eurochambres economic survey 2011

EUROCHAMBRES Economic Survey 2011

18th edition

Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Executive.Summary .. . . . . . . . . . . . . . . . . . . 5

Business.Confidence.&.Economic.Indicators. . . . . 9Business Confidence 10Total Turnover 11Domestic Sales 12Export Sales 13Employment 14Investment 15

Participating Regions 16

European.Regions .. . . . . . . . . . . . . . . . . . . .17

Focus.on.Business.Confidence:..Euro Zone vs Non Euro Zone 30Candidate Countries 31

Methodology 32List of Chambers 33


18th edition

3


Foreword

foreword

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011*

Rea

l GD

P G

row

th (%

)

40

35

30

25

20

15

10

5

0

-5

-10

-15

-20

-25

-30

-35

-40

-45

-50

4

3

2

1

0

-1

-2

-3

-4

-5

Business ConfidenCe expeCtations / read gdp growth

Real GDP Growth

*European Commision (DGECFIN) Estimates

Business Confidence

Bu

sin

ess

Co

nfi

den

ce (B

alan

ce F

igu

re)

I am pleased to present the latest edition of EUROCHAM-BRES’ annual Economic Survey EES 2011 comes at a crucial juncture, with Europe slowly emerging from the worst eco-nomic crisis since World War II The survey results, based on over 70 000 responses from across Europe, indicate that, while businesses can now see the light, they are not yet out of the tunnel

EES 2011 underlines that policy makers should remain acutely aware of the business community’s cautious opti-mism, tempered by an ongoing sense of uncertainty about the economic outlook The EU institutions and member states must thus redouble their efforts to ensure that fa-vourable conditions are in place for businesses of all sec-tors and sizes, that access to European and international markets is increased and that the necessary human, natu-ral and financial resources are more readily available

EUROCHAMBRES is convinced that the response to these challenges must be coordinated at EU level Major Europe-an framework initiatives such as the Small Business Act, the Single Market Act and the economic governance package are potentially influential in this process, if strongly sup-ported and effectively implemented by member states

Europe 2020 frames the EU’s competitiveness agenda for, not just the year ahead, but the whole decade This plan must deliver where its predecessor, the Lisbon Strategy, fell short To do so, it is critically important that the business community has a say in its implementation, monitoring and evaluation

It is also vital that the strategic objectives of Europe 2020 are supported by adequate financial resources The discus-sions on the EU budget and the forthcoming review of longer term financial perspectives will therefore be a lit-mus test of the member states’ commitment to a coherent European approach to delivering jobs and growth Busi-nesses from the Chamber network made their position clear in more than doubling the current level allocated to competitiveness actions when setting out their ‘EU Dream Budget’ during the October 2010 European Parliament of Enterprises EUROCHAMBRES will be looking to EU leaders to demonstrate a similarly strong appetite for reform dur-ing the months ahead EES 2011 serves to remind all of us of what is at stake

Alessandro BarberisEUROCHAMBRES PRESiDEnt

4


Executive Summary

executive summary

The EES 2011 indicates that businesses are confident that the worst is behind them and that the economic situa-tion will improve next year Indeed, economic activity has picked up better than foreseen throughout 2010, which is reflected in respondents overall mood of optimism for the year ahead

Nonetheless, confidence is not yet back to pre-crisis levels, and some uncertainty remains In 2011, more of the spe-cial public economic crisis measures will come to an end (some schemes have actually terminated already), and EU governments will be obliged to implement the austerity/fiscal consolidation measures foreseen in the framework of the new European economic governance Meanwhile, ac-cess to credit for businesses remains restricted

All economic indicators show a clear upturn in forecasts, the biggest progression being noted in export sales ex-pectations This is a logical result, considering that in 2010, thanks in part to a revived demand from emerging econo-mies, European exporters have regained confidence

Business. confidence continues its slow recovery Over-all, more than 30% of respondents think that next year’s business climate will improve, while more than half of the respondents consider that it will remain unchanged Ger-many and France are the main positive drivers among the five largest EU economies In Italy and the UK, forecasts are lower than last year, Spanish forecasts improve somewhat, but remain negative

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

-10 -5 0 5 10 15 20 25 30 35 40 45

Business ConfidenCe

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

-10 -5 0 5 10 15 20 25 30 35 40 45

total turnover

Greece, Spain and Croatia are the three countries where companies are least positive for 2011 In Greece, two-thirds of companies expect worsening business conditions for the coming year, due to the austerity measures imposed by the national government Croatian businesses are not sure that the crisis is over for them yet

Business confidence decreased the most in Greece, Poland and Slovenia; in Slovenia, it is not expected to improve markedly before 2012

Total.turnover forecasts are clearly up, compared to last year’s The fragile signs of recovery that the European economy witnessed throughout 2010 are increasing busi-nesses’ expectations

In France, over 40% of businesses expect total turnover to increase further next year These positive expectations are fuelled by better domestic and export sales in the current year In Germany, the situation is similar, with export sales forecasts dominating While Italian businesses believe that recovery is underway, UK businesses are more cautious than the previous year Spanish businesses expect a mod-erate recovery in 2011

Sweden, Estonia and Poland register the most positive turn-over forecasts In both Estonia and Poland, about two-thirds of respondents anticipate higher turnover levels for 2011

The only country survey wide where the upswing is not re-flected in positive forecasts is Greece Besides having the lowest balance figure for total turnover, it also registers the steepest decrease

Swedish, Estonian and Belgian companies are the most confident for the coming year survey wide, while Slovak, Latvian and German businesses witness the highest posi-tive changeover

5


executive summary

On average, across the surveyed countries, domestic.sales forecasts continue recovering slowly, yet participating countries demonstrate a wide range of differing trends

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

-10 -5 0 5 10 15 20 25 30 35 40 45

domestiC sales

France is the most positive among the big member states In the UK and Spain, forecasts are slightly improving, yet the UK balance figure for 2011 remains negative In Italy, after a weak 2010, two-thirds of respondents believe that the situation will not change in 2011

Survey wide, Poland, Sweden and Denmark have the high-est balance figures The three countries, overall, seem to have been less affected by the economic crisis than other EU member states

In Greece, Portugal and Romania, balance figures for do-mestic sales weaken the most compared to last year’s sur-vey Along the UK, Greece and Romania also have the low-est forecasts for this indicator

Having witnessed a positive development in 2010, Turk-ish businesses remain upbeat about their domestic sales expectations Domestic demand in Croatia throughout 2010 was weak, and companies are cautious in their fore-casts for 2011

Based on the survey results, exports are the main driver of Europe’s economic recovery, as all participating countries show positive balance figures The export sales indicator is also the one that has increased most year-on-year In total, over 40% of respondents expect their exports to increase next year

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

-10 -5 0 5 10 15 20 25 30 35 40 45

export sales

German companies are very upbeat about their export prospects, and the rapid recovery of Germany is having a positive influence on many of its neighbouring countries Over half of French respondents expect higher export sales levels next year In the UK, over half of the respond-ents do not anticipate any change for 2011, and there is great hope that the UK economy will continue to benefit from the weakness of the pound About two-thirds of Ital-ian respondents consider that the situation will remain un-changed in 2011, leading to a weaker balance figure than last year, while prospects in Spain are much more positive for 2011

Survey wide, Latvia, Denmark and Portugal have the high-est export sales balance figures Hungary, Slovakia and Germany register the biggest year-on-year increase in ex-pectations

Businesses in Greece, Estonia and Romania are less con-fident about their export sales prospects, as the balance figures decrease most markedly year-on-year

For both participating candidate countries, balance figures progress slightly, pointing towards better prospects in 2011 in a somewhat better global environment

The employment balance is positive again, showing signs of recovery In 23 out of the 26 participating countries, bal-ance figures are increasing compared to last year’s results However, this should not mask considerable differences between the participating countries

6


executive summary

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

-10 -5 0 5 10 15 20 25 30 35 40 45

investment

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

-10 -5 0 5 10 15 20 25 30 35 40 45

employment

Employment forecasts in the larger European economies are improving, although in Italy and Spain, balance figures remain negative In Germany, unemployment forecasts for 2011 are much better than before the crisis The value is in fact the lowest since 1991 In both France and the UK, two-thirds of the respondents plan to maintain their cur-rent work force levels next year

Among EU member states, Belgian, Estonian and Latvian businesses register the most positive employment fore-casts Estonia, Germany and Sweden witness the biggest progression in balance figures Estonian businesses are up-beat about joining the euro zone next year and anticipate higher employment levels

The three countries that have the most negative balance figures are Greece, Spain and Slovenia, which are still feeling the consequences of the economic crisis

Greece also has the steepest drop in employment pros-pects, together with Croatia and Portugal

Turkey is the most positive country survey wide in terms of employment prospects The Turkish labour market remains strong, which translates into positive forecasts for the com-ing year

The investment climate is improving and the balance is re-turning to a positive result Overall, half of the respondents expect the situation to remain the same for 2011, while about 30% of respondents anticipate higher investments for the coming year

The two major euro zone countries, Germany and France, have positive balance figures again Italian businesses are very optimistic for 2011, as over half of the respondents forecast an increase in investments, thanks to improved domestic demand Investment expectations in Spain and the UK are slowly rising, yet they remain negative

Latvian, Maltese and Polish businesses are most upbeat about their investment prospects for 2011, while those re-cording the biggest progression compared to last year can be found in Germany, Estonia and Latvia

Spain, Greece and Croatia are at the low end of investment prospects with negative balance figures The latter two, to-gether with Portugal, also witnessed the sharpest year-on-year regression in balance figures

Turkish businesses expect an increase in investment ex-penditure in 2011 Nevertheless, the result remains below the long term average

Business.confidence in the euro zone is progressing much more markedly than in the non euro zone Still non euro zone countries are overall more optimistic than their euro zone counterparts Also noteworthy is the fact that the 2011 business confidence forecast for the non euro zone is worse than in all surveys before the 2008 credit crunch

Businesses in Estonia are highly optimistic about the posi-tive effect of their country’s adhesion to the euro zone next year

Business confidence expectations in the candidate coun-tries are more positive than in EU member states At the same time, while optimism is growing in Turkey, Croatian companies’ business confidence forecasts remain low for 2011, so the gap between the two countries is widening

7


8


Business confidence and

economic indicators

9


Business confidence is recovering from its low level in 2010, and the balance for 2011 is positive again. Overall, more than 30% think that next year’s business climate will improve, while more than half of the respondents consider that it will be unchanged.

The situation in the major European economies varies con-siderably Germany’s balance figure increases significantly compared to last year In Germany, the economy is return-ing to solid ground Not only its export industry, but also in-vestment and consumer-oriented branches have improved significantly throughout 2010 and the trend is set to con-tinue next year In France, after two unprecedentedly un-favourable years, the situation stabilised in 2010, and con-

Business Confidence

sequently, businesses are somewhat more optimistic, even though over 40% do not anticipate any change next year In both the UK and Italy businesses are less confident in their forecasts than last year In the UK, the lower forecasts are not only the result of the economic crisis but also budget cuts set out by the government Italian businesses 2010 expectations were not met, and they are more cautious in their 2011 forecasts Italy’s production structure has not yet overcome the difficulties that it is currently facing Spanish forecasts are improving; nevertheless the balance remains negative Over half of Spanish respondents expect the situ-ation to be unchanged next year The results continue to reflect the country’s precarious economic situation

Sweden, Belgium and Estonia demonstrate the highest lev-els of business confidence The Belgian economy entered into positive territory again in the second half of 2009 and fared rather well throughout 2010, leading to very upbeat confidence forecasts for 2011 The main drivers for the up-swing are export activities and private consumption In Estonia, businesses agree that the worst is over and reso-lutely believe in a better 2011

Slovakia, Latvia and Malta’s business confidence forecasts for 2011 have increased most when compared to 2010

The three most negative countries are Greece, Croatia and Spain Greek business confidence is the lowest among surveyed countries Two-thirds of companies expect a further decrease in business development in 2011 The pessimism is evident across sectors, identical for manufac-turing and services In Croatia, the economic downturn is continuing, but at a slower pace This is partly the result of somewhat improved foreign demand, which was to some extent generated by the slight economic recovery in most EU countries

Greece, Poland and Slovenia are the three countries with the largest year-on-year drop in business confidence In Po-land, most companies do not expect any further improve-ments in business confidence, while almost 30% expect the situation to deteriorate In Slovenia, business confi-dence has not yet returned, and two thirds of respondents believe that the situation will be unchanged next year

In Turkey, for almost half of companies, the business cli-mate was much better this year than anticipated last year And they believe that the trend will continue in 2011 The main reasons for the positive mood are an improved do-mestic business environment, macroeconomic stability and optimistic domestic sales expectations

The light at the end of the tunnel is getting brighter

Business confidence

Business ConfidenCe expeCtations* for 2011 Compared to 2010 and 2009 *BalanCe figures

Sweden

Estonia

Belgium

Latvia

Malta

Turkey

Bulgaria

Denmark

Cyprus

Germany

France

Austria

Portugal

Slovakia

Survey.average

EU.average

Czech Republic

United Kingdom

The Netherlands

Hungary

Italy

Slovenia

Romania

Finland

Poland

Luxembourg

Spain

Croatia

Greece

-60 -40 -20 0 20 40 60 80 100

2009 2010 2011

10


Total Turnover

Businesses overall anticipate a higher turnover for the coming year. The fragile signs of recovery that the European economy witnessed throughout 2010 is spurring businesses expecta-tions upwards.

Among the big European economies, France is the one with the highest balance figure Total turnover in 2010 went beyond last year’s expectations and over 40% of busi-nesses expect it to increase further next year French fore-casts are fuelled by both better domestic and export sales prospects, even if the country still needs a more significant improvement of its labour market and a stabilisation of the euro at a lower level The situation in Germany is similar, where positive export forecasts dominate Italian compa-nies believe that recovery is underway and are positive for the coming year, with over 60% predicting a stabilisation of the situation The Italian manufacturing sector is more positive than the services one for 2011 In the UK as well, the manufacturing sector is expecting better results next year than the services sector Overall, UK businesses are somewhat more cautious than the previous year, as the balance figure for 2011 is lower Spanish companies expect a moderate recovery in 2011; here too, positive results in industry exceed those of the services sector

Sweden, Estonia and Poland provide the most positive forecasts Swedish and Estonian businesses believe that the positive trend from 2010 will continue next year, as nearly two-thirds expect higher turnovers in 2011 External and domestic demand gradually improved during 2010 in Poland (except in housing and transport), and two-thirds of respondents anticipate this to continue

The Estonian, Bulgarian and Hungarian forecasts for 2011 increase most compared to last year In Bulgaria, respon-dents took advantage of the improving global economic climate in 2010 and expect further progress in the coming year Bulgarian industry, too, is more upbeat than services

The only country where the upswing is not reflected in positive forecasts is Greece Besides having the lowest balance figure survey wide for the indicator, it is also the country witnessing the steepest decrease in total turnover forecasts Portuguese companies are also much more cau-tious in their forecasts for 2011 Nonetheless, half of the res pondents expect total turnover to improve next year, with positive expectations being fuelled much more by export prospects than domestic sales

While the balance figure in Turkey is going up, Croatia’s balance figure is decreasing In Turkey, thanks to fiscal and monetary measures, domestic demand and economic growth stabilised during 2010 and businesses expect the positive trend to continue in 2011, thanks largely to higher private consumption and investments and decreased in-terest rates In Croatia, last year’s expectations were not met, and businesses witnessed a significant reduction in consumption on the domestic market and a minor reco-very of exports throughout 2010 Consequently, they are less positive about their total turnover forecasts for 2011 than they were one year ago

Improving prospects

total turnover

total turnover expeCtations* for 2011 Compared to 2010 and 2009*BalanCe figures

Sweden

Estonia

Poland

Denmark

Belgium

Latvia

Cyprus

Bulgaria

Turkey

Portugal

Slovakia

Slovenia

Malta

Austria

The Netherlands

France

Survey.average

EU.average

Italy

United Kingdom

Luxembourg

Czech Republic

Croatia

Hungary

Spain

Romania

Finland

Germany

Greece

-40 -20 0 20 40 60 80 100

2009 2010 2011

11


On average, across the surveyed countries, the mood contin-ues recovering slowly. Yet a wide range of differing trends in the different countries can be observed.

Among the big member states, France is the most positive Last year, most French businesses were hoping to stabilise their domestic sales for 2010 The results this year were better than expected, and this positive trend continues for 2011 The situation in Germany is similar, as domestic sales are recovering faster than expected one year ago The mood in the UK is improving slightly, yet the balance for 2011 remains negative, indicating a relatively weak do-mestic demand Expectations are improving somewhat in Spain, starting from a low level Half of Spanish compa-

Domestic Sales

nies do not expect their domestic sales levels to change in 2011 The construction sector recovery remains particu-larly fragile For Italy, expectations for 2011 are worse than last year’s; after a weak 2010, the balance is still on the pos-itive side, yet two-thirds of respondents believe that the situation will not change in 2011

Poland, Sweden and Denmark have the highest balance figures Even though Danish companies’ 2010 expecta-tions were not met, they remain very optimistic, with near-ly two-thirds anticipating improved sales levels for 2011 Polish households regained trust in the national economy during 2010, resulting in higher consumption, and compa-nies expect this trend to continue in 2011 In Sweden, hav-ing fared quite strongly throughout the economic crisis, the strong consumption climate is fostered by a decrease in interest rates and in employment taxes The three coun-tries were overall less affected by the economic crisis than other EU member states

Estonia, Latvia and France indicate the strongest year-on-year progress In both Estonia and Latvia, over half of the respondents expect increased domestic sales for 2011

In Greece, Portugal and Romania, the balance for domes-tic sales has weakened the most compared to last year These countries were particularly affected by the crisis and have now to adjust to structural economic problems Greek businesses, having witnessed a bleak 2010, do not yet believe that a recovery is in sight, with over half of the respondents foreseeing worse sales prospects for 2011 In Romania also, due to the programmed fiscal adjustment and weak labour market, prospects for the coming year are negative Portuguese businesses are much more cautious than in previous surveys, partly no doubt because their expectations for 2010 were not met, but also because the country’s economic situation remains fragile

Having witnessed a positive development in 2010, Turkish businesses remain upbeat about domestic sales expecta-tions Domestic demand in Croatia during 2010 was weak, with borrowing levels low, wages falling and unemploy-ment rising This context is reflected by the fact that com-panies are also cautious in their forecasts for 2011

Recovery is starting

domestic sales

domestiC sales expeCtations* for 2011 Compared to 2010 and 2009*BalanCe figures

Poland

Sweden

Denmark

Estonia

Cyprus

Belgium

Turkey

Latvia

France

Bulgaria

Austria

Malta

Slovakia

Portugal

Luxembourg

Survey.average

EU.average

Croatia

Slovenia

Italy

Czech Republic

Spain

Finland

Hungary

Romania

United Kingdom

Greece

-60 -40 -20 0 20 40 60 80 100

2009 2010 2011

12


Export Sales

Survey results suggest that exports are the main drivers of the economic recovery, as all participating countries show positive balance figures. The overall balance is higher than the 2006 result, yet it remains below the buoyant 2007 and 2008 forecasts. In total over 40% of respondents expect their exports to increase next year. Nonetheless, exports are not yet back to full speed, due to uncertainty about global economic development, linked to the fact that stimulus packages are coming to an end throughout the world.

Thanks to an upturn in world trade, European exporters have witnessed a favourable environment throughout 2010, especially in the emerging markets German com-panies are very upbeat about their export prospects The German focus on investment goods is particularly advan-tageous in the current upswing The rapid recovery of Ger-many is having a positive influence on many of its neigh-bouring countries, the French economy in particular Over half of French respondents expect higher export sales levels next year, leading to a considerable increase of the balance figure A potential upswing in Spain would stem more from exports than from domestic sales, as shown by the noticeable increase in export prospects for 2011 There is great hope that the UK economy will continue to ben-efit from the weakness of the pound, and that an export led recovery is still a reality Based on this, UK businesses are more optimistic than last year and the balance, unlike last year, is positive Italian businesses have also benefited from the positive global environment in 2010, and about two-thirds anticipate that this trend will continue in the coming year, while about one quarter expect further in-creases in export sales

Survey wide, Latvia, Denmark and Portugal have the high-est balance figures Latvian exporters experienced a good 2010 and three-quarters of respondents expect their exports to grow further next year Danish exports were boosted in 2010 by the favourable economic development of its main export markets, notably Germany and Sweden, and two-thirds of respondents expect next year’s climate to improve further The high expectations of Portuguese exporters were not met this year, yet they remain optimis-tic about 2011 export sales

Hungary, Slovakia and Germany show the biggest increase in balance figures compared to last year In Hungary, ex-port optimism has returned; the balance figure increase is the highest in the survey This result is in stark contrast to last year, when Hungarian respondents were the most pes-simistic Expanding export demand is contributing strong-ly to the country’s economic recovery Both Hungary and

Slovakia are also benefiting from Germany’s growth In the case of Slovakia, companies expect the export climate to improve further in 2011

The countries witnessing the largest decrease in export forecasts are Greece, Romania and Italy Greek exporters adopt a much more cautious attitude after two weak years Romanian companies are very cautious in their export forecasts for 2011, despite the introduction of new Roma-nian products and services to international markets

Both Croatia and Turkey anticipate a somewhat better glo-bal environment in 2011, as the balance figures for both countries have increased slightly In Turkey, the stronger national currency is affecting export sales and there are fears that a further appreciation will have a negative effect in 2011

High hopes for exports

export sales

export sales expeCtations* for 2011 Compared to 2010 and 2009*BalanCe figures

Latvia

Portugal

Denmark

Austria

Slovenia

Malta

France

Sweden

Germany

Belgium

Poland

Bulgaria

Spain

Cyprus

Estonia

EU.average

Survey.average

Hungary

Turkey

Luxembourg

Slovakia

The Netherlands

Italy

Greece

Czech Republic

United Kingdom

Croatia

Romania

Finland

-40 -20 0 20 40 60 80 100

2009 2010 2011

13


Employment forecasts are positive again, even though ex-pectations remain well below those expressed in 2007. Busi-nesses in 23 of 26 countries anticipate an improvement in the employment situation overall for 2011, while only 3 countries anticipate a worsening.

The large European economies witness improved employ-ment forecasts, yet to greatly varying degrees Thanks to strong growth in 2010 and labour market reforms, the 2011 unemployment forecast in Germany is much better than before the crisis, and is actually the lowest value since 1991 In France, unemployment started to ease in 2010 and the employment situation is stabilising Over two-thirds of French respondents anticipate that they will maintain their current workforce level next year In the UK, employment prospects are increasing only marginally compared to last

Employment

year, as over two-thirds believe that they have enough ca-pacity within their existing workforce to res pond to any increase in demand Even though they have improved, the balance figures for Italy and Spain remain negative The Spanish recovery is proceeding at a sluggish pace, with a substantial increase in unemployment In Italy, employ-ment is forecast to increase slightly in 2011, while unem-ployment is expected to remain stable

The three member states with the most positive employ-ment forecast for 2011 are Belgium, Estonia and Latvia In Estonia, 37% of businesses in the manufacturing sector and 51% of services providers believe that their workforce will increase The positive expectations are motivated by the current sound fiscal policies introduced by the Esto-nian government and by euro zone accession in 2011 In Belgium, the forecast for 2011 builds on a positive result in 2010, when 34% of businesses hired new employees, almost twice as many as those scaling back The positive attitude in Latvia is to be attributed more to the relief that the situation will not worsen further than to expectations of a real upswing in employment levels in 2011

The three countries with the most positive employment year-on-year increase are Estonia, Germany and Sweden Employment recovered slightly in Sweden in 2010, and given the very positive outlook for 2011, businesses pre-dict a more rapid increase in employment next year

The three countries with the lowest balance figures are Greece, Slovenia and Spain Slovenian businesses express a very cautious attitude, taking into account the unfavoura-ble economic conditions Greek businesses do not believe that they hit the bottom in 2010 in terms of employment losses The negative balance for 2011 indicates that

Greece, Croatia and Portugal are the countries with the most negative year-on-year trend While Portuguese com-panies were exceedingly confident last year in their fore-casts for 2010, the reality throughout the year has been far less positive, and almost 70% of respondents now antici-pate the situation to remain the same in 2011 In Croatia, unemployment continued to rise in 2010, while the number of employed people dropped to the lowest level for four years The fact that over two-thirds of businesses anticipate retaining their existing workforce next year can thus be interpreted positively

The Turkish labour market remains strong and its overall performance is quite positive Results show that Turkish companies witnessed higher employment levels in 2010 than anticipated the year before, and they foresee that the trend will continue in 2011

Workforce expected to grow again

employment

employment expeCtations* for 2011 Compared to 2010 and 2009*BalanCe figures

Turkey

Latvia

Belgium

Estonia

Sweden

Malta

Denmark

Cyprus

Poland

Bulgaria

Austria

France

The Netherlands

Luxembourg

Slovakia

Germany

Survey.average

EU.average

United Kingdom

Portugal

Hungary

Finland

Croatia

Italy

Czech Republic

Romania

Spain

Slovenia

Greece

-40 -30 -20 -10 0 10 20 30 40 50 60

2009 2010 2011

14


Investment

The investment climate is improving and the balance has returned to a positive result. In 2010, the investment climate was cautious, as anticipated at the end of last year, with over half of respondents indicating constant levels. Overall, half of the respondents also forecast constant investment levels for next year, while about 30% anticipate higher investments. Compared to the 2009 and 2010 forecasts, this clearly points to 2011 as a decisive year in Europe’s economic recovery.

The two major euro zone economies, Gemany and France, have positive balance figures again In Germany, the in-crease can be explained thanks to high foreign and do-mestic demand for German products and companies’ con-fidence in their increased competiveness In France, the gradual investment recovery that started in 2010 is set to continue next year, with over half of the respondents an-ticipating constant investment levels, and more than one-quarter forecasting an increase The fact that financing conditions in France have eased due to the fall in interest rates is highlighted as a key factor

Italian businesses are very optimistic for 2011, as over half of the respondents forecast an increase in investments, thanks to improved domestic demand Investment ex-pectations in Spain and the UK are slowly progressing, yet they remain negative In Spain, bank lending conditions continue to be tight and uncertainties about the sustain-ability of the recovery persist In the UK, there is increas-ing evidence that there is enough spare capacity in the UK economy to respond to an increase in demand This would explain the “wait and see” attitude of many UK businesses towards investments

Investment forecast balances are most positive in Latvia, Malta and Poland In Poland, companies are increasing their production capacities in response to growing demand This relates however more to exporters It is noteworthy that even investors with a good financial standing prefer to en-gage their own resources rather than to take a bank loan In Latvia, the situation is due to a positive trend in exports, a gradual increase in private consumption, improved busi-ness confidence and stabilisation of the labour market

The biggest positive year-on-year change is in Germany, Estonia and Latvia

The three countries with the lowest balance figures are Spain, Greece, and Croatia The latter two are also regress-ing most, together with Portugal

Investment levels are mostly influenced by domestic and foreign demand, revenues and the availability and price of capital In Croatia, none of these factors is positively influ-encing investment forecasts In Greece, the balance for in-vestment has significantly decreased compared to that of 2010, mainly due to the current economic situation

In Turkey, almost half of the Turkish businesses expect an increase in investment levels for 2011 Businesses’ ten-dency to invest is growing, but still below its long-term average

Businesses are ready to invest again

investment

investment expeCtations* for 2011 Compared to 2010 and 2009*BalanCe figures

Latvia

Malta

Poland

Italy

Estonia

Turkey

Belgium

Sweden

Slovakia

Bulgaria

Denmark

Slovenia

Cyprus

Germany

Hungary

Survey.average

EU.average

France

Luxembourg

Portugal

The Netherlands

Romania

Finland

Austria

United Kingdom

Czech Republic

Spain

Croatia

Greece

-40 -20 0 20 40 60 80 100

2009 2010 2011

15


Participating Regions

•. AUSTRIA.(AT)East (AT1)South (AT2)West (AT3)

•. BELGIUM.(BE)Brussels Capital (BE1)Flanders (BE2)Wallonia (BE3)

•. BULGARIA.(BG)

•. CROATIA.(HR)

•. CYPRUS.(CY)

•. CZECH.REPUBLIC.(CZ)

•. DENMARK.(DK)

•. ESTONIA.(EE)

•. FINLAND.(FI)

•. FRANCE.(FR)Île-de-France (FR1)Bassin parisien (FR2)Nord (FR3)Est (FR4)Ouest (FR5)Sud Ouest (FR6)Centre Est (FR7)Méditerranée (FR8)

•. GERMANY.(DE)Baden-Württemberg (DE1)Bayern (DE2)Berlin (DE3)Brandenburg (DE4)Bremen (DE5)Hamburg (DE6)Hessen (DE7)Mecklenburg-Vorpommern (DE8)Niedersachsen (DE9)Nordrhein-Westfalen (DEA)Rheinland-Pfalz (DEB)Saarland (DEC)Sachsen (DED)Sachsen-Anhalt (DEE)Schleswig-Holstein (DEF)Thüringen (DEG)

•. GREECE.(GR)

•. HUNGARY.(HU)Közép-Magyarország (HU1)Dunántúl (HU2)Alföld és Észak (HU3)

•. IRELAND.(IE)

•. ITALY.(IT)Nord Ovest (ITC)Nord Est (ITD)Centro (ITE)Sud (ITF)Isole (ITG)

•. LATVIA.(LV)

•. LITHUANIA.(LT)

•. LUXEMBOURG.(LU)

•. MALTA.(MT)

•. THE.NETHERLANDS.(NL)North (NL1)East (NL2)West (NL3)South (NL4)

•. POLAND.(PL)Centralny Poludniowy Wschodni Pólnocno-Zachodni Poludniowo-Zachodni Pólnocny

•. PORTUGAL.(PT)

•. ROMANIA.(RO)Macroregiunea Unu (RO1)Macroregiunea Doi (RO2)Macroregiunea Trei (RO3)Macroregiunea Patru (RO4)

•. SLOVAKIA.(SK)

•. SLOVENIA.(SI)

•. SPAIN.(ES)Galicia (ES11)Asturias (ES12)Cantabria (ES13)País Vasco (ES21)Navarra (ES22)La Rioja (ES23)Aragón (ES24)Madrid (ES3)Castilla y León (ES41)Castilla-La Mancha (ES42)Extremadura (ES43)Cataluña (ES51)C Valenciana (ES52)Baleares (ES53)Andalucía (ES61)Murcia (ES62)Ceuta (ES63)Canarias (ES7)

•. SWEDEN.(SE)Östra Sverige (SE1)Södra Sverige (SE2)Norra Sverige (SE3)

•. TURKEY.(TR)

•. UNITED.KINGDOM.(UK)North East (UKC)North West (UKD)Yorkshire & Humberside (UKE)East Midlands (UKF)West Midlands (UKG)East of England (UKH)London (UKI)South East (UKJ)South West (UKK)Wales (UKL)Scotland (UKM)Northern Ireland (UKN)

list of regions

95. participating. regions. in. EURO-CHAMBRES.Economic.Survey.2011

Each region has its own code (be-tween brackets), which is used for identification in the maps located in the part “European Regions”

NUTS1 regional classification is used for most countries with the exception of Spain, which uses NUTS2 Some participating countries are treated as one single region

16


european regions

17


Business Confidence for 2011

SE Sweden 72 9 21 5 5 6EE Estonia 59 3 33 3 7 4LV Latvia 58 0 31 0 11 0BE Belgium 56 6 34 3 9 1BG Bulgaria 53 4 27 9 18 7TR Turkey 51 0 37 0 12 0MT Malta 49 0 43 0 8 0PT Portugal 48 9 22 3 28 8DK Denmark 46 0 40 4 13 5CY Cyprus 44 0 43 7 12 3FR France 41 7 43 5 14 8UK United Kingdom 39 8 30 4 30 0AT Austria 38 2 46 1 15 7RO Romania 36 4 31 2 32 4CZ Czech Republic 35 8 38 8 25 3SK Slovakia 35 1 47 4 17 5. Survey.average. 34 3. 46 7. 18 9. EU.average. 33 7. 47 2. 19 1DE Germany 33 0 56 0 11 0PL Poland 27 7 43 6 28 7HU Hungary 27 5 52 3 20 2IT Italy 23 8 59 6 16 6HR Croatia 22 7 37 8 39 5LU Luxembourg 20 2 57 2 22 6SI Slovenia 19 6 66 7 13 7NL The Netherlands 19 0 71 0 10 0ES Spain 17 0 52 0 31 0GR Greece 7 2 28 4 64 4

eU coUntry %

18


Business confidence for 2011

55 to 100%40 to 55%20 to 40%0 to 20%negative percentageno data available

Net balance figures obtained by deducting the percentage of com-panies giving a negative answer from the percentage of companies responding positively

19


PL Poland 66 7 23 3 10 0SE Sweden 65 7 26 8 7 5EE Estonia 64 6 28 5 6 9LV Latvia 63 0 25 0 12 0DK Denmark 62 8 29 8 7 4BE Belgium 61 2 31 1 7 8CY Cyprus 56 2 30 6 13 2SK Slovakia 55 7 25 8 18 5PT Portugal 55 4 26 6 18 0BG Bulgaria 53 2 36 0 10 8AT Austria 51 7 33 3 15 0SI Slovenia 50 6 35 9 13 5UK United Kingdom 47 2 29 2 24 0MT Malta 47 0 43 0 10 0TR Turkey 47 0 46 0 7 0FR France 46 2 42 3 11 5NL The Netherlands 44 0 47 0 9 0. Survey.average. 43 5. 41 3. 15 2. EU.average. 43 4. 41 1. 15 6CZ Czech Republic 40 3 34 9 24 8HR Croatia 39 4 36 4 24 2LU Luxembourg 34 9 52 3 12 8RO Romania 34 1 35 8 30 1HU Hungary 32 2 45 4 22 4IT Italy 31 1 61 6 7 4ES Spain 30 0 47 0 23 0GR Greece 15 4 33 4 51 2DE Germany 0 0 0 0 0 0

eU coUntry %

Total Turnover for 2011

20


total turnover for 2011



21


Domestic Sales for 2011

PL Poland 63 2 26 5 10 4SE Sweden 59 3 33 6 7 1DK Denmark 58 9 33 4 7 6CY Cyprus 57 3 29 9 12 8EE Estonia 54 4 39 2 6 4LV Latvia 52 0 36 0 12 0BE Belgium 51 9 38 0 10 1FR France 50 0 38 8 11 2TR Turkey 48 0 45 0 7 0AT Austria 47 8 37 5 14 6BG Bulgaria 46 6 41 8 11 6PT Portugal 44 0 35 1 20 9SK Slovakia 43 3 37 1 19 6MT Malta 41 0 49 0 10 0. Survey.average. 36 9. 44 8. 18 4. EU.average. 36 3. 44 8. 18 9HR Croatia 35 3 37 4 27 3CZ Czech Republic 34 3 36 7 28 9LU Luxembourg 34 0 53 4 12 5RO Romania 32 3 32 6 35 1UK United Kingdom 27 4 41 9 31 0SI Slovenia 26 9 53 2 19 9ES Spain 26 0 50 0 24 0HU Hungary 23 9 51 4 24 7IT Italy 19 9 66 7 13 4GR Greece 12 7 31 9 55 4DE Germany NL The Netherlands

eU coUntry %

22


domestic sales for 2011



23


Export Sales for 2011

LV Latvia 74 0 22 0 4 0DK Denmark 63 5 30 0 6 4PT Portugal 62 8 31 9 5 3AT Austria 55 7 34 3 9 9SI Slovenia 53 3 35 8 10 9FR France 52 3 35 8 11 9MT Malta 50 0 42 0 8 0SE Sweden 49 0 41 3 9 7BG Bulgaria 47 5 40 5 12 1SK Slovakia 47 4 30 9 21 7PL Poland 45 2 46 5 8 3CY Cyprus 45 1 44 6 10 3ES Spain 45 0 45 0 10 0DE Germany 44 0 49 0 7 0BE Belgium 43 9 49 2 6 9. EU.average. 41 0. 48 1. 10 8HU Hungary 41 0 46 6 12 4. Survey.average. 40 8. 48 4. 10 8GR Greece 40 6 36 3 23 1EE Estonia 38 5 55 5 6 0LU Luxembourg 38 4 49 0 12 5TR Turkey 36 0 55 0 9 0CZ Czech Republic 33 3 47 7 18 9NL The Netherlands 31 0 61 0 8 0RO Romania 29 5 44 5 26 1IT Italy 26 9 65 3 7 8UK United Kingdom 26 6 54 3 19 0HR Croatia 25 7 53 8 20 4

eU coUntry %

24


export sales for 2011



25


Employment for 2011

TR Turkey 45 0 48 0 7 0LV Latvia 37 0 55 0 8 0SE Sweden 36 8 52 9 10 3BE Belgium 36 3 55 7 8 0PL Poland 35 1 49 9 15 0CY Cyprus 33 4 55 1 11 5DK Denmark 32 8 58 7 8 5EE Estonia 32 6 62 0 5 3MT Malta 31 0 64 0 5 0AT Austria 30 2 53 3 16 5BG Bulgaria 28 1 61 5 10 5SK Slovakia 25 8 56 7 17 5FR France 23 1 67 2 9 6NL The Netherlands 23 0 64 0 13 0RO Romania 21 3 50 2 28 5. Survey.average. 20 2. 66 5. 13 4. EU.average. 19 2. 67 2. 13 6UK United Kingdom 19 1 67 4 14 0DE Germany 19 0 69 0 12 0LU Luxembourg 18 7 70 9 10 4HU Hungary 18 1 64 6 17 3PT Portugal 18 0 69 1 12 9CZ Czech Republic 16 8 60 3 22 9SI Slovenia 15 9 55 4 28 7HR Croatia 14 9 68 4 16 6ES Spain 14 0 62 0 24 0GR Greece 6 6 56 1 37 3IT Italy 4 1 86 2 9 7

eU coUntry %

26


employment for 2011



27


Investment for 2011

IT Italy 55 4 21 1 23 5LV Latvia 47 0 43 0 10 0PO Poland 46 7 40 1 13 2SK Slovakia 44 3 35 1 20 6MT Malta 42 0 50 0 8 0TR Turkey 42 0 46 0 12 0EE Estonia 40 1 50 3 9 6BE Belgium 40 1 48 4 11 5BG Bulgaria 37 2 46 8 16 0SE Sweden 37 2 50 2 12 6SI Slovenia 36 3 42 0 21 7CY Cyprus 31 4 51 6 17 0DK Denmark 31 4 56 0 12 6RO Romania 30 2 42 1 27 7. Survey.average. 30 2. 50 5. 19 4. EU.average. 29 8. 50 7. 19 6HU Hungary 29 6 52 8 17 6DE Germany 29 0 56 0 15 0FR France 27 2 55 0 17 9PT Portugal 25 7 55 7 18 6CZ Czech Republic 25 6 41 8 32 6LU Luxembourg 22 7 63 1 14 2NL The Netherlands 22 0 63 0 15 0AT Austria 21 6 56 2 22 2HR Croatia 20 8 41 1 38 1ES Spain 17 0 54 0 29 0UK United Kingdom 17 0 62 2 21 0GR Greece 13 5 48 6 37 9

eU coUntry %

28


investment for 2011



29


Focus on Business Confidence

Business confidence for 2011 is growing; more than 40% of non euro zone companies are positive about the develop-ment of business confidence, as are one-third of the euro zone respondents Only 17% of the companies from the euro zone and 25% of those from the non euro zone fore-cast a decrease in business confidence for 2011

The balance for the non euro zone is similar to that forecast last year, while in the euro zone the balance has increased significantly Business confidence is traditionally higher in non euro zone countries This gap has been decreasing sig-nificantly over the last two years after slight declines in the years before the crisis

In the non euro zone, the 2011 expectations for business confidence are worse than in all surveys before the credit crunch in 2008 On the other hand, the Euro area results are more optimistic expectations than expressed in forecasts for 2002, 2003, 2005 and 2006

The most positive countries in the euro zone are Belgium, Malta and Cyprus The most optimistic countries concern-ing business confidence from the non euro zone are Swe-den, Latvia and Estonia Estonia, which is about to join euro zone in 2011, is especially optimistic 60% of Estonian com-panies forecast an increase in business confidence

Companies from only three euro zone countries indicate low levels of business confidence in 2011 In Greece and Spain, balance forecasts are negative, whereas in Lux-embourg the share of respondents expecting a decrease is only 2% points higher than those who forecast an in-crease In the countries of the non euro zone, the majo rity of companies is optimistic about business confidence in 2011, apart from Poland where companies expecting an increase/decrease are more or less in equilibrium

Expectations among companies in the major economies of the euro zone vary Respondents from France and Germa-ny are more positive in their forecasts than in recent years, while companies in the United Kingdom, Italy and Spain are far more pessimistic than in 2010

focus on Business confidence

euro Zone average

31.0%

51.8%

17.2%

non euro Zone average

32.8%

25.1%

42.0%

Favourable Constant Unfavourable

0% 20% 40% 60% 80% 100%

euro Zone

Belgium

Malta

Portugal

Cyprus

France

Austria

Slovakia

Germany

Euro.zone.average

Italy

Luxembourg

Slovenia

The Netherlands

Spain

Greece

0% 20% 40% 60% 80% 100%

non euro Zone

Sweden

Estonia

Latvia

Bulgaria

Denmark

Non.euro.zone.average

United Kingdom

Romania

Czech Republic

Poland

Hungary

euro Zone vs non euro Zone

30


focus on Business confidence

Favourable Constant Unfavourable

eu member states

33.7%

47.1%

19.1%

accession Candidates

37.1%

14.6%

48.4%

0% 20% 40% 60% 80% 100%

eu memBer states

Sweden

Estonia

Latvia

Belgium

Bulgaria

Malta

Portugal

Denmark

Cyprus

France

United Kingdom

Austria

Romania

Czech Republic

Slovakia

EU.average

Germany

Poland

Hungary

Italy

Luxembourg

Slovenia

The Netherlands

Spain

Greece

0% 20% 40% 60% 80% 100%

aCCession Candidates

Turkey

Croatia

Accession..Candidates.average

Business confidence expectations in the candidate countries are more positive than in EU member states At the same time, while optimism is growing in Turkey, Croatian compa-nies’ business confidence remains low for 2011 This means that the gap between Turkey and Croatia is widening

Almost half of the companies in the candidate countries expect a positive business development in 2011, while the figure decreases to one-third of respondents in the Euro-pean Union In Turkey, 51% of the respondents anticipate improved business conditions in 2011

The Turkish recovery was fuelled by an increase in house-hold consumption and private investment As a result, Tur-key is back on track after recession Like all other emerging market economies, the Turkish economy was tested by the global turmoil and has proven its strength and resilience However, Turkey not only recovered quickly from the crisis but was also able to sustain a significantly higher rate of growth All signs now indicate that the economy has re-bounded quickly and is headed towards renewed growth and an improving fiscal balance

The resilience of the Turkish corporate and financial sec-tors has turned out to be a considerable asset in manag-ing the recent crisis In particular, a better than expected recovery in economic activity, upgrades from credit rating agencies, easing political uncertainty with the comple-tion of a referendum process, and the signal given by the updated Medium Term Program that the fiscal discipline would be maintained, have all contributed to Turkey’s rela-tively better performance

The stable and sound structure of the financial system in Turkey is the main element which enhances the resilience of the economy against the global crisis Turkey’s banking system demonstrates a much stronger structure thanks to the legal regulations implemented in the past few years Recovery in domestic demand is more stable and has be-come widespread The increase in wages alongside em-ployment growth has been supporting the recovery in private consumption demand

In Croatia almost 40% of companies expect an unfavour-able business development next year Due to a severe drop in private consumption and investments during the crisis, all sectors were affected Recovery is slowest in the con-struction sector which was affected by the recession some-what later than other industries

Forthcoming state investments in the energy and trans-port sectors, water management and tourism, along with

Candidate Countries

the recovery in foreign demand and the favourable climate concerning EU accession, should however contribute to improving the mood throughout 2011

31


MethodologyAbout the SurveyEUROCHAMBRES’ Economic Survey is an annual, qualita-tive regional survey of business expectations in Europe The survey is implemented by the European Chambers of Commerce and Industry and co-ordinated by EURO-CHAMBRES It is based on a harmonised questionnaire sent to entrepreneurs from 24 EU member states as well as Croatia and Turkey during the autumn 2010 Over 70 500

methodology

Guidance when reading maps, graphs and tables

companies responded Data have been aggregated at re-gional level, with 95 European regions included The 2011 survey is the eighteenth edition of this yearly report More detailed analyses of each of the participating countries can be found in the “National Reports” published on EURO-CHAMBRES’ website: www eurochambres eu

Organisation and MethodologyRegional Chambers of Commerce and Industry through-out Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, France, Germany, Greece, Hungary, Italy, Latvia, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Swe-den, Turkey, and the United Kingdom have posed compa-nies a set of 12 questions on their past, current and short term business expectations (total turnover, domestic sales, export sales, employment, investment and business confi-dence) Entrepreneurs were asked to give a qualitative re-sponse, i e “better than the previous year”, “the same as the previous year” or “worse than the previous year” Responses from entrepreneurs were collected and aggregated using random and representative sampling techniques, thereby guaranteeing representativity by size, sector and region

In most countries, all regions participated in the survey In some smaller states, the country as a whole was regarded as “a region” The regional results have then been centralised in each country, a national weighted aggregate was calculated and extensive comments on the results were prepared Sub-sequently, EUROCHAMBRES brought the national reports and regional data together, and prepared a European report on the main trends resulting from the survey

National and European results presented in the analysis were weighted according to national GDPs Also, when calculating averages or other aggregates (euro zone coun-tries, survey average etc ), GDP was used for weighting Statistical methodologies used in the national surveys all ensure reliable results A more detailed description of the methodology for each country is included in the National Reports that are available on EUROCHAMBRES’ website: www eurochambres eu

In.“Executive.Summary”.and..“Business.Confidence.and.Economic.Indicators”

• The graphs in the “Executive Summary” and “Business Confidence and Economic Indicators” of the analysis show ‘balance figures’ These are obtained by deduct-ing the percentage of companies giving a negative response from the percentage of companies giving a positive response, thereby obtaining the “net response”

• Blanks in graphs reflect the absence of data for some countries and/or years, or reflect a score of zero

In.“European.Regions”

• The tables in the section “European regions”, show “per-centage shares” of the total number of responses given to a question They reflect the percentage of compa-nies that answered positively to a question (increase), negatively (decrease) or opted for a neutral answer (un-changed) Please note that they do not show “balance figures” as is the case in the “Executive Summary” and “Business Confidence and Economic Indicators”

• The maps in the section “European regions” indicate the regional ranking across the surveyed zone, based on the “balance figures” obtained from the percentage shares of the total number of responses given to a question

• Blanks in tables reflect the absence of data for some countries or regions

32


list of chamBers

•. AUSTRIA.Claudia Huber +43 5 90 900 4243 claudia huber@wko at

•. BELGIUM.Wouter Van Gluck +32 2 209 05 61 wvangulck@cci beGiromini Antonio +32 2 209 05 50 agiromini@cci be

•. BULGARIA.Olga Chugunska +359 02 8117 411 ikan@bcci bgTsvetan Simeonov +359 2 987 78 26 simeonov@bcci bg

•. CROATIA.Jasna Belosevic Matic +385 1 4828 373 jbelosevic@hgk hr

•. CYPRUS.Leonidas Paschalides +357 22 889 840 leonidap@ccci org cyLia Riri +357 22 889 720 lia@ccci org cy

•. CZECH.REPUBLICPetr Valenta +420 266 721 417 valenta@komora cz

•. DENMARKMira Lie Nielsen +45 3374 6000 mln@danskerhverv dk

•. ESTONIAKoidu Mölderson +372 604 0060 koidu molderson@koda ee

•. FRANCE.Mickaël Le Priol +33 1 55 65 70 91 mlepriol@ccip fr

List of Chambers

•. GERMANY.Dirk Schlotböller +49 30203081504 schlotboeller dirk@berlin dihk de

•. GREECE.Vassilis Apostolopoulos +30 210 3387104-6 vassapost@uhc gr

•. HUNGARY.Ágnes Czibik +36 1 235 0584 agnes czibik@gvi hu

•. ITALY.Domenico Mauriello +39 06 4704513 domenico mauriello@unioncamere it Francesca Luccerini +39 06 4704511 francesca luccerini@unioncamere it

•. LATVIA.Katrina Antonova +371 67225595 katrina antonova@chamber lv

•. LITHUANIA.Agne Juskeviciute +370 5 26 12 102 agne juskeviciute@chambers lt

•. LUXEMBOURG.Christel Chatelain +352 42 39 39 - 358 christel chatelain@cc luCarlo Thelen +352 42 39 39 - 351 carlo thelen@cc lu

•. MALTA.Andre Fenech +356 21 233 873 andre fenech@maltachamber org mt

•. THE.NETHERLANDS.John Sloof +31 70 314 3406 john sloof@kvk nl

•. POLAND.Katarzyna Grzejszczyk +48 22 630 96 28 kgrzejszczyk@kig plMarcin Wróbel+48 22 630 96 28

•. PORTUGAL.Joao Mendes de Almeida +351 2132 24054 jma@acl org pt

•. ROMANIA.Gela Rotaru +4021 319 01 69 gela rotaru@ccir roTanasoiu Cristian +40 21 3190155 dpc@ccir ro

•. SLOVAKIA.Darina Knapiková +421 2 54131136 darina knapikova@scci sk

•. SLOVENIA.Darja Močnik +386 1 5898 170 darja mocnik@gzs si

•. SPAIN.Lesile Bravo +34 91 5906903 leslie bravo@cscamaras esConsuelo Carazo+34 91 5906903consuelo carazo@cscamaras esJuan José de Lucio +34 91 590 6903 juan delucio@cscamaras es

•. SWEDEN.Karolina Krön +46 8555 100 15 karolina kron@chamber se

•. TURKEY.Cagri Gurgur +90 312 413 8054 cagri gurgur@tobb org tr

•. UNITED.KINGDOM.Steve Hughes +44 20 7654 5811 s hughes@britishchambers org uk

33


Birgit Arens – EUROCHAMBRESAlena Vlacihova – Czech Chamber of CommerceDirk Schlotböller – Deutscher Industrie- und Handelskammertag e V

Editorial Committee

editorial committee

34


EUROCHAMBRESThe Association of European Chambers of Commerce and Industry

Chamber HouseAvenue des Arts 19A/DB – 1000 BrusselsBelgium

Tel: +32 2 282 08 50Fax: +32 2 230 00 38

[email protected]

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eurochambres economic survey 2011

Technology

eu member states

section european regions

export sales

labour market

main drivers

domestic sales

balance figures

averagebalance figure