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EUROZONE: Improving Conjuncture and Confidence of the Economic Players

The economic recovery is solid, especially in Spain and Germany. The GDP scored its highest growth (’17: +2.5% y/y) since the financial crisis of 2007. Confidence and growth expectations in the industry of the central countries of the euro zone are at their highest levels. Companies’ investments are fostered by the growing utilization of production capacities and increasing orders.

Labour market conditions are improving even if the wage increase remains moderate. The unemployment rate (Nov. ’17: 8.7%) is 3.3 percentage points under its record of April 2013. The increase of the disposable income for the households and the favourable credit conditions could sustain investments in constructions and the demand in the construction sector. Private consumption could increase by 1.5% - 2% this year.

The “Ease of Doing Business” index of the World Bank points out that the structural reforms realized in Italy, Spain, Portugal and Greece in the past seven years improved the framework conditions for business activities. However, the improvement of the efficiency in the administration and legal bureaucracy has not been enough so far to recover the initial gap that hindered these countries.

The inflation rate (1.4%) remains under the objective of the European Central Bank (ECB), that should not change the leading interest rates, almost null. Since January, the ECB has halved its monthly net purchases of bonds from 60 to 30 billion EUR. The cut of the part of public bonds in the interventions, more than proportional, reduces the refinancing potential of the debt for the (southern) Countries of the Euro zone.

April 2018

ECSA Chemicals AG
Burgauerstrasse 17
CH-9230 Flawil (Switzerland)

Via Luigi Favre 16
CH-6828 Balerna (Switzerland) 

T. +41582119100
F. +41582119101

ECSA Maintenance AG
Burgauerstrasse 17 
CH-9230 Flawil (Switzerland)

Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)

T. +41582119300
F. +41582119301

ECSA Energy SA
Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)
T. +41582119500
F. +41582119501

con Unico Socio
Via Lavoratori Autobianchi 1 
I-20832 Desio (MB)
(Stabile n. 15 - Polo Tecnologico della Brianza)
T: +39 0362 625 421
F: +39 0362 304 361
P.IVA IT00222470130

Porta Ticino Easy Stop SA
Via San Giorgio 37
CH-6877 Coldrerio
T. +41582119910
F. +41582119911

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