RaboResearch - Economic Research

Economic Update Dutch version

Monthly Update The Netherlands

Economic growth for 2010 amounted to 1.7%. World trade remained the driver of the economy through last year. Despite an increase in production and producer confidence, industrial entrepreneurs remained reluc¬tant to invest.

Economic Update Dutch version

Economic Update France

France’s GDP grew in 2010 with 1.5% y-o-y and this year we expect a similar moderate growth. Given a high level of producer confidence we foresee a strong increase in private investment

Economic Update Dutch version

Economic Update United Kingdom

The 0.6% q-o-q contraction of GDP in 10Q4 was in a word, disappointing. The harsh winter explains part of the slowdown but there are unfortunately other signs pointing to a struggling recovery. Warmer weather may lead to a temporary boost in GDP in 11Q1, but the growth outlook in the coming quarters is not much brighter.

Economic Update Dutch version

Economic Update Spain

Spanish GDP in 2010 rose by on average 0.15% a quarter in 2010. Due to a further fall in employment unit labour costs fell. A welcome development, since the economic reco¬very is highly dependent on foreign demand.

Economic Update Dutch version

Monthly Update The Netherlands

Exports continue to determine the Dutch economic situation. Growth of domestic demand is far from exuberant. In December inflation climbed with the highest average rise since March 2009. During 2010 both collectively agreed (CAO) wages and inflation rose by the same amount, while wage increases ran above inflation, on average. The situation on the Dutch labour market improved again, but weaker groups remain less successful.

Economic Update Dutch version

Economic Update Belgium

The moderate economic recovery of 2010, primarily driven by export growth, will probably continue this year. It remains to be seen to what extent domestic demand will be able to start supporting this recovery. Consumers and producers are rather optimistic, in spite of the political stalemate. However, the government will eventually be forced to start imposing budget cuts, which will suppress domestic demand growth.

Economic Update Dutch version

Economic Update Germany

GDP growth in 2010 was strongest since unification thanks to strong exports and investment. The export outlook has become far less certain. Consumption shows no sign of revival as nominal wage growth remains subdued. Inflationary pressures are building amid sharp rebound in commodity prices, the country’s strong economic conditions and the ultra loose monetary policy stance of the ECB.

Economic Update Dutch version

Economic Update Italy

The sluggish economic recovery seems to have come to a halt in the last quarter of 2010. Export growth kept up well, but this has not been translated into higher industrial production. In all, the Italian economy had a rather weak close to 2010. With government austerity having started in January 2011, the start of this year probably has not been much stronger.