RaboResearch - Economic Research

Country Report

Austria (Country report)

The pace of Austria’s export-led economic recovery is likely to slow down in the coming quarters thanks, in part, to the challenging external environment. The risks to this outlook are considered to be broadly balanced.

Country Report

Belgium (Country report)

The new government has immediately announced a credible austerity package. Although political instability is not off the table for the coming years, the financial position of the private sector and the institutional power are strong.

Country Report

Denmark (Country report)

Barely recovered from the house price correction and the deep 2009 recession, the Danish economy is now hampered by eurozone headwinds. Despite the monetary and fiscal stimulus we expect only meager growth going forward.

Country Report

Italy (Country report)

The Italian economy fell back into recession in the second half of 2011. We expect the recession to continue in the first half of 2012 and for unemployment to rise further.

Country Report

Spain (Country report)

The Spanish economy is back in recession and government austerity measures will ensure that the economic contraction continues throughout the year. There is a clear risk that more austerity will further deepen the recession.

Country Report

Ireland (Country report)

Even though the worst of the recession is over, the Irish economy is set for a very slow recovery this year and next. Recapitalization and restructuring of the banking sector is well under way. But further unforeseen losses cannot be excluded.

Country Report

France (Country report)

Robust growth of private consumption has contributed to the steady French recovery, but due to the intensification of the debt crisis and the announced austerity package growth will fall back significantly this year.

Country Report

Luxembourg (Country report)

Economic growth was very disappointing in 2011 thanks to the weakening of global activity and European debt crisis. Going forward, Luxembourg's growth performance is unlikely to return to the lofty levels witnessed earlier this decade.

Country Report

Portugal (Country report)

Portuguese economic activity fell sharply over the past year. We expect the economy to contract further this year as government austerity pushes down domestic demand and export growth will not be strong enough to compensate for this.

Country Report

Finland (Country report)

The Finnish economy recovered strongly from the deep 2009 recession. Due to headwinds in the external environment, the growth outlook for 2012 and 2013 is weak.

Country Report

Greece (Country report)

Due to the self-defeating character of the huge austerity package, the Greek economy still experiences a deep recession while the government did not manage to continue narrowing the budget deficit substantially.

Country Report

Germany (Country report)

Germany’s strong economic recovery and resilient labour market have ensured the country’s safe haven status. The country’s banking sector still has large cross-border exposures, especially to the vulnerable Southern European countries.

Economic Report

ECB in actie: bankieren in roerige tijden (Dutch)

De ECB heeft sinds het uitbreken van de eurocrisis voor ruim € 1.200 miljard aan onconventionele maatregelen genomen. In dit Themabericht leggen wij uit hoe dit niet heeft geleid tot een explosie van de hoeveelheid geld in het economische verkeer.

Economic Report

ECB in actie: inflatierisico’s op termijn (Dutch)

Sinds het uitbreken van de eurocrisis heeft de ECB onconventionele maatregelen van ongekende omvang genomen. In dit Themabericht leggen we uit dat ook de inflatierisico’s op de langere termijn in principe goed te beteugelen zijn.