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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.
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).
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.
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