the following information about Northern Ireland's economy:
1) Northern Ireland experienced a longer and deeper recession than the UK and its recovery has been weaker, with growth projected to be 1.5% in 2016, 1.0% in 2017, and 0.5% in 2018.
2) While some indicators suggest Northern Ireland may be outperforming the UK, Northern Ireland's composite economic index remains 5% below its 2007 peak.
3) The private sector is expanding according to the Purchasing Managers' Index, but private sector output remains below 2007 levels, and Northern Ireland still lags other UK regions in growth.
Get Register today at Epic Research and get share market tips, Intraday Tips, Equity Tips & stock market live updates on your mobile. Visit now: http://www.epic-research.co/
Mārtiņš Bitāns. Lessons from the Latvian austerity programEesti Pank
The document examines Latvia's fiscal austerity program following the 2008 financial crisis which saw large cuts to government spending and wages that helped reduce high budget deficits and current account imbalances. Through internal devaluation, fiscal austerity restored Latvia's competitiveness and export-led growth, avoiding a deep and prolonged recession despite an initial sharp GDP decline. The success of Latvia's fiscal austerity program demonstrates that expansionary fiscal contraction can work under certain economic conditions.
Internet users are able to reach any server from any access point at any time due to the interconnection and the exchange of IP traffic between about 40,000 different Autonomous Systems. The underlying business model for traffic exchange generates concerns among the network service providers (NSPs), resulting in deadlocks that are challenging the internet ecosystem. We introduce the Sending Party Network Pays (SPNP) model and demonstrate why this model can be considered to be a prerequisite to the deployment of QoS. We also outline ecosystem issues that can be addressed through this model and discuss its limitations.
Este documento presenta la estructura y operaciones de BPO en Centroamérica, incluyendo representantes y contactos en países como Costa Rica, Panamá, Honduras, El Salvador y Guatemala. También resume varios proyectos recientes de BPO para clientes como Coca-Cola, Nescafé y Hertz en áreas como eventos, BTL, diseño y videos.
WOW plans to raise $100,000 to start a VoIP business in Nigeria selling calling cards and providing VoIP phone installation and services. It will generate revenue from product sales and IPBX services. The funds will be used for office setup, inventory, and operating costs. WOW aims to expand across Africa offering online shopping, international roaming, IP video, and value-added services. It forecasts strong growth and profitability over the next three years.
This document provides information about regional and city government in Pickering, Ontario. It introduces Peter Rodrigues as the regional councillor for Ward 3 and provides his contact information. It outlines the differences between regional and city councils and responsibilities. It includes facts and maps about Pickering and Ward 3. It describes how residents can contact elected officials and speak at council meetings. It also discusses major issues in Pickering like development plans, infrastructure projects, and taxes. Residents can find more details on Pickering and Durham Region policies, committees, budgets and contact information for customer service requests.
Charlotte Waggoner, Victor Nikolashin, and Elaine Matthews are recovering from injuries and request prayers. The Iwahashi family requests prayers after the passing of May Iwahashi. Continued prayers are also requested for Carrie Davis, Marguerite Lloyd, and Chris Iwahashi. Upcoming events include a lunch with friends, Father's Day, the Annual Conference in Burlingame, a potluck after church, and a care center service.
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.
Roadshow London, Morgan Stanley Banking ConferenceSwedbank
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.
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.
Energy & Commodities - 2010 - August/SeptemberSwedbank
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.
Purchasing Managers Index Report 2010 JanuarySwedbank
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.
Latvian GDP grew 5.6% year-over-year in the second quarter of 2011, driven mainly by strong growth in industry and exports. However, the analyst expects GDP growth to slow in the second half of the year due to weaker demand from Europe. While household consumption growth has been stable due to improving employment and wages, rising prices are limiting growth in purchasing power. The analyst maintains GDP growth forecasts for 2011 at 4.2% but acknowledges European economic slowdown will likely reduce Latvian export performance and investment activity in the coming quarters.
Flash Comment: Lithuania - January 30, 2012Swedbank
Growth in Lithuania decelerated sharply in the fourth quarter of 2011, with GDP contracting 0.9% compared to the previous quarter. Industrial production fell 0.8% over the same period last year, and investments were hurt by deteriorating confidence. However, for the full year 2011, Lithuania's economy grew 5.8% as all sectors expanded. Going forward, the recession in the eurozone is expected to negatively impact Lithuania's exports and confidence, but GDP growth of 3.3% is still forecast for 2012 as household consumption and investments drive growth, supported by falling unemployment.
- Economic growth in Estonia reached 8.5% year-over-year in the third quarter of 2011, driven primarily by a strong manufacturing sector and private consumption growth.
- While manufacturing contribution is declining due to high bases of comparison, other sectors such as construction and services are contributing more to overall growth.
- Exports grew 24.2% in the third quarter but imports increased even faster, turning the trade balance negative for the first time in four years.
- The economic growth rate is expected to slow in the fourth quarter due to high comparisons and the ongoing eurozone crisis, with private consumption and investments continuing to support the economy.
A2 & AS Economics: UK Economy Revision Briefingtutor2u
The UK economy suffered a deep recession from 2008-2009 and recovery has been slow and fragile with growth below 1% in most years since. Weak private sector demand from falling real incomes and low business investment have held back growth. Export growth has also slowed in recent years. The government has pursued fiscal austerity measures and spending cuts to reduce large budget deficits, further weighing on growth. Restoring stronger growth and rebalancing the economy away from debt-fuelled consumption toward exports and investment will require boosting productivity, business investment, and improving the supply of credit. Potential growth rates are estimated to have declined significantly in recent years due to factors like low R&D spending and business investment.
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.
Economic growth in Estonia slowed slightly in the first quarter of 2011 to 3.9% from 4.5% in the previous quarter. The construction sector contributed strongly to growth, supported by public sector building projects, while retail growth also remained strong. However, manufacturing output declined due to weaker external demand, negatively impacting overall growth. While domestic demand is recovering, export growth is slowing faster than import growth. The economic outlook expects strengthening domestic demand and stabilization in manufacturing to support overall growth of 2.7% for the year, though electronics exports will continue dominating.
The Lithuanian Economy - No 8, November 15, 2011Swedbank
- Lithuania experienced strong GDP growth of 6.6% in Q3 2011, but growth is expected to moderate as the global economy slows.
- Retail trade continued double-digit growth in September, though industrial production growth decreased from 14.6% to 6.9% in 2011.
- Growth expectations have worsened due to the ongoing eurozone debt crisis, which will negatively impact exports and business/household confidence.
Lithuanian Economy - No 1, January 4, 2012Swedbank
The Lithuanian economy remained resilient in November despite weakening demand abroad. While manufacturing growth slowed, it continued to expand, and retail trade grew at its fastest pace since recovery began. Strong growth in the fourth quarter should help public finances as budget collection has lagged targets this year. However, both foreign and domestic demand are expected to slow in the coming year, easing inflation pressures.
Highlights:
In August, annual inflation returns to positive territory
Manufacturing growing fast in July
External complications do not impair Latvia's exports going uphill
Sadaļā In Focus:
Research: Latvia's 2008-2009 wage adjustment stronger than thought before, by Ludmila Fadejeva and Olegs Krasnopjorovs
Flash comment: Estonia - September 7, 2012Swedbank
- According to revised data, Estonia's economic growth slowed to 2.2% in the second quarter from 3.4% in the first, though seasonally adjusted quarterly growth accelerated.
- Domestic demand (6.1% growth) rather than exports drove growth, with high investment (25.8%) but surprisingly weak private consumption (1.9%).
- Construction, retail, and ICT saw the highest sectoral contributions while manufacturing's contribution was negative for the second quarter in a row.
- Revised GDP figures showed a deeper economic crisis and steeper recovery than previously estimated, though first half 2012 growth remained largely the same.
Latvian GDP grew 0.3% quarter-over-quarter in the first quarter of 2011, driven mainly by investments in fixed capital which increased 28.4% year-over-year. While exports continued to grow at 14.7% year-over-year, import growth was even stronger at 20.7% resulting in negative net exports. Household consumption growth remained weak at 3.6% as purchasing power did not improve significantly. The economic forecast remains at 4% GDP growth for the year as investments and exports are expected to continue growing, though implementation of structural reforms could increase growth further.
Latvian GDP grew 0.3% quarter-over-quarter in the first quarter of 2011, driven mainly by investments in fixed capital which increased 28.4% year-over-year. While exports continued to grow at 14.7% year-over-year, import growth was even stronger at 20.7% resulting in negative net exports. Household consumption growth remained weak at 3.6% as purchasing power did not improve significantly due to low wage growth and high unemployment. The economic forecast remains at 4% GDP growth for 2011 with investments and exports expected to continue driving growth.
Ulster Bank Northern Ireland PMI September 2020 Slide PackRichard Ramsey
Ulster Bank Northern Ireland Purchasing Managers Index (PMI) September 2020 - Includes analysis of Global, Eurozone, UK, UK Regions, NI & Republic of Ireland economic performance by sector.
September 2020 Survey Update
According to a flash estimate by Latvia's Central Statistical Bureau, GDP in Latvia increased by 1% in Q2 2012 compared to the previous quarter. This maintained the pace of growth from the prior two quarters. However, annual GDP growth slowed to 5.1% in Q2 from 6.9% in Q1, though it remained the highest in the EU. Growth was supported by both exports and domestic demand, though investment growth is expected to have slowed as industry expansion moderated. Retail trade rebounded and industry showed 7% annual growth in Q2. Economic sentiment remained robust, also supporting growth. GDP growth is forecast to decelerate in the second half of 2012 due to smaller base effects and negative calendar effects.
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.
The Canadian economy grew modestly in August but gains have moderated from earlier in the year. Consumer confidence stabilized in October after declines. The US economy grew at an annualized rate of 2.0% in Q3, led by inventory, consumption, and government spending. Housing sales increased slightly but remain near lows. Growth continued in the Eurozone and UK but may slow, while Japan saw improvements in business and consumer spending. Canadian and US stock markets gained in October with technology and consumer sectors outperforming, while bond yields were stable.
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The Swedish Economy No.8 - November 30, 2011
1. The Swedish Economy
Monthly letter from Swedbank’s Economic Research Department
by Magnus Alvesson No. 8 • 30 November 2011
The Swedish economy holds firm, while bracing itself for a
significant slowdown
The recent month’s economic indicators have given a surprisingly positive
picture of economic development in Sweden. This is certainly the case with
growth in the third quarter (4.6% at an annual rate), which significantly
exceeded expectations, and especially the contribution from net exports.
Domestic consumption slowed, however, and investment grew more slowly.
The labour market, furthermore, is weakening, at the same time that
collective bargaining negotiations are entering a critical stage.
Unemployment reached 7.5% in October (seasonally adjusted) and the
number of layoffs ticked up over 5 000 for the first time since 2009. With
shrinking real wages and a weakening economy there is an increased risk of
labour conflict.
Despite the worsening debt crisis in Europe and relatively slow growth in the
US, the Swedish economy has been stable. However, declining confidence
among businesses and households could by itself reduce growth going
forward. In addition, we still expect the global economy to struggle, with
negative consequences for the Swedish economy.
No obvious effects from the euro crisis just Rapid GDP growth during the third quarter means
yet that full-year growth will likely exceed our forecast
of 3.9%. The data indicate, however, that the
Despite worrying signals, the Swedish economy underlying growth dynamics are weakening.
continued to develop strongly during the fall. In the Exports are reliant on a global economy that is
last months, however, confidence indicators have clearly slowing, at the same time that cautiousness
turned lower, though this hasn’t yet been reflected among households and companies is likely to keep
in the real economy. It may be a sign that the domestic demand in check.
Swedish economy has become more resistant to GDP growth and contribution, Q1 2007 – Q3 2011
global fluctuations. On the other hand, as the (Annual % change and contribution in percentage points)
European economy weakens, however, there is a 8
growing risk that Sweden will follow suit. In addition,
6
there is a risk that declining confidence among
4
households and businesses will affect the Swedish
2
growth rate.
0
GDP growth in the third quarter was surprisingly -2
strong. The Swedish economy grew by 4.6% on an -4
annual basis, mainly driven by net exports. Exports -6
continued to grow rapidly at the same time that -8
import growth fell. That gave a boost to growth that Q1-07 Q3-07 Q1-08 Q3-08 Q1-09 Q3-09 Q1-10 Q3-10 Q1-11 Q3-11
won’t last. Domestic demand declined, however. Househ. consump. Gvt. consump. Invest.
Inventories Net exports GDP
Household consumption fell and savings rose, while
investments increased but at a slower pace. Source: Statistics Sweden
Inventory investments contributed positively,
Expansion in Swedish industry has slowed since
especially in retail, while industry inventory
the summer but is still growing at a healthy rate.
declined.
Following an annual increase of about 15% during
Economic Research Department, Swedbank AB (publ), 105 34 Stockholm, +46 8-5859 1000
E-mail: ek.sekr@swedbank.se www.swedbank.se Responsible publisher: Cecilia Hermansson, +46 8-5859 7720.
Magnus Alvesson, +46 8-5859 3341, Jörgen Kennemar, +46 8-5859 7730
2. The Swedish Economy
Monthly letter from Swedbank’s Economic Research Department, continued
No. 8 • 30 November 2011
the first half-year, industrial production rose by Service production and retail sales, Jan 2006 – Oct 2011
(Index and annual % change)
about 10% during the third quarter. The rebound
after the 2008-09 financial crisis has worn off and 70.0
PMI-Services
10
Production of services
export demand and domestic orders both seem to 65.0 8
Annual change in % (cal.adj.)
be losing speed. The purchasing managers index 60.0
Index (cal.adj., s.a.)
6
(PMI) for the manufacturing sector also points to a 55.0
weaker industrial development in recent months. 4
50.0
The index, which provides a quick measure of the 2
situation for manufacturers, has fallen below 50, 45.0
0
which suggests that production is no longer 40.0
expanding. The slowdown in the PMI has eased 35.0 -2
Retail trade
slightly, but demand from important export markets 30.0 -4
such as Germany and the US will be especially Oct-06 Jun-07 Feb-08 Oct-08 Jun-09 Feb-10 Oct-10 Jun-11
important to opportunities for further growth.
Sources: Statistics Sweden and Swedbank.
Manufacturing industry: production, capacity utilisation and
purchasing managers index (PMI) Service production, which developed strongly
(Index and % change, seasonally adjusted) during the first half of 2011, also noted a slightly
120 100 slower expansion rate during the fall, though still
Industrial production
110 with growth. After having risen by nearly 6% at an
100 annual rate, growth retreated to around 4.5% in the
90 90
third quarter. This coincided with weaker retail
sales, which shrunk in September and October
Procent
80
Index
compared with last year, not least due to a rapid
70 PMI decline in auto sales and weakness in other capital
60 80
goods. This was confirmed by the purchasing
50 managers index for the service sector, which fell
Capacity utilization
40 below 50 for the first time since late 2009.
30 70
jan-05 dec-05 nov-06 okt-07 sep-08 aug-09 jul-10 jun-11 Recent export data also support the notion that the
Sources: Statistics Sweden and Swedbank. Swedish economy hasn’t yet fully felt the impact of
the global turbulence. In October the value of
Industrial investment also increased, but at a slower exports continued to rise compared with October
rate. Capacity utilisation has risen since mid-2009 2010, but at a slower rate. Detailed figures for
from levels of around 76% to nearly 90% in the third September show that wood product and
quarter of this year, which is still lower than before pharmaceutical exports were the biggest losers and
the crisis. In the face of declining economic that exports to North America in particular are
prospects, companies are not expected take on falling. Asia accounts for an increasing share of
greater commitments. In an investment survey for Swedish exports and, somewhat paradoxically,
October, they revised their investment plans exports to the EMU grew at an annual rate of 10%.
downward but still reported increases of around Manufacturing exports, especially cars and trucks,
10% in real terms for 2011. Real growth of 7% is as well as mining exports continued to grow rapidly.
expected next year. Corporate investment plans These are cyclical sectors, which means that a shift
vary greatly, however, and further revisions are not in export demand can quickly impact Swedish
unlikely. industry. In November export managers reported a
deteriorating outlook for Swedish exports, another
Investment is expected to grow the fastest in sign of a probable slowdown.
mining, minerals and textiles, while the transport
sector and wood products are reducing their
investment volumes. The construction industry,
which often reacts quickly to economic fluctuations,
is cutting its investments as early as this year and
planning for modest increases in 2012. Investments
are something companies can quickly adjust, and if
the global economy continues to worsen volumes
could be slashed even further.
2 (4)
3. The Swedish Economy
Monthly letter from Swedbank’s Economic Research Department, continued
No. 8 • 30 November 2011
Swedish trade, Jan 2000 – Oct 2011 companies consider a lack of qualified labour to be
(SEK billion)
an obstacle to expansion.
110 16
Net trade (rs) Imports Exports Labour market: Unemployment, employment and hours
14
100 worked, Jan 2006 – Oct 2011
12 (Annual % change and % of labour force)
90
10 10
80
8 8
70
6 6
60 4
4
50 2 2
40 0 0
Jan-00 Sep-01 May-03 Jan-05 Sep-06 May-08 Jan-10 Sep-11
-2
Employment (sa)
Source: Statistics Sweden -4 Unemployment rate (%, sa)
Hours worked (cal.adj., sa)
Many indicators, such as GDP and exports, show -6
that the Swedish economy has held up fairly well in Jan-06 Nov-06 Sep-07 Jul-08 May-09 Mar-10 Jan-11
the face of growing global turbulence this fall. At the Source: Statistics Sweden
same time weaker domestic demand indicates an
increased risk of a significant slowdown. In addition The weaker job market means that collective
to global developments, especially the euro crisis, bargaining negotiations, which are now entering a
domestic sentiment indicators also point to greater critical stage, will have to address increasing
uncertainty, and thus a slower growth rate going challenges. The Swedish economy has produced a
forward. rapid recovery and high growth rates, which
employees contributed to through modest collective
Confidence indicators, Jan 2006 – Nov 2011 agreements in connection with the financial crisis in
(Index) 2008-09. Together with higher inflation, this led to
60 largely negative real wage growth in 2011. This
strengthened the competitiveness of the business
40 sector, but has also meant that wages have failed
to keep pace.
20 Services
Household
Layoffs and real wage growth, Jan 2005 – Sep 2011
0 (Thousands and annual % change)
Construction
20
-20 Manufact.
Retail Notice of layof fs
15
-40 Real wages
10
-60
Jan-05 Mar-06 May-07 Jul-08 Sep-09 Nov-10
5
Source: National Institute of Economic Research
0
The labour market is cooling ahead of
-5
collective bargaining negotiations Jan-05 Dec-05 Nov-06 Oct-07 Sep-08 Aug-09 Jul-10 Jun-11
The Swedish labour market continued to lose steam Sources: Statistics Sweden, Swedish Public Employment
Service and National Mediation Office
in October. Unemployment climbed to 7.5%
(seasonally adjusted), a slight gain compared with This, coupled with a weaker job market, means that
the previous two months. Job growth fell at the the negotiating parties aren’t likely to reach an
same time that the number of hours worked was agreement before November 30, when a
unchanged. Labour demand is also showing signs commitment to industrial peace runs out. This
of weakening. In its latest economic barometer, the increases the risk of collective action and could
National Institute of Economic Research states that affect bargaining negotiations in other parts of
a growing number of manufacturers are planning to labour market. An agreement covering 2.8 million
reduce their staffing and that fewer construction employees will be renegotiated in 2011 and 2012,
3 (4)
4. The Swedish Economy
Monthly letter from Swedbank’s Economic Research Department, continued
No. 8 • 30 November 2011
and certainly isn't helped by the fact that the global
economy is deteriorating and the Swedish labour
market is weakening. At the same time household
purchasing power represents an important part of
domestic demand, and weak wage growth is
eroding disposable incomes and household
consumption.
Length of unemployment, Mar 2007 – Sep 2011
(Weeks and annual change in %)
30 40
Length of unemployment (3m MA)
25 35
20 30
Annual change in %
15
25
10 Weeks
20
5
15
0
-5 Annaul change 10
-10 5
-15 0
Mar-07 Nov-07 Jul-08 Mar-09 Nov-09 Jul-10 Mar-11
Source: Statistics Sweden
Moreover, long-term labour market challenges still
remain. People are unemployed longer, and during
the fall average unemployment exceeded 30
weeks. Youth unemployment remains at a high
level of around 22%, despite a slight decrease in
recent months. These problems cannot be resolved
through wage policies alone, but instead require a
combination of labour market measures and
increased efforts by the business community.
Magnus Alvesson
Swedbank Economic Research
Department Swedbank’s monthly The Swedish Economy newsletter is published as a service to
SE-105 34 Stockholm, Sweden our customers. We believe that we have used reliable sources and methods in the
Phone +46-8-5859 7740 preparation of the analyses reported in this publication. However, we cannot guarantee
ek.sekr@swedbank.se the accuracy or completeness of the report and cannot be held responsible for any
www.swedbank.se error or omission in the underlying material or its use. Readers are encouraged to base
Legally responsible publisher any (investment) decisions on other material as well. Neither Swedbank nor its
Cecilia Hermansson, +46-8-5859 7720 employees may be held responsible for losses or damages, direct or indirect, owing to
Magnus Alvesson, +46-8-5859 3341 any errors or omissions in Swedbank’s monthly The Swedish Economy newsletter.
Jörgen Kennemar, +46-8-5859 7730
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