Wienerberger Strategy CEE Outlook on FY 2007 / 2008

Size: px
Start display at page:

Download "Wienerberger Strategy CEE Outlook on FY 2007 / 2008"

Transcription

1 Wienerberger Strategy CEE Outlook on FY 2007 / 2008 Johann Windisch, COO Content Wienerberger growth into CEE Economic environment in CEE CEE Countries A detailed view Semmelrock Outlook on CEE 2 1

2 Growth into CEE in Concentric Circles Hungary: 90 Czech Republic & Slovakia: 92 & 93 Poland: 94 Croatia: 96 Slovenia: 99 Romania: Estonia: 03 Russia: 06 Bulgaria: 07 3 Strong Track Record in the Past Market entry with own production 1990 Hungary # of plants today 23 Thereof brick plants Czech Republic Slovakia Poland Croatia Slovenia Romania Estonia Russia Bulgaria Wienerberger plants Wienerberger export markets Baltic States, Ukraine and Bosnia 4 2

3 Hollow Bricks in Eastern Europe a Traditional Product 100% Market share of bricks as % of walling materials 80% 60% 80% 80% 70% 60% 50% 50% European average: 60% 40% 40% 20% 0% Croatia Hungary Slovenia Czech Rep. Slovakia Romania Poland Source: Wienerberger rough estimates; Note: weighted average 5 Why Could We Grow So Fast? Growing economies emerging markets Stong brick tradition and increasingly Western oriented Outdated existing local structures: - Management skills and roll out - Inefficient plant sizes and assets new technology - Low quality of bricks introduction of industrialized products GDP real (yoy in %) 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% Russia BUL PL CZ ROM HUN Growth potential for developed products 6 3

4 The Economic Situation in CEE Good skilled and highly motivated people Investments are a key driver for growth / large share of FDI Improving labor market supports consumption and confidence Economies benefit from EU accessions 7 Current GDP/capita Levels in Eastern Europe Indicate Pent-up Demand GDP real per capita 2006 (in TEUR) 37,00 33,00 Ø Western Europe at ,00 25,00 21,00 17,00 Strong growth potential throughout the region 13,00 9,00 5,00 1,00 SLO CZ HUN SK Baltics CRO PL RUS ROM Serbia BUL BiH UKR Source: WIFO Austria, CEE Research BACA 8 4

5 Current Housing Start Levels in Eastern Europe Offer Long-term Potential 8,0 Housing Starts per 1,000 residents, Forecast ,0 6,0 5,0 4,0 Growth potential Ø Western Europe at 5.1 (excl. Spain and Ireland) 3,0 2,0 1,0 0,0 * * A CZ PL SK HUN ROM BUL CH I GER F B SCAN NL UK USA Central-East Europe Central-West Europe North-West Europe North America Source: Euroconstruct June 2007 * building completions 9 Growing Mortgage Share Provides Potential for New Residential Construction 41,0% 36,0% CAGR % 68.7% 37.1% 27.4% 23.8% 23.2% 11.8% figures in % = mortgage share of GDP 31,0% 26,0% 24% 21,0% 16,0% 11,0% 6,0% 1,0% EUROzone 1,3% 7,2% 7,3% 11,5% Austria Russia Bulgaria Poland Czech Republic 2,4% Romania 11,4% Hungary 10 5

6 Growth Potential in CEE Strong pent-up demand for housing Demand for developed brick products Good skilled and highly motivated people New technology Efficient local management 11 CEE Countries - a Detailed View 6

7 Hungary One of the Most Mature Markets Key data: - Area: 93,033 km 2 - Population: 10.1 mill. - GDP p.c. ( 06): 8,900 - Housing starts 1) ( 07): ) Per 1,000 capita 13 Hungary Market entry 1990 Wienerberger growth: - Strong brick market (market share today: >80%) - Growing housing market Building up market position and consolidation of the market Due to fiscal policy (increase of taxes) slow down of housing market Exports to Romania, Bulgaria and Ukraine in 2006/07 Revenues in mill e 14 7

8 Hungary Market: - Slight recovery of domestic market - Shift in demand to value added products Wienerberger: investments in value added products - Market penetration with planed bricks (adjustment of 3 plants) - Uphold exports (to Bulgaria, Romania and Ukraine) 15 Poland One of the Largest Markets Key data: - Area: 312,685 km 2 - Population: 38.1 mill. - GDP p.c. ( 06): 7,100 - Housing starts 1) ( 07): ) Per 1,000 capita 16 8

9 Poland Rebound in 2006 Market entry 1994 Wienerberger growth: - Growing housing market - Establishing industrialized products After a slump in 2005 strong market growth in the last 2 years Today: strong market position with further growth potential Revenues in mill e 17 Poland Market: - Pent-up demand as driver for the housing market - Lack of skilled workers Wienerberger: investments in all product areas planned: - Hollow bricks: extend capacities by 30% until 2009 (extension Lebork and Tobre Construction of Olesnica project pipeline for further plants) - Facing bricks: extension of Torun plant (double capacity) Total investments: 60 mill. 18 9

10 Czech Republic and Slovakia Key data CZ: - Area: 78,867 km 2 - Population: 10.3 mill. - GDP p.c. ( 06): 11,100 - Housing starts 1) ( 07): 4.46 Key data SK: - Area: 64,589 km 2 - Population: 5.4 mill. - GDP p.c. ( 06): 8,100 - Housing starts 1) ( 07): ) Per 1,000 capita 19 Czech Republic and Slovakia Market entry 1992/1993 Wienerberger growth: Revenues in mill. - Strong brick markets (market share today: 50%) - Growing housing market, pent up demand Strong market positions Housing markets on good levels e 20 10

11 Czech Republic and Slovakia Markets: - CZ: solid development of the housing market - SK: growth potential triggered by heavy FDI Wienerberger: investments in hollow bricks and value added products - Construction of hollow brick plant Hodonin at the CZ/SK border to serve regional markets (scheduled begin of 2009 capcity: 140 mill. NF, investment: < 25 mill.) - Increase market penetration of planed bricks 21 Russia Key data: - Area: 16,995,800 km 2 - Population: mill. - GDP p.c. ( 06): 5,500 - Unemployment rate: 6,9% Key drivers for growing economy: - Budget surplus - Natural Resources - Growing FDI - Increase in Exports - Energy 1) Per 1,000 capita 22 11

12 Large Market Potential in Russia Through Regional Areas and Migration to Cities Potential due to: - Growing middle class - Renewal Renovation - Migration to cities Living space per capita in sqm Russia 21 European average 40 USA Federal Program for Affordable Housing as Growth Driver Started by Putin in 2005 Very ambitious (double construction of new living space per inhabitant within 5 years) Strong driver for housing market Construction of New Living Space in mill. m 2 41,0 36,4 33,8 43,6 50,6 57,9 65,3 72,6 Target communicated by the Russian government 80, e 2008e 2009e 2010e Source: UBS Research 24 12

13 Russia Is Not ONE Market Not ONE market but several regional fast growing areas: - Moscow and surroundings: 17 mill. inhabitants - Rostov & Krasnodar: 9 mill. inhabitants - Tartastan & Barschkortostan: 9 mill. Inhabitants Regional areas are centers of economic development and growth 25 Russia Market entry in 2006 with the first plant in Kiprevo (Moscow area) Accelerated investment in hollow bricks until Currently 2 hollow brick plants under construction (extension of Kiprevo and construction of Kazan until second half of Plan to build 6 more plants within the next 5 years in the fast growing areas Investment approx mill

14 Ukraine Challenging Environment Key data: - Area: 603,700 km 2 - Population: 46.9 mill. - GDP p.c. ( 06): 1,800 - Housing starts 1) ( 07): 1.9 Local organisation in place Market served via imports from PL, HUN and SK Construction of greenfield plant 1) Per 1,000 capita 27 Ukraine Market: - Difficult legal environment - Pent-up demand for housing - Only small brick formats available Wienerberger: market entry by greenfield project - Start of construction of a hollow brick plant scheduled for Challenging environment 28 14

15 Semmelrock Semmelrock Strong Growth Revenues CAGR: 22% EBITDA CAGR: 32%

16 Strongly Growing Company in CEE Founded by Wolfgang Semmelrock in 1958 Since 1996 a 75% subsidiary of Wienerberger AG Market leader for high-quality concrete pavers in CEE International presence with 14 plants 2007 and the Future Goal is to increase position as the leading supplier of high-quality concrete pavers in Central-East Europe: Investments of more than 45 mill. in growth projects from Expansion in existing markets and development of business in new countries - Increase production capacity in CEE by 50% and strengthen market positions Stronger presence in growth market Poland Expansion in Croatia and Romania plus market entry in Bulgaria 32 16

17 Outlook on CEE 33 Strong Revenue Growth in Central-East Europe Segment Revenues ( mill.) CEE CAGR: 16% Consensus e 34 17

18 and Even More Impressive EBITDA Growth EBITDA ( mill.) CEE CAGR: 18% Consensus e 35 Outlook on Building Material Markets Mature markets with further potential - CZ, SK, HUN, SLO Strong long-term growth potential in - PL, ROM, BUL and Ukraine: due to pent-up demand for quality housing and increasing wealth Strong growth in Russia, due to governmental focus on residential construction Long-term growth trend with ups and downs 36 18

19 Wienerberger CEE Strategy 2008 Central-East Europe - Expansion of capacity mainly in Poland, Bulgaria, Romania and Baltics - Development of market position in Balkan states - Market entry into Ukraine Russia - Further capacity expansion through extension of existing and construction of new plants in Kiprevo and Kazan 37 Planned Growth Investments Focus bolt-on program in CEE: - Approx. 25 new hollow bricks (HB) plants in Eastern Europe until new HB plants in Russia - 17 new HB plants in Eastern Europe, mainly Rumania, Bulgaria, Poland and Ukraine - Massive increase in capacity (nearly doubeling from 4.0 bn. to 7.0 bn. units) - 6 new paver plants in Poland, Croatia, Romania plus market entry into Bulgaria (investment > 45 mill.)

The Construction Industry in Central and Eastern Europe Bucharest, May 19 th 2014

The Construction Industry in Central and Eastern Europe Bucharest, May 19 th 2014 Interconnection Vienna I Bratislava I Oberstdorf I Lviv I Mexico City we show you the way www.interconnectionconsulting.com The Construction Industry in Central and Eastern Europe Bucharest, May 19 th

More information

WILL CHINA S SLOWDOWN BRING HEADWINDS OR OPPORTUNITIES FOR EUROPE AND CENTRAL ASIA?

WILL CHINA S SLOWDOWN BRING HEADWINDS OR OPPORTUNITIES FOR EUROPE AND CENTRAL ASIA? ECA Economic Update April 216 WILL CHINA S SLOWDOWN BRING HEADWINDS OR OPPORTUNITIES FOR EUROPE AND CENTRAL ASIA? Maurizio Bussolo Chief Economist Office and Asia Region April 29, 216 Bruegel, Brussels,

More information

OVERVIEW OF CENTRAL AND EASTERN EUROPE CAR MARKETS

OVERVIEW OF CENTRAL AND EASTERN EUROPE CAR MARKETS OVERVIEW OF CENTRAL AND EASTERN EUROPE CAR MARKETS MAY 2005 Presentation by Dale Butcher Group Development Director, Inchcape plc OVERVIEW OF CEE AUTOMOTIVE MARKETS 322 ( 000 Units) 354 2 137 17.5 Estonia

More information

WORLDWIDE DISTRIBUTION OF PRIVATE FINANCIAL ASSETS

WORLDWIDE DISTRIBUTION OF PRIVATE FINANCIAL ASSETS WORLDWIDE DISTRIBUTION OF PRIVATE FINANCIAL ASSETS Munich, November 2018 Copyright Allianz 11/19/2018 1 MORE DYNAMIC POST FINANCIAL CRISIS Changes in the global wealth middle classes in millions 1,250

More information

Is the transition countries reliance on foreign capital a sign of success or failure?

Is the transition countries reliance on foreign capital a sign of success or failure? Is the transition countries reliance on foreign capital a sign of success or failure? Christoph Rosenberg IMF Regional Office for Central Europe and the Baltics UNECE FfD Regional Consultation Expert Meeting

More information

Challenges for Baltics as for the Eurozone countries having Advanced Economy status

Challenges for Baltics as for the Eurozone countries having Advanced Economy status Challenges for Baltics as for the Eurozone countries having Advanced Economy status 4th European High-level Panel Discussion on Banking Vilnius, February 4, 216 Bas B. Bakker Senior Regional Resident Representative

More information

The Economies in Transition: The Recovery

The Economies in Transition: The Recovery Georgetown University From the SelectedWorks of Robert C. Shelburne October, 2011 The Economies in Transition: The Recovery Robert C. Shelburne, United Nations Economic Commission for Europe Available

More information

The economic outlook for Europe and Central Asia, including the impact of China

The economic outlook for Europe and Central Asia, including the impact of China ECA Economic Update April 216 The economic outlook for and, including the impact of China Hans Timmer Chief Economist and Region April 7, 216 Kiev, Ukraine 1 Overview Low growth is expected in and (ECA),

More information

Eastern Europe: Economic Developments and Outlook. Miroslav Singer

Eastern Europe: Economic Developments and Outlook. Miroslav Singer Eastern Europe: Economic Developments and Outlook Miroslav Singer Governor, Czech National Bank Distinguished Speakers Seminar European Economics & Financial Centre London, 22 July 2014 Miroslav Význam

More information

The Boom-Bust in the EU New Member States: The Role of Fiscal Policy

The Boom-Bust in the EU New Member States: The Role of Fiscal Policy The Boom-Bust in the EU New Member States: The Role of Fiscal Policy JVI Lecture, Vienna, January 21, 216 Bas B. Bakker Senior Regional Resident Representative for Central and Eastern Europe Outline The

More information

Varieties of Capitalism and Welfare States Policy and Performance

Varieties of Capitalism and Welfare States Policy and Performance WELFARE, WEALTH AND WORK A NEW GROWTH PATH FOR EUROPE A European research consortium is working on the analytical foundations for a new socio-ecological growth model Varieties of Capitalism and Welfare

More information

The Economies in Transition: The Recovery Project LINK, New York 2011 Robert C. Shelburne Economic Commission for Europe

The Economies in Transition: The Recovery Project LINK, New York 2011 Robert C. Shelburne Economic Commission for Europe The Economies in Transition: The Recovery Project LINK, New York 2011 Robert C. Shelburne Economic Commission for Europe EiT growth was similar or above developing countries pre-crisis, but significantly

More information

Mark Allen. The Financial Crisis and Emerging Europe: What Happened and What s Next? Senior IMF Resident Representative for Central and Eastern Europe

Mark Allen. The Financial Crisis and Emerging Europe: What Happened and What s Next? Senior IMF Resident Representative for Central and Eastern Europe The Financial Crisis and Emerging Europe: What Happened and What s Next? Seminar with Romanian Trade Unions Bucharest, November 2, 21 Mark Allen Senior IMF Resident Representative for Central and Eastern

More information

The catching up process in CESEE countries

The catching up process in CESEE countries The catching up process in CESEE countries Gertude Tumpel-Gugerell Institutional quality and sustainable economic convergence 7th ECB conference on central, eastern and south eastern European (CESEE) countries

More information

The Impact of the Global Economic Crisis on Central and Eastern Europe. Mark Allen

The Impact of the Global Economic Crisis on Central and Eastern Europe. Mark Allen The Impact of the Global Economic Crisis on Central and Eastern Europe Fourth Central European CEMS Conference Warsaw, February 25, 211 Mark Allen Senior IMF Resident Representative for Central and Eastern

More information

Emerging Markets: Russia & the CIS Responding to Rising Demand

Emerging Markets: Russia & the CIS Responding to Rising Demand Emerging Markets: Russia & the CIS Responding to Rising Demand Stuart Hensel Senior Analyst May 3rd 2007 Russia & the CIS: Interest Rising As seen by: FDI inflows & outflows Lending flows Growing CIS presence

More information

Extended Findings. Finland. ecfr.eu/eucoalitionexplorer. Question 1: Most Contacted

Extended Findings. Finland. ecfr.eu/eucoalitionexplorer. Question 1: Most Contacted Extended Findings Finland Preferences Question 1: Most Contacted Finland (2%) is not amongst the most contacted countries within the EU: Germany (22%), France (13%), the UK (11%), Poland (7%), Italy (6%),

More information

Migration Challenge or Opportunity? - Introduction. 15th Munich Economic Summit

Migration Challenge or Opportunity? - Introduction. 15th Munich Economic Summit Migration Challenge or Opportunity? - Introduction 15th Munich Economic Summit Clemens Fuest 30 June 2016 What do you think are the two most important issues facing the EU at the moment? 40 35 2014 2015

More information

wiiw releases 2018 Handbook of Statistics covering 22 CESEE economies

wiiw releases 2018 Handbook of Statistics covering 22 CESEE economies Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies PRESS RELEASE 21 January 2019 wiiw releases 2018 Handbook of Statistics covering 22 CESEE

More information

Context Indicator 17: Population density

Context Indicator 17: Population density 3.2. Socio-economic situation of rural areas 3.2.1. Predominantly rural regions are more densely populated in the EU-N12 than in the EU-15 Context Indicator 17: Population density In 2011, predominantly

More information

European Tourism Trends & Prospects Executive Summary

European Tourism Trends & Prospects Executive Summary 1 European Tourism Trends & Prospects Executive Summary Turkey Iceland Montenegro Serbia Slovenia Malta Cyprus Finland Croatia Latvia Netherlands Belgium Portugal Poland Romania Czech Rep Bulgaria Spain

More information

After the crisis: what new lessons for euro adoption?

After the crisis: what new lessons for euro adoption? After the crisis: what new lessons for euro adoption? Zsolt Darvas Croatian Parliament 15 November 2017, Zagreb Background and questions Among the first 15 EU member states, Mediterranean countries experienced

More information

"Science, Research and Innovation Performance of the EU 2018"

Science, Research and Innovation Performance of the EU 2018 "Science, Research and Innovation Performance of the EU 2018" Innovation, Productivity, Jobs and Inequality ERAC Workshop Brussels, 4 October 2017 DG RTD, Unit A4 Key messages More robust economic growth

More information

Are Labour Markets in the New Member States sufficiently flexible for EMU?

Are Labour Markets in the New Member States sufficiently flexible for EMU? ECB/CEPR Labour Market Workshop 2005 Are Labour Markets in the New Member States sufficiently flexible for EMU? Frankfurt am Main, Eurotower 20-21 June 2005 Tito Boeri and Pietro Garibaldi Fondazione RDB,

More information

Poland s ECONOMIC PERFORMANCE

Poland s ECONOMIC PERFORMANCE Poland s ECONOMIC PERFORMANCE Trade and Investment Promotion Section Embassy of the Republic of Poland in The Hague June 2014 Project co-financed by the European Union from European Regional Development

More information

THIS IS AUSTRIA. Facts & Figures. November Austrian Federal Economic Chamber Economic Policy Department

THIS IS AUSTRIA. Facts & Figures. November Austrian Federal Economic Chamber Economic Policy Department THIS IS AUSTRIA Facts & Figures November 2016 Austrian Federal Economic Chamber Economic Policy Department wp@wko.at 1 AUSTRIA AT A GLANCE The Federal Republic of Austria is a small and open economy located

More information

Economic Growth, Foreign Investments and Economic Freedom: A Case of Transition Economy Kaja Lutsoja

Economic Growth, Foreign Investments and Economic Freedom: A Case of Transition Economy Kaja Lutsoja Economic Growth, Foreign Investments and Economic Freedom: A Case of Transition Economy Kaja Lutsoja Tallinn School of Economics and Business Administration of Tallinn University of Technology The main

More information

Ilze JUREVIČA Ministry of Environmental Protection and Regional Development Regional Policy Department

Ilze JUREVIČA Ministry of Environmental Protection and Regional Development Regional Policy Department Role of small and medium sized urban areas in territorial development: Latvian experience and plans for the upcoming Latvian presidency of the Council of the EU Ilze JUREVIČA Ministry of Environmental

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN DECEMBER 2016

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN DECEMBER 2016 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN DECEMBER 2016 In December 2016, the number of the trips of Bulgarian residents abroad was 397.3 thousand (Annex,

More information

Stimulating Investment in the Western Balkans. Ellen Goldstein World Bank Country Director for Southeast Europe

Stimulating Investment in the Western Balkans. Ellen Goldstein World Bank Country Director for Southeast Europe Stimulating Investment in the Western Balkans Ellen Goldstein World Bank Country Director for Southeast Europe February 24, 2014 Key Messages Location, human capital and labor costs make investing in the

More information

9 th International Workshop Budapest

9 th International Workshop Budapest 9 th International Workshop Budapest 2-5 October 2017 15 years of LANDNET-working: an Overview Frank van Holst, LANDNET Board / RVO.nl 9th International LANDNET Workshop - Budapest, 2-5 October 2017 Structure

More information

What does the Tourism Demand Surveys tell about long distance travel? Linda Christensen Otto Anker Nielsen

What does the Tourism Demand Surveys tell about long distance travel? Linda Christensen Otto Anker Nielsen What does the Tourism Demand Surveys tell about long distance travel? Linda Christensen Otto Anker Nielsen Overview of the presentation 1. The Tourism Demand Survey 2. Data 3. Share of respondents travelling

More information

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2013: A Further Decline

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2013: A Further Decline January 31, 2013 ShadEcEurope31_Jan2013.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2013: A Further Decline by Friedrich Schneider *) In the Tables

More information

Consumer Barometer Study 2017

Consumer Barometer Study 2017 Consumer Barometer Study 2017 The Year of the Mobile Majority As reported mobile internet usage crosses 50% 2 for the first time in all 63 countries covered by the Consumer Barometer Study 1, we look at

More information

AHK Members Meeting. Lithuania as a hot spot for investors. Dr. Marius Skuodis, Dr. Gitanas Nausėda and Vytenė Stašaitytė. With

AHK Members Meeting. Lithuania as a hot spot for investors. Dr. Marius Skuodis, Dr. Gitanas Nausėda and Vytenė Stašaitytė. With AHK Members Meeting Lithuania as a hot spot for investors With Dr. Marius Skuodis, Dr. Gitanas Nausėda and Vytenė Stašaitytė AHK Business Survey 2018 Results from Lithuania Key Findings Lithuania rated

More information

Through the Financial Crisis

Through the Financial Crisis Comments on: How Latvia Came Through the Financial Crisis Mark Griffiths (mgriffiths@imf.org) European Department International Monetary Fund Outline 1. Economic performance under the program Program succeeded

More information

The EU on the move: A Japanese view

The EU on the move: A Japanese view The EU on the move: A Japanese view H.E. Mr. Kazuo KODAMA Ambassador of Japan to the EU Brussels, 06 February 2018 I. The Japan-EU EPA Table of Contents 1. World GDP by Country (2016) 2. Share of Japan

More information

A REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA. April 17, 2015 Spring Meetings

A REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA. April 17, 2015 Spring Meetings A REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA April 17, 2015 Spring Meetings A Rebalancing Act in Emerging Europe and Central Asia ECA is expected to be the slowest growing region worldwide with

More information

European patent filings

European patent filings Annual Report 07 - European patent filings European patent filings Total filings This graph shows the geographic origin of the European patent filings. This is determined by the country of residence of

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN AUGUST 2016

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN AUGUST 2016 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN AUGUST 2016 In August 2016, the number of the trips of Bulgarian residents abroad was 590.6 thousand (Annex, Table

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN AUGUST 2015

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN AUGUST 2015 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN AUGUST 2015 In August 2015, the number of the trips of Bulgarian residents abroad was 512.0 thousand (Annex, Table

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN MAY 2017

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN MAY 2017 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN MAY 2017 In May 2017, the number of the trips of Bulgarian residents abroad was 653.3 thousand (Annex, Table 1) or

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN FEBRUARY 2017

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN FEBRUARY 2017 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN FEBRUARY 2017 In February 2017, the number of the trips of Bulgarian residents abroad was 366.8 thousand (Annex,

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN MARCH 2016

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN MARCH 2016 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN MARCH 2016 In March 2016, the number of the trips of Bulgarian residents abroad was 354.7 thousand (Annex, Table

More information

Razvojni trendi kitajskega gospodarstva v okviru 5-letnega načrta ( ): priložnosti in izzivi za mehanizem 16+1

Razvojni trendi kitajskega gospodarstva v okviru 5-letnega načrta ( ): priložnosti in izzivi za mehanizem 16+1 Razvojni trendi kitajskega gospodarstva v okviru 5-letnega načrta (2016-2020): priložnosti in izzivi za mehanizem 16+1 Dr. Matevž Rašković Univerza v Ljubljani, Ekonomska Fakulteta; in Shanghai University

More information

Territorial Evidence for a European Urban Agenda

Territorial Evidence for a European Urban Agenda ESPON Workshop: Territorial Evidence for a European Urban Agenda The territorial and urban issues in the 6th Cohesion Report Alexandros Karvounis Economic Analysis Unit, DG REGIO 25 November 2014, Brussels

More information

Austerity and Gender Equality Policy: a Clash of Policies? Francesca Bettio University of Siena Italy ( ENEGE Network (

Austerity and Gender Equality Policy: a Clash of Policies? Francesca Bettio University of Siena Italy (  ENEGE Network ( Austerity and Gender Equality Policy: a Clash of Policies? Francesca Bettio University of Siena Italy (www.unisi.it) ENEGE Network (www.enege.eu) highlights Disentangling the impact of the crisis versus

More information

Introduction: The State of Europe s Population, 2003

Introduction: The State of Europe s Population, 2003 Introduction: The State of Europe s Population, 2003 Changes in the size, growth and composition of the population are of key importance to policy-makers in practically all domains of life. To provide

More information

Convergence: a narrative for Europe. 12 June 2018

Convergence: a narrative for Europe. 12 June 2018 Convergence: a narrative for Europe 12 June 218 1.Our economies 2 Luxembourg Ireland Denmark Sweden Netherlands Austria Finland Germany Belgium United Kingdom France Italy Spain Malta Cyprus Slovenia Portugal

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN SEPTEMBER 2015

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN SEPTEMBER 2015 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN SEPTEMBER 2015 In September 2015, the number of the trips of Bulgarian residents abroad was 450.9 thousand (Annex,

More information

CLOUDY OUTLOOK FOR GROWTH IN EMERGING EUROPE AND CENTRAL ASIA

CLOUDY OUTLOOK FOR GROWTH IN EMERGING EUROPE AND CENTRAL ASIA CLOUDY OUTLOOK FOR GROWTH IN EMERGING EUROPE AND CENTRAL ASIA Presentation by Laura Tuck, Vice President, ECA Hans Timmer, Chief Economist, ECA October 8, 2014 Annual Meetings Three key trends for Emerging

More information

Italy Luxembourg Morocco Netherlands Norway Poland Portugal Romania

Italy Luxembourg Morocco Netherlands Norway Poland Portugal Romania 1. Label the following countries on the map: Albania Algeria Austria Belgium Bulgaria Czechoslovakia Denmark East Germany Finland France Great Britain Greece Hungary Iceland Ireland Italy Luxembourg Morocco

More information

Participation in the EU Internal Market: the experience of NMS and its relevance to the ENP

Participation in the EU Internal Market: the experience of NMS and its relevance to the ENP Center for Social and Economic Research Marek Dabrowski Participation in the EU Internal Market: the experience of NMS and its relevance to the ENP Presentation prepared for the 10th Euro-Med Economic

More information

3-The effect of immigrants on the welfare state

3-The effect of immigrants on the welfare state 3-The effect of immigrants on the welfare state Political issues: Even if in the long run migrants finance the pay as you go pension system, migrants may be very costly for the destination economy because

More information

Macroeconomic Outlook and Challenges for the CEE Region. Luboš Komárek CFO Executive Summit Prague, 29 th April 2015

Macroeconomic Outlook and Challenges for the CEE Region. Luboš Komárek CFO Executive Summit Prague, 29 th April 2015 Macroeconomic Outlook and Challenges for the CEE Region Luboš Komárek CFO Executive Summit Prague, 29 th April 2015 Outline I. Mapping out the current situation and economic forecast United States Euro

More information

The effect of migration in the destination country:

The effect of migration in the destination country: The effect of migration in the destination country: This topic can be broken down into several issues: 1-the effect of immigrants on the aggregate economy 2-the effect of immigrants on the destination

More information

ERGP REPORT ON CORE INDICATORS FOR MONITORING THE EUROPEAN POSTAL MARKET

ERGP REPORT ON CORE INDICATORS FOR MONITORING THE EUROPEAN POSTAL MARKET ERGP (15) 27 Report on core indicators for monitoring the European postal market ERGP REPORT ON CORE INDICATORS FOR MONITORING THE EUROPEAN POSTAL MARKET 3 December 2015 CONTENTS 1. EXECUTIVE SUMMARY...

More information

Asylum in the EU28 Large increase to almost asylum applicants registered in the EU28 in 2013 Largest group from Syria

Asylum in the EU28 Large increase to almost asylum applicants registered in the EU28 in 2013 Largest group from Syria STAT/14/46 24 March 2014 Asylum in the EU28 Large increase to almost 435 000 asylum applicants registered in the EU28 in 2013 Largest group from Syria In 2013, 435 000 asylum applicants 1 were registered

More information

Supplementary figures

Supplementary figures Supplementary figures Source: OECD (211d, p. 8). Figure S3.1 Business enterprise expenditure on R&D, 1999 and 29 (as a percentage of GDP) ISR FIN SWE KOR (1999, 28) JPN CHE (2, 28) USA (1999, 28) DNK AUT

More information

European Union Passport

European Union Passport European Union Passport European Union Passport How the EU works The EU is a unique economic and political partnership between 28 European countries that together cover much of the continent. The EU was

More information

Asylum Levels and Trends: Europe and non-european Industrialized Countries, 2003

Asylum Levels and Trends: Europe and non-european Industrialized Countries, 2003 Asylum Levels and Trends: Europe and non-european Industrialized Countries, 2003 A comparative overview of asylum applications submitted in 44 European and 6 non-european countries in 2003 and before 24

More information

The Belarusian Hub for Illicit Tobacco

The Belarusian Hub for Illicit Tobacco The Belarusian Hub for Illicit Tobacco Executive summary Authors: Francesco Calderoni Anna Brener Mariya Karayotova Martina Rotondi Mateja Zorč 1 Belarus and Russia are among the major suppliers of illicit

More information

Special Eurobarometer 467. Report. Future of Europe. Social issues

Special Eurobarometer 467. Report. Future of Europe. Social issues Future of Europe Social issues Fieldwork Publication November 2017 Survey requested by the European Commission, Directorate-General for Communication and co-ordinated by the Directorate- General for Communication

More information

79 th EUROCONSTRUCT Summary Report

79 th EUROCONSTRUCT Summary Report 79th EUROCONSTRUCT Conference 11-12 June 2015, Warsaw 79 th 79 th EUROCONSTRUCT Summary Report European Construction: Market Trends until 2017 HONORA RY PATRON: EUROCONSTRUCT, November 2014 79th EUROCONSTRUCT

More information

Alternative views of the role of wages: contours of a European Minimum Wage

Alternative views of the role of wages: contours of a European Minimum Wage Alternative views of the role of wages: contours of a European Minimum Wage Europe at a crossroads which way to quality jobs and prosperity? ETUI-ETUC Conference Brussels, 24-26 September 2014 Dr. Torsten

More information

Central and Eastern European Countries : their progress toward accession to the European Union

Central and Eastern European Countries : their progress toward accession to the European Union www.asmp.fr - Académie des Sciences morales et politiques Discours de M. Jacques de Larosière en date du 15 octobre 2002 Central and Eastern European Countries : their progress toward accession to the

More information

The global and regional policy context: Implications for Cyprus

The global and regional policy context: Implications for Cyprus The global and regional policy context: Implications for Cyprus Dr Zsuzsanna Jakab WHO Regional Director for Europe Policy Dialogue on Health System and Public Health Reform in Cyprus: Health in the 21

More information

wiiw Workshop Connectivity in Central Asia Mobility and Labour Migration

wiiw Workshop Connectivity in Central Asia Mobility and Labour Migration wiiw Workshop Connectivity in Central Asia Mobility and Labour Migration Vienna 15-16 December 2016 Radim Zak Programme Manager, ICMPD Radim.Zak@icmpd.org The project is funded by the European Union What

More information

HB010: Year of the survey

HB010: Year of the survey F4: Quality of life HB010: Year of the survey Year (four digits) Flags 2018 Operation 158 F4: Quality of life HB020: Country Reference period Constant Mode of collection Frame BE Belgique/Belgïe BG Bulgaria

More information

Special Eurobarometer 461. Report. Designing Europe s future:

Special Eurobarometer 461. Report. Designing Europe s future: Designing Europe s future: Trust in institutions Globalisation Support for the euro, opinions about free trade and solidarity Fieldwork Survey requested by the European Commission, Directorate-General

More information

Economic Meaning of Emerging Communication Technologies for CEE Countries and Baltic States. CEE Countries and Baltic States

Economic Meaning of Emerging Communication Technologies for CEE Countries and Baltic States. CEE Countries and Baltic States Economic Meaning of Emerging Communication Technologies for CEE Countries and Baltic States Jaroslaw K. Ponder Market, Economics and Fianance Unit Telecommunciation Development Biureau International Telecommunication

More information

Annual Report on Migration and International Protection Statistics 2009

Annual Report on Migration and International Protection Statistics 2009 Annual Report on Migration and International Protection Statistics 2009 Produced by the European Migration Network June 2012 This EMN Synthesis Report summarises the main findings of National Reports analysing

More information

CEE Annual Compliance Update

CEE Annual Compliance Update CEE Annual Compliance Update Madina Torchinova Regional Compliance Officer CEE, Sandoz The Sixth International Pharmaceutical Compliance Congress and Best Practices Forum Budapest, May 14-16, 2012 a Novartis

More information

September 2012 Euro area unemployment rate at 11.6% EU27 at 10.6%

September 2012 Euro area unemployment rate at 11.6% EU27 at 10.6% STAT/12/155 31 October 2012 September 2012 Euro area unemployment rate at 11.6% at.6% The euro area 1 (EA17) seasonally-adjusted 2 unemployment rate 3 was 11.6% in September 2012, up from 11.5% in August

More information

Special Eurobarometer 464b. Report

Special Eurobarometer 464b. Report Europeans attitudes towards security Survey requested by the European Commission, Directorate-General for Migration and Home Affairs and co-ordinated by the Directorate-General for Communication This document

More information

Euro area unemployment rate at 9.9% EU27 at 9.4%

Euro area unemployment rate at 9.9% EU27 at 9.4% STAT/11/76 April 2011 Euro area unemployment rate at 9.9% EU27 at 9.4% The euro area 1 (EA17) seasonally-adjusted 2 unemployment rate 3 was 9.9% in April 2011, unchanged compared with March 4. It was.2%

More information

Migration Report Central conclusions

Migration Report Central conclusions Migration Report 2013 Central conclusions 2 Migration Report 2013 - Central conclusions Migration Report 2013 Central conclusions The Federal Government s Migration Report aims to provide a foundation

More information

KEF-2016: Reforms for Inclusive Growth November 3 4, 2016

KEF-2016: Reforms for Inclusive Growth November 3 4, 2016 KEF-216: Reforms for Inclusive Growth November 3 4, 216 CESEE regional economic outlook Dr. Bas Bakker, Senior Regional Resident Representative for Central and Eastern Europe, IMF European Department 216

More information

Regional Focus. Metropolitan regions in the EU By Lewis Dijkstra. n 01/ Introduction. 2. Is population shifting to metros?

Regional Focus. Metropolitan regions in the EU By Lewis Dijkstra. n 01/ Introduction. 2. Is population shifting to metros? n 1/29 Regional Focus A series of short papers on regional research and indicators produced by the Directorate-General for Regional Policy Metropolitan regions in the EU By Lewis Dijkstra 1. Introduction

More information

Objective Indicator 27: Farmers with other gainful activity

Objective Indicator 27: Farmers with other gainful activity 3.5. Diversification and quality of life in rural areas 3.5.1. Roughly one out of three farmers is engaged in gainful activities other than farm work on the holding For most of these farmers, other gainful

More information

Malta-Valletta: Provision of interim services for EASO 2017/S Contract award notice. Results of the procurement procedure.

Malta-Valletta: Provision of interim services for EASO 2017/S Contract award notice. Results of the procurement procedure. 1 / 10 This notice in TED website: http://ted.europa.eu/udl?uri=ted:notice:241884-2017:text:en:html Malta-Valletta: Provision of interim services for EASO 2017/S 120-241884 Contract award notice Results

More information

Looking Through the Crystal Ball: For Growth and Productivity, Can Central Europe be of Service?

Looking Through the Crystal Ball: For Growth and Productivity, Can Central Europe be of Service? Looking Through the Crystal Ball: For Growth and Productivity, Can Central Europe be of Service? ARUP BANERJI REGIONAL DIRECTOR FOR EUROPEAN UNION MEMBER STATES THE WORLD BANK 6 th Annual NBP Conference

More information

DECISIONS. (Text with EEA relevance)

DECISIONS. (Text with EEA relevance) L 185/16 DECISIONS COUNCIL DECISION (EU) 2018/1034 of 16 July 2018 on the position to be taken, on behalf of the European Union, within the Joint Committee established under the Agreement on the international

More information

EU Trade Mark Application Timeline

EU Trade Mark Application Timeline EU Trade Mark Application Timeline EU Trade Marks, which cover the entire EU, are administered by the Office for Harmonisation in the Internal Market (OHIM). The timeline below gives approximate timescale

More information

The Unitary Patent and the Unified Patent Court. Dr. Leonard Werner-Jones

The Unitary Patent and the Unified Patent Court. Dr. Leonard Werner-Jones The Unitary Patent and the Unified Patent Court Dr. Leonard Werner-Jones Background The Past: No centralization at all Prosecution country-by-country Litigation country-by-country Patents actions 2 Background

More information

Hungary s Authoritarian U-Turn Background and Prospects. Tamás Bauer

Hungary s Authoritarian U-Turn Background and Prospects. Tamás Bauer Hungary s Authoritarian U-Turn Background and Prospects Tamás Bauer Hungary s changed position Earlier proud of Hungary pioneering role in reforming the planned economy Pioneer of economic and political

More information

Global Consumer Confidence

Global Consumer Confidence Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 1ST QUARTER 2018 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and

More information

Curing Europe s Growing Pains: Which Reforms?

Curing Europe s Growing Pains: Which Reforms? Curing Europe s Growing Pains: Which Reforms? Luc Everaert Assistant Director European Department International Monetary Fund Brussels, 21 November Copyright rests with the author. All rights reserved.

More information

5-Year Evaluation of the Korea-EU FTA Implementation

5-Year Evaluation of the Korea-EU FTA Implementation 5-Year Evaluation of the Korea-EU FTA Implementation From Korea s perspective EU-Korea Business Forum "The EU-Korea FTA after five years: What s been achieved and what s next?" September 22 nd 2016, Seoul

More information

Migration Survey Results. Response period: September 2015

Migration Survey Results. Response period: September 2015 Migration Survey Results Response period: 10-16 September 2015 Q1 Sample size 1 AT AUSTRIA 2 BG BULGARIA 3 CZ CZECH REPUBLIC 4 GERMANY 5 DK NMARK 6 ES SPAIN 7 FI FINLAND 8 FR FRANCE 9 GR GREECE 10 HR

More information

Evolution of the European Union, the euro and the Eurozone Sovereign Debt Crisis

Evolution of the European Union, the euro and the Eurozone Sovereign Debt Crisis Evolution of the European Union, the euro and the Eurozone Sovereign Debt Crisis Brexit? Dr. Julian Gaspar, Executive Director Center for International Business Studies & Clinical Professor of International

More information

The Economics of European Integration

The Economics of European Integration The Economics of European Integration Chapter 8 Economic Integration, Labour Markets and Migration Why Labour Markets Matter Labour costs: key for international competitiveness Half of all production costs

More information

Malta-Valletta: Provision of interim services for EASO 2017/S Contract award notice. Results of the procurement procedure.

Malta-Valletta: Provision of interim services for EASO 2017/S Contract award notice. Results of the procurement procedure. 1 / 8 This notice in TED website: http://ted.europa.eu/udl?uri=ted:notice:339167-2017:text:en:html Malta-Valletta: Provision of interim services for EASO 2017/S 165-339167 Contract award notice Results

More information

Experiences of European countries with health workforce migration

Experiences of European countries with health workforce migration Experiences of European countries with health workforce migration Implementation of the WHO Global Code of Practice on the International Recruitment of Health Personnel and applicability of its principles

More information

Standard Eurobarometer 89 Spring Report. Europeans and the future of Europe

Standard Eurobarometer 89 Spring Report. Europeans and the future of Europe Fieldwork March 2018 Survey requested and co-ordinated by the European Commission, Directorate-General for Communication This document does not represent the point of view of the European Commission. The

More information

The European Union Economy, Brexit and the Resurgence of Economic Nationalism

The European Union Economy, Brexit and the Resurgence of Economic Nationalism The European Union Economy, Brexit and the Resurgence of Economic Nationalism George Alogoskoufis is the Constantine G. Karamanlis Chair of Hellenic and European Studies, The Fletcher School of Law and

More information

Early job insecurity in Europe The impact of the economic crisis

Early job insecurity in Europe The impact of the economic crisis Lunch Discussion, Solidar, Brussels, November 16, 2016 Early job insecurity in Europe The impact of the economic crisis This project has received funding from the European Union s Horizon 2020 research

More information

Options for Romanian and Bulgarian migrants in 2014

Options for Romanian and Bulgarian migrants in 2014 Briefing Paper 4.27 www.migrationwatchuk.com Summary 1. The UK, Germany, France and the Netherlands are the four major countries opening their labour markets in January 2014. All four are likely to be

More information

IMMIGRATION IN THE EU

IMMIGRATION IN THE EU IMMIGRATION IN THE EU Source: Eurostat 10/6/2015, unless otherwise indicated Data refers to non-eu nationals who have established their usual residence in the territory of an EU State for a period of at

More information

Market research in international markets - Experiences of Bank Austria/Creditanstalt

Market research in international markets - Experiences of Bank Austria/Creditanstalt Market research in international markets - Experiences of Bank Austria/Creditanstalt by Martin Mayr Bank Austria-Creditanstalt Presentation structure Introduction of HVB - BA/CA group and how research

More information