European Industrial Outlook December 2015 EO-160 Presented by: Kris Bledowski, Ph.D. Senior Economist kbledowski@mapi.net

Figure 1 – Manufacturing Production Source(s): Eurostat and MAPI Foundation

Table 1 – Industrial Production Growth Rates and Forecast 2011 2012 2013 2014 2015 (F) 2016 (F) Germany 8.7 -0.5 0.2 1.9 1.4 2.1 France 3.9 -3.4 -1.1 0.0 1.0 Italy 1.7 -6.7 -2.9 0.1 1.1 Poland 8.3 2.9 4.4 4.7 5.1 Spain -7.7 -1.3 3.3 3.2 United Kingdom 1.8 -0.7 3.1 0.4 1.5 Netherlands Belgium 5.9 -1.9 0.8 3.0 0.6 2.0 Austria 7.0 -0.4 1.2 2.6 Sweden -3.5 -4.3 -2.3 0.7 2.8 Czech Republic 7.7 -0.8 6.6 4.8 Hungary 6.2 -1.2 8.1 6.7 4.9 F=Forecast Source(s): Eurostat and Consensus Forecasts and MAPI Foundation

Figure 2 – Eurozone: Industrial Sector by Phase of Cycle, 3rd Quarter 2015 + Textiles Computers and electronics Motor vehicles Paper and products Accelerating Growth Decelerating Growth Accelerating Decline Decelerating Decline Food and beverages Wood and products Petroleum and coke Rubber and plastics Fabricated products Electrical machinery Nonmetallics Machinery and equipment Construction - Source(s): Eurostat and MAPI Foundation

Figure 3 – Central Europe: Industrial Sector by Phase of Cycle, 3rd Quarter 2015 + Accelerating Growth Decelerating Growth Accelerating Decline Decelerating Decline - Source(s): Eurostat and MAPI Foundation

Figure 4 – Belgium: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 5 – Czech Republic: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 6 – Germany: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 7 – Spain: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 8 – France: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 9 – Italy: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 10 – Hungary: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 11 – Netherlands: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 12 – Austria: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 13 – Poland: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 14 – Sweden: Manufacturing Production Source(s): Eurostat and MAPI Foundation

Figure 15 – United Kingdom: Manufacturing Production Source(s): Eurostat and MAPI Foundation