1. Economic Indicators
Last update 15.04.2013
1 | [Presentation title] | [Client Name] | [Date]

2. Economic Outlook Monthly Overview – April 2013
Europe:
• Consensus April GDP forecast for WE remained unchanged on 0,0% for 2013 and on 1,2% for
2014.
• While the EU industrial confidence deteriorated somewhat compared to the previous month, the
consumer confidence indicator remained stable in March.
• The IFO Business Climate index for Germany edged downwards in March. Companies
assessed their current business situation almost as positively as last month but were slightly
less optimistic about future business developments.
• Activity likely slit deeper into recession in early 2013. Unemployment rate hit 12% in both,
January and February and joblessness is expected to mount. GDP likely contacted again in Q1
which would represent a sixth straight quarter of decline.
US:
• Consensus April GDP forecast for the US improved from 1,8% to 2,1% for 2013. Forecast for
2014 decreased slightly from 2,8% to 2,7%
• The final Q4 2012 release showed a modest improvement in GDP of 0,4% q-o-q from the 0,1%
figure announced previously. Early indications for 2013 suggest that housing starts remain firm
after more than 4 years of deep retrenchment. This will hopefully help to support consumption.
Japan:
• The April GDP growth forecast for Japan improved from 1,2% to 1,3% for both, 2013 and 2014.
• On April 4, the central bank surprised many by declaring its intent to double the monetary base
over a two-year period via the aggressive purchase of long-term bonds. Hope is that price
increases will pick up and boost the struggling economy.
2 | Economic Indicators |

3. Eurostat Data
3 | Economic Indicators |

4. Economic Indicators – GDP EU 27
4
3
2
1
0
-1
-2
-3
-4
-5
06Q1
'07Q1
'08 Q1
'09 Q1
'10 Q1
'11 Q1
12 Q1
GDP for the EU 27 countries at constant prices quarter vs same quarter of last year
Source: Eurostat Mar 13
4 | Economic Indicators |

5. Economic Indicators – GDP EU 27
1
0,5
0
-0,5
-1
-1,5
-2
-2,5
'08 Q1
'09 Q1
'10 Q1
'11 Q1
12 Q1
'06Q1
'07Q1
GDP for the EU 27 countries at constant prices quarter on quarter
Source: Eurostat Mar 13
5 | Economic Indicators |

6. Economic Indicators –EU 27 Consumer Price Index
4,5
4
3,5
3
2,5
% 2
2
1,5
1
0,5
0
13/1
08/1
09/1
10/1
11/1
12/1
The harmonized index of consumer prices is the result of the collaboration
between Eurostat and National Statistical Institutes of the Member States.
Source: Eurostat Mar 13
6 | Economic Indicators |

7. Economic Indicators – ECB interest rate
4,5
4,0
3,5
3,0
2,5
Eurozone inflation
2,0
1,5 Mar 13; 1,7
1,0 Apr.13; 0,75
FED rate ECB short-term rate
0,5 Apr.13; 0,25
0,0
-0,5
Jan 08
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
July 08
Jul.09
Jul.10
July 11
Jul.12
Jul.13
Source: ECB, FED Apr 13
7 | Economic Indicators |

8. Economic Indicators –EU 27 Unemployment Rate
12
11
10,9
10
9
8
7
6
Jan 08
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
Unemployment rate for EU 27 countries
Source: Eurostat Apr 13
8 | Economic Indicators |

9. Economic Indicators – Industrial Confidence Ind EU
Industrial confidence within EU 27 deteriorated slightly in March.
10
5
0
-5
-10
-15
-20
-25
-30
-35
-40
Jan 06
Jan 07
Jan 08
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
The Industrial Confidence Indicator is the arithmetic average of the answers to the
questions on production expectations, order books and stocks.
Source: Eurostat Apr 13
9 | Economic Indicators |

10. Economic Indicators – Consumer Confidence Ind EU
Consumer Confidence within EU 27 remained stable in March.
0
-5
-10
-15
-20
-25
-30
-35
Jan 06
Jan 07
Jan 08
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
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.
Source: Eurostat Apr 13
10 | Economic Indicators |

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

12. Ifo Data
12 | Economic Indicators |

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

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

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

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

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

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

19. Economic Indicators –
Ifo business situation and 6 month expectations
Business situation 6 months expectations
125 115
120 110
115 105
110 100
105
95
100
95 90
90 85
85 80
80 75
Jan 11
Jan 08
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
Jan 08
Jan 09
Jan 10
Jan 12
Jan 13
After rising sharply last month, the Ifo Business Climate index for Germany edged downwards
in March. Companies were slightly less positive about their future business outlook than in
February, but assessed their current business situation almost as positive as last month. The
German economy remains on track in a challenging environment thanks to strong domestic
demand.
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.
Source: IFO Apr 13
19 | Economic Indicators |

20. Economic Indicators – IFO Assessment of Current
Business Situation
After rising sharply last month, the Ifo Business Climate index for Germany edged downwards
in March. Companies were slightly less positive about their future business outlook than in
February, but assessed their current business situation almost as positive as last month. The
German economy remains on track in a challenging environment thanks to strong domestic
demand. Source: IFO Apr 13
20 | Economic Indicators |

21. Economic Indicators – IFO business climate index
printing industry
The business climate within the printing industry declined slightly from -2 to -5.
20
10
0
-10
-20
-30
-40
-50
-60
Jan 08
Jan 09
Jan 10
Jan 11
Jan 12
Jan 13
Jan 14
The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is
based on a monthly representative questionnaire to 300 German printers.
Source: IFO Apr 13, bundesverband druck und medien
21 | Economic Indicators |

22. Economic Indicators – IFO business climate index
printing industry
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%).
The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is
based on a monthly representative questionnaire to 300 German printers.
Source: IFO Apr 13, bundesverband druck und medien
22 | Economic Indicators |

23. Zenith Data
23 | Economic Indicators |

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

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

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