Declining Trend Through The Year
The total number of passengers transported by air in the EU27 rose by 0.6% in 2008, compared with 2007, to 798 million. This was the lowest annual growth rate in the EU since 2002.
Data lag does not give a clear indication of the sector today, but points to demand resilience in a very turbulent economy. As Europes' economies recovery, demand for air travel is expected rebound quickly.
Passenger numbers rose by 6.1% in the first quarter of 2008, compared with the same quarter of 2007, and by 3.0% in the second quarter, then they fell by 0.4% in the third quarter and by 5.6% in the fourth quarter.
In the EU27, the number of passengers on extra-EU flights rose by 4.2% in 2008, compared with 2007, to 282 million. The number of passengers decreased by 0.5% to 345 million on intra-EU flights, and by 2.9% to 171 million on national flights.
These figures are published in a report2 from Eurostat, the Statistical Office of the European Communities, on air transport in the EU27 in 2008. This report also looks in detail at national, intra-EU and extra-EU air transport passengers, as well as the most important airport pairs, nationally and internationally.
London/Heathrow, Paris/Charles de Gaulle and Frankfurt/Main busiest passenger airports
In 2008, the highest numbers of passengers were registered in the United Kingdom (214 mn, -1.6% compared with 2007), Germany (166 mn, +1.2%), Spain (161 mn, -1.3%), France (123 mn, +2.2%) and Italy (105 mn, -1.0%). The number of air passengers rose in 21 Member States and fell in six. The highest increases in the number of air passengers were recorded in Latvia (+16.8%), Romania and Slovakia (both +16.3%) and Lithuania (+16.2%), and the largest decreases in Hungary (-1.8%), the United Kingdom (-1.6%) and Spain (-1.3%).
Among the top ten airports in terms of passengers carried in 2008, only three registered increases in the number of passengers: Paris/Charles de Gaulle (+1.6%), Roma/Fiumicino (+7.4%) and München (+1.7%). London/Heathrow was still the EU’s busiest passenger airport, with 67 million passengers handled in 2008, down by 1.4% compared with 2007. Paris/Charles de Gaulle (60 mn, +1.6%) and Frankfurt/Main (53 mn, -1.2%) were the second and third busiest airports, followed by Madrid/Barajas (50 mn, -1.6%) and Amsterdam/Schiphol (47 mn, -0.7%).
London/Heathrow (39 mn) handled the most extra-EU passengers, Amsterdam/Schiphol (27 mn) the most intra-EU passengers and Madrid/Barajas (21 mn) the most national passengers.
Madrid - Barcelona, Roma - Milano, Paris - Toulouse and Paris - Nice busiest national routes. In 2008, the top five extra-EU routes all involved London Heathrow. The corresponding extra-EU airports in these five airport pairs were New York/JFK (2.8 mn, -1.3% compared with 2007), Dubai International (1.7 mn, +5.1%), Hong Kong International (1.5 mn, +2.8%), Los Angeles International (1.5 mn, +3.9%) and Chicago/O'Hare (1.5 mn, -9.0%).
The busiest national routes in 2008 were Madrid/Barajas - Barcelona with 3.5 million passengers, although down by 24.4% compared with 2007, Roma/Fiumicino - Milano/Linate (2.5 mn, -1.1%), Paris/Orly - Toulouse Blagnac (2.3 mn, -0.1%) and Paris/Orly - Nice/Côte d'Azur (2.3 mn, -1.3%). The busiest intra-EU routes were London Heathrow - Dublin (1.8 mn, -8.2%) and London Heathrow - Amsterdam/Schiphol (1.7 mn, -5.0%).
Source: Eurostat
Tuesday 8 December 2009
Wednesday 4 November 2009
EU17 Industrial Producer Prices Down 0.7%
Prices Weaken For EU 27, But Bulgaria Climbs As UK Drops Further
In September 2009 compared with August 2009, the industrial producer price index fell by 0.4% in the euro area (EA16) and by 0.7% in the EU272. In August, prices increased by 0.5% in both zones.
In September 2009 compared with September 2008, industrial producer prices dropped by 7.7% in the euro area and by 7.3% in the EU27.
Monthly changes
In September 2009, compared with the previous month, prices in total industry excluding the energy sector remained stable in both the euro area and the EU27. Prices in the energy sector fell by 1.9% and 2.6% respectively. In both zones, durable consumer goods and non-durable consumer goods decreased by 0.1%, while intermediate goods increased by 0.2%. Capital goods declined by 0.1% in the euro area, but remained stable in the EU27.
Among Member States for which data are available, the highest increases in the total index were recorded in Bulgaria (+1.2%), Estonia (+0.4%), Cyprus and Slovenia (both +0.3%). The largest decreases were observed in Greece, Finland and the United Kingdom (all -0.8%) and Lithuania (-0.7%).
Source: Eurostat
In September 2009 compared with August 2009, the industrial producer price index fell by 0.4% in the euro area (EA16) and by 0.7% in the EU272. In August, prices increased by 0.5% in both zones.
In September 2009 compared with September 2008, industrial producer prices dropped by 7.7% in the euro area and by 7.3% in the EU27.
Monthly changes
In September 2009, compared with the previous month, prices in total industry excluding the energy sector remained stable in both the euro area and the EU27. Prices in the energy sector fell by 1.9% and 2.6% respectively. In both zones, durable consumer goods and non-durable consumer goods decreased by 0.1%, while intermediate goods increased by 0.2%. Capital goods declined by 0.1% in the euro area, but remained stable in the EU27.
Among Member States for which data are available, the highest increases in the total index were recorded in Bulgaria (+1.2%), Estonia (+0.4%), Cyprus and Slovenia (both +0.3%). The largest decreases were observed in Greece, Finland and the United Kingdom (all -0.8%) and Lithuania (-0.7%).
Source: Eurostat
Monday 26 October 2009
Industrial New Orders Up by 2.0% in Euro Area
Industrial new orders up by 1.2% in EU27
In August 2009 compared with July 2009, the euro area1 (EA16) industrial new orders index2 rose by 2.0%. In July3 the index increased by 3.0%. In the EU271 new orders grew by 1.2% in August 2009, after an increase of 1.6% in July3. Excluding ships, railway & aerospace equipment4, for which changes tend to be more volatile, industrial new orders rose by 2.4% in the euro area and by 2.0% in the EU27.
In August 2009 compared with August 2008, industrial new orders decreased by 23.1% in the euro area and by 22.3% in the EU27. Total industry excluding ships, railway & aerospace equipment4 dropped by 22.7% in the euro area and by 22.2% in the EU27.
These estimates are released by Eurostat
In August 2009 compared with July 2009, the euro area1 (EA16) industrial new orders index2 rose by 2.0%. In July3 the index increased by 3.0%. In the EU271 new orders grew by 1.2% in August 2009, after an increase of 1.6% in July3. Excluding ships, railway & aerospace equipment4, for which changes tend to be more volatile, industrial new orders rose by 2.4% in the euro area and by 2.0% in the EU27.
In August 2009 compared with August 2008, industrial new orders decreased by 23.1% in the euro area and by 22.3% in the EU27. Total industry excluding ships, railway & aerospace equipment4 dropped by 22.7% in the euro area and by 22.2% in the EU27.
These estimates are released by Eurostat
Thursday 1 October 2009
Euro Area Unemployment Reaches 9.6%
The euro area (EA16) seasonally-adjusted unemployment rate was 9.6% in August 2009, compared with 9.5% in July. It was 7.6% in August 2008. The EU27 unemployment rate was 9.1% in August 2009, compared with 9.0% in July. It was 7.0% in August 2008. For the euro area this is the highest rate since March 1999 and for the EU27 since March 2004.
Eurostat estimates that 21.872 million men and women in the EU27, of which 15.165 million were in the euro area, were unemployed in August 2009. Compared with July, the number of persons unemployed increased by 236 000 in the EU27 and by 165 000 in the euro area. Compared with August 2008, unemployment went up by 5.008 million in the EU27 and by 3.224 million in the euro area.
These figures are published by Eurostat, the Statistical Office of the European Communities.
Among the Member States, the lowest unemployment rates were recorded in the Netherlands (3.5%) and Austria (4.7%), and the highest rates in Spain (18.9%) and Latvia (18.3%).
Compared with a year ago, all Member States recorded an increase in their unemployment rate. The smallest increases were observed in Belgium (7.5% to 7.9%) and Germany (7.2% to 7.7%). The highest increases were registered in Latvia (7.4% to 18.3%) and Estonia (4.1% to 13.3% between the second quarters of 2008 and 2009).
Between August 2008 and August 2009, the unemployment rate for males rose from 7.0% to 9.4% in the euro area and from 6.7% to 9.1% in the EU27. The female unemployment rate increased from 8.3% to 9.8% in the euro area and from 7.5% to 9.0% in the EU27.
In August 2009, the youth unemployment rate (under-25s) was 19.7% in the euro area and 19.8% in the EU27. In August 2008 it was 15.6% and 15.5% respectively. The lowest rate was observed in the Netherlands (6.3%), and the highest rates in Spain (39.2%) and Lithuania (31.2% in the second quarter of 2009).
The unemployment rate was 9.7% in the USA in August 2009. In Japan it was 5.7% in July 2009.
Eurostat estimates that 21.872 million men and women in the EU27, of which 15.165 million were in the euro area, were unemployed in August 2009. Compared with July, the number of persons unemployed increased by 236 000 in the EU27 and by 165 000 in the euro area. Compared with August 2008, unemployment went up by 5.008 million in the EU27 and by 3.224 million in the euro area.
These figures are published by Eurostat, the Statistical Office of the European Communities.
Among the Member States, the lowest unemployment rates were recorded in the Netherlands (3.5%) and Austria (4.7%), and the highest rates in Spain (18.9%) and Latvia (18.3%).
Compared with a year ago, all Member States recorded an increase in their unemployment rate. The smallest increases were observed in Belgium (7.5% to 7.9%) and Germany (7.2% to 7.7%). The highest increases were registered in Latvia (7.4% to 18.3%) and Estonia (4.1% to 13.3% between the second quarters of 2008 and 2009).
Between August 2008 and August 2009, the unemployment rate for males rose from 7.0% to 9.4% in the euro area and from 6.7% to 9.1% in the EU27. The female unemployment rate increased from 8.3% to 9.8% in the euro area and from 7.5% to 9.0% in the EU27.
In August 2009, the youth unemployment rate (under-25s) was 19.7% in the euro area and 19.8% in the EU27. In August 2008 it was 15.6% and 15.5% respectively. The lowest rate was observed in the Netherlands (6.3%), and the highest rates in Spain (39.2%) and Lithuania (31.2% in the second quarter of 2009).
The unemployment rate was 9.7% in the USA in August 2009. In Japan it was 5.7% in July 2009.
Monday 17 August 2009
Euro Zone External Trade Surplus Reaches 4.6 bn Euro
But 4.3 bn Euro Deficit for EU27
The first estimate for the euro area1 (EA16) trade balance with the rest of the world in June 2009 gave a 4.6 bn euro surplus, compared with 0.0 bn in June 2008. The May 20092 balance was +2.1 bn, compared with -3.8 bn in May 2008. In June 2009 compared with May 2009, seasonally adjusted exports fell by 0.1%, while imports remained stable.
The first estimate for the June 2009 extra-EU271 trade balance was -4.3 bn euro, compared with -19.3 bn in June 2008. In May 20092 the balance was -7.2 bn, compared with -20.7 bn in May 2008. In June 2009 compared with May 2009, seasonally adjusted exports fell by 0.3% and imports by 1.4%.
These data3 are released by Eurostat, the Statistical Office of the European Communities.
EU27 January-May 2009 detailed results
The EU27 energy deficit decreased (-92.9 bn euro in January-May 2009 compared with -147.9 bn in January-May 2008), while the surplus fell for machinery and vehicles (+36.3 bn compared with +59.8 bn) and chemicals (+31.1 bn compared with +32.7 bn).
EU27 trade flows with all of its major partners fell. The largest decreases were recorded for exports to Russia (-39% in January-May 2009 compared with January-May 2008), Turkey (-33%), South Korea (-23%) and Norway (-22%), and for imports from Russia (-43%), Japan and Brazil (both -29%), Norway and Turkey (both -28%).
The EU27 trade surplus fell with the USA (+11.5 bn euro in January-May 2009 compared with +27.3 bn in January-May 2008) and Switzerland (+4.8 bn compared with +8.0 bn). The EU27 trade deficit decreased with China (-55.8 bn compared with -60.9 bn), Russia (-16.4 bn compared with -31.1 bn), Norway (-13.3 bn compared with -19.9 bn) and Japan (-9.1 bn compared with -15.0 bn).
Concerning the total trade of Member States, the largest surplus was observed in Germany (+46.3 bn euro in January-May 2009), followed by Ireland (+15.6 bn) and the Netherlands (+13.8 bn). The United Kingdom (-38.0 bn) registered the largest deficit, followed by France (-24.4 bn), Spain (-20.7 bn), Greece (-11.6 bn) and Portugal (-6.8 bn).
Source: Eurostat
The first estimate for the euro area1 (EA16) trade balance with the rest of the world in June 2009 gave a 4.6 bn euro surplus, compared with 0.0 bn in June 2008. The May 20092 balance was +2.1 bn, compared with -3.8 bn in May 2008. In June 2009 compared with May 2009, seasonally adjusted exports fell by 0.1%, while imports remained stable.
The first estimate for the June 2009 extra-EU271 trade balance was -4.3 bn euro, compared with -19.3 bn in June 2008. In May 20092 the balance was -7.2 bn, compared with -20.7 bn in May 2008. In June 2009 compared with May 2009, seasonally adjusted exports fell by 0.3% and imports by 1.4%.
These data3 are released by Eurostat, the Statistical Office of the European Communities.
EU27 January-May 2009 detailed results
The EU27 energy deficit decreased (-92.9 bn euro in January-May 2009 compared with -147.9 bn in January-May 2008), while the surplus fell for machinery and vehicles (+36.3 bn compared with +59.8 bn) and chemicals (+31.1 bn compared with +32.7 bn).
EU27 trade flows with all of its major partners fell. The largest decreases were recorded for exports to Russia (-39% in January-May 2009 compared with January-May 2008), Turkey (-33%), South Korea (-23%) and Norway (-22%), and for imports from Russia (-43%), Japan and Brazil (both -29%), Norway and Turkey (both -28%).
The EU27 trade surplus fell with the USA (+11.5 bn euro in January-May 2009 compared with +27.3 bn in January-May 2008) and Switzerland (+4.8 bn compared with +8.0 bn). The EU27 trade deficit decreased with China (-55.8 bn compared with -60.9 bn), Russia (-16.4 bn compared with -31.1 bn), Norway (-13.3 bn compared with -19.9 bn) and Japan (-9.1 bn compared with -15.0 bn).
Concerning the total trade of Member States, the largest surplus was observed in Germany (+46.3 bn euro in January-May 2009), followed by Ireland (+15.6 bn) and the Netherlands (+13.8 bn). The United Kingdom (-38.0 bn) registered the largest deficit, followed by France (-24.4 bn), Spain (-20.7 bn), Greece (-11.6 bn) and Portugal (-6.8 bn).
Source: Eurostat
Thursday 9 July 2009
EU27 GDP Falls 2.4%
Among the main partners of the EU, GDP decreased by 1.4% in the US in the first quarter of 2009 (-1.6% in the previous quarter). In Japan GDP fell by 3.8% in the first quarter of 2009 (-3.6% in the previous quarter).
Euro area1 (EA16) GDP fell by 2.5% and EU271 GDP by 2.4% during the first quarter of 2009, compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2008, growth rates were -1.8% in both zones.
In comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the first quarter of 2009 by 4.9% in the euro area and by 4.7% in the EU27, after -1.7% and -1.6% respectively in the previous quarter.
In the first quarter of 2009, all Member States for which seasonally adjusted GDP data are available registered a negative growth rate compared with the previous quarter, except Poland (+0.4%) and Cyprus (0.0%).
Variation in components of GDP
In the first quarter of 2009, household2 final consumption expenditure declined by 0.5% in the euro area and by 0.6% in the EU27 (after -0.4% and -0.7% respectively in the previous quarter). Investments fell by 4.1% in the euro area and by 4.5% in the EU27 (after -4.1% and -3.4%). Exports fell by 8.8% in the euro area and by 8.3% in the EU27 (after -7.3% and -6.6%). Imports decreased by 7.6% in the euro area and by 7.8% in the EU27 (after -5.2% and -5.4%).
US GDP down by 1.4%, Japanese GDP down by 3.8%
Among the main partners of the EU, GDP decreased by 1.4% in the US in the first quarter of 2009 (-1.6% in the previous quarter). In Japan GDP fell by 3.8% in the first quarter of 2009 (-3.6% in the previous quarter).
Compared with the first quarter of 2008, GDP declined by 2.5% in the US (-0.8% in the previous quarter) and decreased by 8.4% in Japan (-4.4% in the previous quarter).
Euro area1 (EA16) GDP fell by 2.5% and EU271 GDP by 2.4% during the first quarter of 2009, compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2008, growth rates were -1.8% in both zones.
In comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the first quarter of 2009 by 4.9% in the euro area and by 4.7% in the EU27, after -1.7% and -1.6% respectively in the previous quarter.
In the first quarter of 2009, all Member States for which seasonally adjusted GDP data are available registered a negative growth rate compared with the previous quarter, except Poland (+0.4%) and Cyprus (0.0%).
Variation in components of GDP
In the first quarter of 2009, household2 final consumption expenditure declined by 0.5% in the euro area and by 0.6% in the EU27 (after -0.4% and -0.7% respectively in the previous quarter). Investments fell by 4.1% in the euro area and by 4.5% in the EU27 (after -4.1% and -3.4%). Exports fell by 8.8% in the euro area and by 8.3% in the EU27 (after -7.3% and -6.6%). Imports decreased by 7.6% in the euro area and by 7.8% in the EU27 (after -5.2% and -5.4%).
US GDP down by 1.4%, Japanese GDP down by 3.8%
Among the main partners of the EU, GDP decreased by 1.4% in the US in the first quarter of 2009 (-1.6% in the previous quarter). In Japan GDP fell by 3.8% in the first quarter of 2009 (-3.6% in the previous quarter).
Compared with the first quarter of 2008, GDP declined by 2.5% in the US (-0.8% in the previous quarter) and decreased by 8.4% in Japan (-4.4% in the previous quarter).
Thursday 25 June 2009
Industrial Orders Fall 1.0% in Euro Zone
Industrial new orders down by 1.0% in euro area. Down by 0.5% in EU27.
In April 2009 compared with March 2009, the euro area1 (EA16) industrial new orders index2 fell by 1.0%. In March3 the index decreased by 0.2%. In the EU271 new orders declined by 0.5% in April 2009, after dropping by 0.5% in March3. Excluding ships, railway & aerospace equipment4, for which changes tend to be more volatile, industrial new orders decreased by 0.9% in the euro area, but increased by 0.3% in the EU27.
In April 2009 compared with April 2008, industrial new orders decreased by 35.5% in the euro area and by 35.0% in the EU27. Total industry excluding ships, railway & aerospace equipment4 dropped by 35.3% in the euro area and by 33.8% in the EU27.
In April 2009 compared with March 2009, the euro area1 (EA16) industrial new orders index2 fell by 1.0%. In March3 the index decreased by 0.2%. In the EU271 new orders declined by 0.5% in April 2009, after dropping by 0.5% in March3. Excluding ships, railway & aerospace equipment4, for which changes tend to be more volatile, industrial new orders decreased by 0.9% in the euro area, but increased by 0.3% in the EU27.
In April 2009 compared with April 2008, industrial new orders decreased by 35.5% in the euro area and by 35.0% in the EU27. Total industry excluding ships, railway & aerospace equipment4 dropped by 35.3% in the euro area and by 33.8% in the EU27.
Tuesday 23 June 2009
EU27 Tax Ratio at 39.8% of GDP in 2007
Steady decline in top personal and corporate income tax rates since 2000
The overall tax-to-GDP ratio1 in the EU272 was 39.8% in 2007, a slight increase from 39.7% in 2006. The EU27 tax ratio, which stood at 40.6% in 2000, fell to 38.9% by 2004 and then started to rise.
The overall tax ratio in the euro area2 (EA16) was 40.4% in 2007, and also rose slightly from 40.3% in 2006. Since 2000, taxes in the euro area have followed a similar trend to the EU27, although at a slightly higher level.
In comparison with the rest of the world, the EU27 tax ratio remains generally high, exceeding those of the USA and Japan by some 12 percentage points. However, the tax burden varies significantly between Member States, ranging in 2007 from less than 30% in Romania and Slovakia (both 29.4%) and Lithuania (29.9%), to a little less than 50% in Denmark (48.7%) and Sweden (48.3%).
Since 2000, significant changes in tax-to-GDP ratios have taken place in several Member States. The largest falls were recorded in Slovakia, where the overall tax burden dropped from 34.1% in 2000 to 29.4% in 2007, and Finland (from 47.2% to 43.0%). The highest increases were observed in Cyprus (from 30.0% to 41.6%) and Malta (from 28.2% to 34.7%).
Source: Eurostat
The overall tax-to-GDP ratio1 in the EU272 was 39.8% in 2007, a slight increase from 39.7% in 2006. The EU27 tax ratio, which stood at 40.6% in 2000, fell to 38.9% by 2004 and then started to rise.
The overall tax ratio in the euro area2 (EA16) was 40.4% in 2007, and also rose slightly from 40.3% in 2006. Since 2000, taxes in the euro area have followed a similar trend to the EU27, although at a slightly higher level.
In comparison with the rest of the world, the EU27 tax ratio remains generally high, exceeding those of the USA and Japan by some 12 percentage points. However, the tax burden varies significantly between Member States, ranging in 2007 from less than 30% in Romania and Slovakia (both 29.4%) and Lithuania (29.9%), to a little less than 50% in Denmark (48.7%) and Sweden (48.3%).
Since 2000, significant changes in tax-to-GDP ratios have taken place in several Member States. The largest falls were recorded in Slovakia, where the overall tax burden dropped from 34.1% in 2000 to 29.4% in 2007, and Finland (from 47.2% to 43.0%). The highest increases were observed in Cyprus (from 30.0% to 41.6%) and Malta (from 28.2% to 34.7%).
Source: Eurostat
Friday 19 June 2009
Madrid Region Gets EUR 397m Investment Boost
EIB lends EUR 397 million to Madrid Region
This morning in Madrid, the European Investment Bank (EIB), represented by its Vice-President Carlos da Silva Costa, and the Madrid Region, represented by its President Esperanza Aguirre, signed two loan contracts totalling EUR 397 million for financing investment in educational facilities and the extension of Madrid’s metro network.
Vice-President Carlos Costa stressed that “the signing of these two loans constitutes another step forward in the cooperation between the EIB and the Madrid Region, which goes back more than 20 years. As in the past, these bankable major projects are backed by a competent and experienced promoter, which is why the Madrid Region is one of the biggest recipients of EIB loans in Spain”.
The first operation is a direct EUR 320 million loan to the Region designed to finance works involving 415 colleges and pre-school, primary, secondary and vocational training establishments spread across the region. The project comprises the construction of new schools and the refurbishment and expansion of existing schools, along with the provision of furniture and equipment. It will meet the need to increase the number of school places in the region, whose population is constantly growing, and to upgrade teaching facilities and adapt them to the new learning environment.
MINTRA, a public entity set up by the Madrid Region, will receive the second EUR 77 million loan to finance the extension of lines 2 and 11 of the Madrid Metro. Line 2 will be extended by 4.6 km and get four new stations. Line 11 will be extended by 3.2 km and get one new station. It is estimated that the project will benefit some 83 000 users.
Both the investment in human capital (the construction of more than 400 colleges) and the improvement of key infrastructure (the metro network) will foster the sustainable development of the Madrid region.
The EIB is the EU’s long-term financing institution promoting European objectives. Founded in 1957, it operates in the 27 EU Member States and over 130 other countries worldwide.
EIB financing operations are mounted in the framework of well-defined EU policies.
This morning in Madrid, the European Investment Bank (EIB), represented by its Vice-President Carlos da Silva Costa, and the Madrid Region, represented by its President Esperanza Aguirre, signed two loan contracts totalling EUR 397 million for financing investment in educational facilities and the extension of Madrid’s metro network.
Vice-President Carlos Costa stressed that “the signing of these two loans constitutes another step forward in the cooperation between the EIB and the Madrid Region, which goes back more than 20 years. As in the past, these bankable major projects are backed by a competent and experienced promoter, which is why the Madrid Region is one of the biggest recipients of EIB loans in Spain”.
The first operation is a direct EUR 320 million loan to the Region designed to finance works involving 415 colleges and pre-school, primary, secondary and vocational training establishments spread across the region. The project comprises the construction of new schools and the refurbishment and expansion of existing schools, along with the provision of furniture and equipment. It will meet the need to increase the number of school places in the region, whose population is constantly growing, and to upgrade teaching facilities and adapt them to the new learning environment.
MINTRA, a public entity set up by the Madrid Region, will receive the second EUR 77 million loan to finance the extension of lines 2 and 11 of the Madrid Metro. Line 2 will be extended by 4.6 km and get four new stations. Line 11 will be extended by 3.2 km and get one new station. It is estimated that the project will benefit some 83 000 users.
Both the investment in human capital (the construction of more than 400 colleges) and the improvement of key infrastructure (the metro network) will foster the sustainable development of the Madrid region.
The EIB is the EU’s long-term financing institution promoting European objectives. Founded in 1957, it operates in the 27 EU Member States and over 130 other countries worldwide.
EIB financing operations are mounted in the framework of well-defined EU policies.
Wednesday 17 June 2009
Construction Output Up 0.6% in Euro
Construction output has risen by 0.6% in the euro area, and it's up by 0.7% in the EU27. In the construction sector, seasonally adjusted production1 increased by 0.6% in the euro area2 (EA16) and by 0.7% in the EU272 in April 2009, compared with the previous month.
In March3, production rose by 0.6% and by 0.1% respectively. Compared with April 2008, output in April 2009 dropped by 4.7% in the euro area and by 5.1% in the EU27.
Source: Eurostat
Tuesday 16 June 2009
Euro Area Labour Costs Rose by 3.7%
Euro area labour costs rose by 3.7% in the first quarter of 2009, compared with first quarter 2008. The EU27 rose by 1.5%. Delfationary risks appear to be easing, but structural weakness persists in the EU's top heavy production costs.
Total hourly labour costs in the euro area (EA16) rose by 3.7% in nominal terms in the year up to the first quarter of 2009, compared with 4.0% for the previous quarter2. In the EU27, the annual rise was 1.5% up to the first quarter of 20093, compared with 4.5% for the previous quarter2.
The two main components of labour costs are wages and salaries and non-wage costs. In the euro area, wages and salaries grew by 3.6% in the year up to the first quarter of 2009, and non-wage costs by 4.5%, compared with 3.9% and 4.4% respectively for the fourth quarter of 2008.
In the EU27, wages & salaries rose by 1.1% and the non-wage component by 3.1%. For the previous quarter the corresponding rates were 4.5% and 4.6%.
The breakdown by economic activity shows that in the euro area hourly labour costs rose at an annual rate of 6.1% in industry, 3.6% in construction and 2.4% in services up to the first quarter of 2009. In the EU27, labour costs grew by 5.2% in industry and 2.8% in construction, but fell by 0.5% in services.
Source: Eurostat, the Statistical Office of the European Communities.
Total hourly labour costs in the euro area (EA16) rose by 3.7% in nominal terms in the year up to the first quarter of 2009, compared with 4.0% for the previous quarter2. In the EU27, the annual rise was 1.5% up to the first quarter of 20093, compared with 4.5% for the previous quarter2.
The two main components of labour costs are wages and salaries and non-wage costs. In the euro area, wages and salaries grew by 3.6% in the year up to the first quarter of 2009, and non-wage costs by 4.5%, compared with 3.9% and 4.4% respectively for the fourth quarter of 2008.
In the EU27, wages & salaries rose by 1.1% and the non-wage component by 3.1%. For the previous quarter the corresponding rates were 4.5% and 4.6%.
The breakdown by economic activity shows that in the euro area hourly labour costs rose at an annual rate of 6.1% in industry, 3.6% in construction and 2.4% in services up to the first quarter of 2009. In the EU27, labour costs grew by 5.2% in industry and 2.8% in construction, but fell by 0.5% in services.
Source: Eurostat, the Statistical Office of the European Communities.
Atonement - All That Glisters Is Not Gold
European Business Express ran this editorial two years ago, just as we were all learning to say 'sub-prime'. Get ready for a return to high oil prices and a steady climb in housing demand.
Atonement, starring Keira Knightley, opened this year’s Venice Film Festival. A galling tale of perception and deceit, it has at its core Shakespeare’s message from The Merchant of Venice, “All that glisters is not gold.” Gold has passed out of fashion, but with some analysts predicting prices of $1000 an ounce, the Gold Standard is making a return.
Shylock would have scorned Northern Rock, accused and applauded the Bank of England in suitable measure, and suffered greatly with a daughter such as Knightley’s character ‘Cecilia’, ensnared by confusion and an unrelenting tide of events.
Ms Knightley’s publicist would punch out weight-loss denials at mere mention of a pound flesh, but could do little to assuage concerns that financial markets are anorexic. Markets are currently adjusting to ongoing sub-prime turbulence, but it is a play on words.
Innovation and increasingly perfect information have conspired to encourage risk-taking. This will continue. The banking system relies no longer on strolls along elegant Venetian canals to gauge risk and weigh opportunity. In an instant, risk is calculated.
Investors seeking to avoid “moral hazard” will have taken no comfort as the United Kingdom’s Chancellor guaranteed the savings of Northern Rock customers. Politicians can no longer serve a ruling class. Economic growth depends on the perceived wealth of voters, their capacity to borrow and spend, their provision of tax revenue and electoral success.
We believe what we want to, what we need to. Economics is a confidence trick, gold is actually worth nothing. The current “crisis” is little more than an adjustment; perhaps a little painful for a time, but the markets will recover, and move on, for there is much to be gained from confusion and swimming with the unrelenting tide of events. When it comes to the economy, there is no atonement. It is a work of fiction.”
Atonement, starring Keira Knightley, opened this year’s Venice Film Festival. A galling tale of perception and deceit, it has at its core Shakespeare’s message from The Merchant of Venice, “All that glisters is not gold.” Gold has passed out of fashion, but with some analysts predicting prices of $1000 an ounce, the Gold Standard is making a return.
Shylock would have scorned Northern Rock, accused and applauded the Bank of England in suitable measure, and suffered greatly with a daughter such as Knightley’s character ‘Cecilia’, ensnared by confusion and an unrelenting tide of events.
Ms Knightley’s publicist would punch out weight-loss denials at mere mention of a pound flesh, but could do little to assuage concerns that financial markets are anorexic. Markets are currently adjusting to ongoing sub-prime turbulence, but it is a play on words.
Innovation and increasingly perfect information have conspired to encourage risk-taking. This will continue. The banking system relies no longer on strolls along elegant Venetian canals to gauge risk and weigh opportunity. In an instant, risk is calculated.
Investors seeking to avoid “moral hazard” will have taken no comfort as the United Kingdom’s Chancellor guaranteed the savings of Northern Rock customers. Politicians can no longer serve a ruling class. Economic growth depends on the perceived wealth of voters, their capacity to borrow and spend, their provision of tax revenue and electoral success.
We believe what we want to, what we need to. Economics is a confidence trick, gold is actually worth nothing. The current “crisis” is little more than an adjustment; perhaps a little painful for a time, but the markets will recover, and move on, for there is much to be gained from confusion and swimming with the unrelenting tide of events. When it comes to the economy, there is no atonement. It is a work of fiction.”
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