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    French Macro Prospects – Edition July, 2014

    Implicit tax rate on company income

    In 2012, the implicit tax rate on non-financial companies stood at 28.1% in France, far higher than that observed among its leading trading partners. (This item of data is not available for Germany).

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  • Edition June, 2014 EMU: Contribution to domestic demand growth

    Q114 growth was disappointing, as it came in slightly below forecast. With the exception of Germany (+0.8% QoQ) and Spain (+0.4%), the other large economies revealed a stabilisation at best (0% in France, 0.1% in Italy) and at worst marked falls (1.4% in the Netherlands and 0.7% in Portugal). Eurozone growth thus came out at 0.2%, with no acceleration compared with Q413.

    EMU: Contribution to domestic demand growth


  • ECO Focus - Edition May, 13 2014 France: NFC margin ratio and savings rate
    In 2013, the margin ratio of non-financial companies (NFCs), ie, their EBITDA divided by their value-added, remains extremely limited, at 28%, after 28.3% in 2012. In 2014, it is likely to struggle to improve and is forecast to rise to an annual 28.5%.
    France: NFC margin ratio and savings rate


  • ECO Focus - Edition May 12, 2014 Banking sector assets
    If large banks made no changes to their group structure and kept their existing headquarters, an independent Scotland would have an exceptionally large financial sector. The Scottish banking sector's assets would be over 12 times its GDP, significantly larger than for Iceland or Ireland immediately prior to the crisis.
    Banking sector assets


  • Éclairages Émergents - Edition May, 2014 Mexico: exports
    Mexico's goods exports accounted for 9.3% of GDP in 1980, and the percentage was roughly the same, at 10.3%, in 1993. It had risen to 29.7% in 2013. The breakdown of exports has changed just as radically, from 52% oil and 16% manufactured goods in 1980, to 14% oil and 81% manufactured goods in 2013.
    Mexico: exports


  • ECO Focus - Edition April 25, 2014 UK GDP estimate based on hard data
    Our activity-based indicator points to growth of 0.8% QoQ based on a conservative assumption for the missing services data for February and March. The carry-over effects for the industrial and services sectors are of 0.9% and 0.7% respectively.
    UK GDP estimate based on hard data



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