RaboResearch - Economic Research

Economic Update Dutch version

Economic Update Spain

Similar to the last quarter of 2010, export growth is set to grow at a healthy clip in the first quarter of 2011. Domestic demand on the other hand is still very weak.

Country Report

France (Country report)

The French economy recovers gradually and the outlook for the coming years is that the economy will stick to this path of moderate economic growth.

Country Report

Greece (Country report)

The Greek austerity and reform programme has been broadly successful in making a running start in 2010. For 2011 the programme is at a cross-roads as the distance yet to cover remains impressive, in terms of both budgetary consolidation and structural reforms.

Country Report

Italy (Country report)

The Italian economy has many structural weaknesses, leading to low economic growth before recession and now to a very sluggish recovery. The government deficit is estimated to have been better than expected in 2010, and compares favourably to a number of other European countries.

Country Report

Luxembourg (Country report)

Luxembourg's solid economic performance and creditworthiness (i.e. ample financial cushion) shall remain underpinned by a strong public sector balance sheet and exceptionally high levels of prosperity (per capita income was USD 90,000 in 2010).

Country Report

Portugal (Country report)

The Portuguese economy is heading back to recession. After the fall of the government and with serious upward revisions to the public deficit and debt numbers, financial markets lost further confidence, pushing up the interest rate on government bonds to unsustainable levels.

Country Report

Finland (Country report)

Based on the stronger than expected economic recovery in 2010 and on the current robust momentum, we are fairly optimistic about the Finnish growth prospects for the coming years.

Country Report

Belgium (Country report)

The ongoing political stalemate poses a threat to the necessary structural adjustments of the government budget. We don’t expect a satisfying level of budgetary adjustments in the short term and are unsure about the resulting sentiment in financial markets.

Country Report

Austria (Country report)

Overall, the difficulties that the government could face from an outright crisis in the CEE countries have abated. And the confirmation of the AAA status of the sovereign by the rating agencies on the back of a relatively strong fiscal position will give the government enough room to support the banks should the need arise.

Country Report

Spain (Country report)

The Spanish economy is still coping with the consequences of the housing market boom and bust. We expect weak economic growth both this year and next, leading only to a very modest decline in the unemployment rate.

Country Report

Denmark (Country report)

So far the economic recovery in Denmark has only been modest. That said, the growth outlook has improved and the government is making progress with budgetary consolidation and more prudent financial regulation.

Country Report

Germany (Country report)

Germany’s strong economic recovery and resilient labour market are thanks to sound macro policies and the quick rebound in world trade. Risks to the reform agenda for Landesbanken and an escalation of the Eurozone debt crisis remain a medium-term concern.

Country Report

Ireland (Country report)

Even though the worst of the recession is now over, the Irish economy is set for a very slow economic recovery this year and next. Domestic demand will still contract this year, but continued export growth should be able to compensate for that.