Economic Indicators May 2013

1. | [Presentation title] | [Client Name] | [Date]1
Economic Indicators
Last update 17.05.2013

2. | Economic Indicators |2
Economic Outlook Monthly Overview – May 2013
Europe:
• Consensus May GDP forecast for WE decreased again from 0,0% to -0,1% for 2013 and from
1,2% to 1,1% for 2014.
• While the EU industrial confidence deteriorated again compared to the previous month, the
consumer confidence indicator improved in April.
• The IFO Business Climate index for Germany fell in April. Companies assessed their current
business situation more cautious than last month and were also less optimistic about future
business developments.
• Pressure is mounting on the ECB to act concertedly in the face of sustained weakness. May 2nd
saw a rate cut from 0,75% to now 0,5%, but some believe, the ECB could do more to help the
situation. Q1 2013 GDP contracted by 1,0%, the 6th straight quarter of decline.
US:
• Consensus May GDP forecast for the US decreased from 2,1% to 1,9% for 2013 and remained
stable on 2,7% for 2014.
• In Q1 2013 the economy accelerated by 2,5%, helped by a 3,3% surge in personal spending
and despite a 4,1% contraction in government consumption due to fiscal sequestration. With
further cuts in spending having been introduced in March, government spending will likely
subtract further from growth.
Japan:
• The May GDP growth forecast for Japan improved from 1,3% to 1,4% for 2013 and from 1,3%
to 1,5% for 2014.
• New economic policies, aimed at tackling over a decade of stubborn deflation are expected to
make way for further yen softness which could help to boost inflation and benefit exporters.

3. 3 | Economic Indicators |
Eurostat Data

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

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

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Economic Indicators –EU 27 Consumer Price Index
Source: Eurostat May 13
0
0,5
1
1,5
2
2,5
3
3,5
4
4,5
08/1
09/1
10/1
11/1
12/1
13/1
1,9%
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 May 13
Apr.13; 1,2
May 13; 0,5
May 13; 0,25
-0,5
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
Jan08
July08
Jan09
Jul.09
Jan10
Jul.10
Jan11
July11
Jan12
Jul.12
Jan13
Jul.13
ECB short-term rate
Eurozone inflation
FED rate

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

9. | Economic Indicators |9
Economic Indicators – Industrial Confidence Ind EU
Source: Eurostat May 13
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
Jan06
Jan07
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Industrial confidence within EU 27 deteriorated again in April.
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 May 13
Consumer Confidence within EU 27 improved quite significantly in April.
-35
-30
-25
-20
-15
-10
-5
0
Jan06
Jan07
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
The Consumer Confidence Indicator is the arithmetic average of the answers to the questions
on the financial situation of households and general economic situation (past and future)
together with that on the advisability of making major purchases.

11. | Economic Indicators |11
Economic Indicators – Capacity Utilization
in Manufacturing Industry in % - EU 27
Source: Eurostat May 13
60
65
70
75
80
85
04Q1
05Q1
06Q1
07Q1
08Q1
09Q1
10Q1
11Q1
12Q1
13Q1
77,9
%
The capacity utilization in manufacturing industry gives the level of capacity utilization
in percent, as assessed by managers in manufacturing industry.

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Ifo Data

13. | Economic Indicators |13
Economic Indicators – IFO World Economic Climate
Source: IFO Feb 13
The Ifo World Economic climate improved considerably in Q1 2013
This indicator is being updated on a quarterly basis.

14. | Economic Indicators |14
Economic Indicators – IFO WE Economic Climate
Source: IFO Feb 13
The economic climate for Western Europe improved in the 1st quarter 2013.
This indicator is being updated on a quarterly basis.

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

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

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

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

19. | Economic Indicators |19
Economic Indicators –
Ifo business situation and 6 month expectations
Source: IFO May 13
75
80
85
90
95
100
105
110
115
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
80
85
90
95
100
105
110
115
120
125
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Business situation 6 months expectations
The IFO-Institut für Wirtschaftsforschung business situation index shows the current evaluation of the
economic situation, while the 6 month expectations index shows the expectations of the companies for the next
6 months. Over 7000 companies are being interviewed.
The Ifo Business Climate Index for Germany fell in April. Although the majority of companies
assessed their current business situation as good, they were far more cautious than last
month. Their expectations regarding future business developments were also lower. The
German economy is taking a breather.

20. | Economic Indicators |20
Economic Indicators – IFO Assessment of Current
Business Situation
Source: IFO May 13
The Ifo Business Climate Index for Germany fell in April. Although the majority of companies
assessed their current business situation as good, they were far more cautious than last
month. Their expectations regarding future business developments were also lower. The
German economy is taking a breather.

21. | Economic Indicators |21
Economic Indicators – IFO business climate index
printing industry
Source: IFO Apr 13, bundesverband druck und medien
-60
-50
-40
-30
-20
-10
0
10
20
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is
based on a monthly representative questionnaire to 300 German printers.
The business climate within the printing industry declined slightly from -2 to -5 in March.

22. | Economic Indicators |22
Economic Indicators – IFO business climate index
printing industry
The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is
based on a monthly representative questionnaire to 300 German printers.
Business Development at German Printers – March 2013:
 The assessment of the current business situation in the printing
industry improved slightly from last month (+5%) and is positive now for
the 7th month in a row.
 The business climate – an indicator for the development in
the next quarter – declined slightly from -2% to -5%.
 The business expectations for the coming 6 months remained
negative for the 7th month in succession, and declined from -6%
to now -15%. In the same month of last year expectations were
considerably better than today (+5%).
Source: IFO Apr 13, bundesverband druck und medien

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Zenith Data

24. | Economic Indicators |24
Advertising Growth – Zenith 12/12 Press release
Source: Zenith 12/12
 Global ad expenditure forecast to strengthen over the next three years,
rising from 3,3 % in 2012 to 4,1% in 2013 and 5,6% in 2015
 Peripheral Eurozone to shrink 4,0% in 2013, stabilize in 2014 and grow
2% in 2015
 Developing markets to contribute 61% of adspend growth between
2012 and 2015 and increase their share of global adspend from 34% to
37%
 Online video and social media to help drive 20% annual growth in
internet display over the next three years
 Internet advertising to exceed combined newspaper and magazine total
in 2015

25. | Economic Indicators |25
Advertising Growth – Zenith 12/12 Press release
Source: Zenith 12/12
At current prices

26. | Economic Indicators |26
Advertising Growth – Zenith 12/12 Press release
Source: Zenith 12/12