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    Eclairages Emergents - Edition July 2014

    Foreign trade as a share of GDP (in 2011)

    An economy open to trade : South Korea's international trade exceeds US$1.3 trillion, and the country ranks number 8 worldwide. Exports of goods and services account for about 55% of GDP, compared with 25% in France and 15% in Japan. Imports come to about 50% of GDP.

Economic graphics

Keep abreast of the latest economic graphics commented by Credit Agricole economists

  • ECO Real Estate - Edition July 2014 France: Housing starts and building permits

    The decline accelerated in early 2014. New housing starts were fairly markedly down. In May, the 12-month total was down 8.5% at 312,000 units. The drop in building permits was even more marked, at 20.7% for the cumulative 12-month total to May, at 389,000. There has been a very sharp, 33%, fall in new housing starts since the 2007 peak of 466,000.

    France: Housing starts and building permits


  • 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).

    Implicit tax rate on company income


  • 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



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