Economic Indicators April 2014

1. | [Presentation title] | [Client Name] | [Date]1
Economic Indicators
Last update 22.4.2014

2. | Economic Indicators |2
Economic Outlook Monthly Overview – April 2014
Europe:
• Consensus April GDP forecast for WE remained on 1,5% for 2014 and improved by 0,1%point
to 1,8% for 2015.
• The EU industrial confidence decreased slightly compared to last month while the consumer
confidence indicator continued its positive path from the last months also in March.
• The IFO Business Climate index for Germany fell in March after four consecutive increases.
The crisis of the emerging economies and the events in Crimea are impacting confidence.
• The Euro area recovery appears to be gaining traction: retail sales held firm during February,
unemployment came slightly down, consumer confidence expanded in March and PMIs were
also upbeat.
US:
• Consensus April GDP forecast for the US decreased again slightly from 2,8% to 2,7% for 2014.
Forecast for 2015 came down from 3,1% to now 3,0%.
• The US economy made a soft start to 2014, with exports falling in February and winter storms
curbing production. On the other hand, forward-looking manufacturing indicators are robust.
Japan:
• The April GDP growth forecast for Japan fell again from 1,4% to 1,3% for 2014 and remained
stable on 1,3% for 2015.
• On April 1, 2014, Japan raised its consumption tax for the first time in 17 years in an attempt to
help consolidate the country’s hefty deficit. There are fears over how much the sales tax hike
will impact short-term GDP growth and inflation.

3. 3 | Economic Indicators |
Eurostat Data

4. | Economic Indicators |4
Economic Indicators – GDP EU 28
Source: Eurostat Mar 14
-5
-4
-3
-2
-1
0
1
2
3
4
'08Q1
'09Q1
'10Q1
'11Q1
12Q1
13Q1
%
GDP for the EU 28 countries at constant prices quarter vs. same quarter of last year

5. | Economic Indicators |5
Economic Indicators – GDP EU 28
Source: Eurostat Mar 14
-2.5
-2
-1.5
-1
-0.5
0
0.5
1
'08Q1
'09Q1
'10Q1
'11Q1
12Q1
13Q1
%
GDP for the EU 28 countries at constant prices quarter on quarter

6. | Economic Indicators |6
Economic Indicators –EU 28 Consumer Price Index
Source: Eurostat Apr 14
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
08/1
09/1
10/1
11/1
12/1
13/1
14/1
15/1
14 Mar, 0.6
%
The harmonized index of consumer prices is the result of the collaboration
between Eurostat and National Statistical Institutes of the Member States.

7. | Economic Indicators |7
Economic Indicators – ECB interest rate
Source: ECB, FED, Eurostat Apr 14
Mar 14; 0,5
Apr.14; 0,25
-0,5
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
Jan08
July08
Jan09
Jul.09
Jan10
Jul.10
Jan11
July11
Jan12
Jul.12
Jan13
Jul.13
Jan14
Jul.14
Jan15
%
ECB short-term rate
Eurozone inflation
FED rate

8. | Economic Indicators |8
Economic Indicators –EU 28 Unemployment Rate
Source: Eurostat Apr 14
Feb.14, 10.6
6
7
8
9
10
11
12
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
%
Unemployment rate for EU 28 countries

9. | Economic Indicators |9
Economic Indicators – Industrial Confidence Ind EU
Source: Eurostat Apr 14
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
Industrial confidence within EU 28 decreased slightly in March, but the industry
remains in a fairly positive mood.
The Industrial Confidence Indicator is the arithmetic average of the answers to the
questions on production expectations, order books and stocks.

10. | Economic Indicators |10
Economic Indicators – Consumer Confidence Ind EU
Source: Eurostat Apr 14
Consumer Confidence within EU 28 continued its positive path in March.
-35
-30
-25
-20
-15
-10
-5
0
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
The Consumer Confidence Indicator is the arithmetic average of the answers to the questions
on the financial situation of households and general economic situation (past and future)
together with that on the advisability of making major purchases.

11. | Economic Indicators |11
Economic Indicators – Capacity Utilization
in Manufacturing Industry in % - EU 27
Source: Eurostat Feb 14
60
65
70
75
80
85
04Q1
05Q1
06Q1
07Q1
08Q1
09Q1
10Q1
11Q1
12Q1
13Q1
14Q1
79.4
%
The capacity utilization in manufacturing industry gives the level of capacity utilization
in percent, as assessed by managers in manufacturing industry.

12. | Economic Indicators |12
Ifo Data

13. | Economic Indicators |13
Economic Indicators – IFO World Economic Climate
Source: IFO Feb 14
The Ifo World Economic climate further brightens in Q1 2014
This indicator is being updated on a quarterly basis.

14. | Economic Indicators |14
Economic Indicators – IFO European Economic Climate
Source: IFO Feb 14
The economic climate for Europe brightens significantly again in Q1 2014.
This indicator is being updated on a quarterly basis.

15. | Economic Indicators |15
Economic Indicators – IFO NA Economic Climate
Source: IFO Feb 14
This indicator is being updated on a quarterly basis.

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

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

18. | Economic Indicators |18
Economic Indicators – Exchange rate $ vs €
Source: IFO Apr 14

19. | Economic Indicators |19
Economic Indicators –
Ifo business situation and 6 month expectations
Source: IFO Apr 14
75
80
85
90
95
100
105
110
115
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
80
85
90
95
100
105
110
115
120
125
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
Business situation 6 months expectations
The IFO-Institut für Wirtschaftsforschung business situation index shows the current evaluation of the
economic situation, while the 6 month expectations index shows the expectations of the companies for the next
6 months. Over 7000 companies are being interviewed.
The Ifo Business Climate Index for Germany fell in March after four successive increases.
Companies expressed far less confidence in future business developments, but were more
satisfied with their current business situation. The crisis of the emerging economies and the
events in Crimea are impacting the confidence of German firms.

20. | Economic Indicators |20
Economic Indicators – IFO Assessment of Current
Business Situation
Source: IFO Apr 14
The Ifo Business Climate Index for Germany fell in March after four successive increases.
Companies expressed far less confidence in future business developments, but were more
satisfied with their current business situation. The crisis of the emerging economies and the
events in Crimea are impacting the confidence of German firms.

21. | Economic Indicators |21
Economic Indicators – IFO business climate index
printing industry
Source: IFO Apr 14, bundesverband druck und medien
-60
-50
-40
-30
-20
-10
0
10
20
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is
based on a monthly representative questionnaire to 300 German printers.
The business climate within the printing industry deteriorated slightly from 0 to -3 in March.

22. | Economic Indicators |22
Economic Indicators – IFO business climate index
printing industry
The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is
based on a monthly representative questionnaire to 300 German printers.
Business Development at German Printers – March 2014:
 The assessment of the current business situation in the printing
industry deteriorated by 9%points and only reached 2% in March.
 The business climate – an indicator for the development in
the next quarter – remains clouded, reaching -3% after 0% in the
previous month.
 The business expectations for the coming 6 months remained negative
at -8% after -11% in the previous month.
Source: IFO Apr 14, bundesverband druck und medien

23. | Economic Indicators |23
Zenith Data

24. | Economic Indicators |24
Global Advertising Growth – Zenith 4/14 Press Release
Source: ZenithOptimedia 4/14

25. | Economic Indicators |25
Regional Advertising Development –
Zenith 4/14 Press Release
Source: ZenithOptimedia 4/14

26. | Economic Indicators |26
Global Advertising Market – Zenith 4/14 Press Release
Source: ZenithOptimedia 4/14

27. | Economic Indicators |27
Advertising by medium – Zenith 4/14 Press Release
Source: ZenithOptimedia 4/14