2013/2012 2014/2013

Output (volume) -1,0% 1,0%

Exports (value) 2,0% 3,0%

Investments 0,2% 0,2%

Employment -0,3% -0,2% Sources: Euler Hermes estimates, Anima

60

70

80

90

100

110

120

130

140

150

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Ind

ex

bas

is 1

00

= 2

01

0

Manufacturing Machinery and Equipment

Source: Eurostat

2

Source: Eurostat

0

10

20

30

40

50

60

70

80

90

100

2008 2009 2010 2011 2012 2013 Q1 2014

Ind

ex

bai

s10

0 =

20

07

TOTAL Foreign markets Domestic markets

Source: ISTAT

Source: BACH – Banque de France

3

Source: ITC

other mechanical

47%

Plumbing, sanitary &

related components

11%

Ceramics2%

Woodworking2%

Graphic industry, paper

industry & related

3%

Textile industry4%

Packaging9%

Plastics & rubber

6%

Hydraulic & pneumatic

4%

Glass2%

other machine tools10%

Sources: Euler Hermes and professional associations

868,5

2190,4

1073,9

2357

205,4 166,658,8 3,4

0

500

1000

1500

2000

2500

Mechatronics Bari Packaging machinery Bologna

2012 2013 2013/2012 Q4 2013 change in %

Sources: Intesa San Paolo – Istat

research@eulerhermes.com

4

DISCLAIMER These assessments are, as always, subject to the disclaimer provided below.

This material is published by Euler Hermes SA, a Company of Allianz, for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by Euler Hermes and Euler Hermes makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of the Euler Hermes Economics Department, as of this date and are subject to change without notice. Euler Hermes SA is authorised and regulated by the Financial Markets Authority of France.

© Copyright 2014 Euler Hermes. All rights reserved.

GDP growth (y/y, 4 qtrs cumulated %)

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

00 01 02 03 04 05 06 07 08 09 10 11

Venezuela

World

Latin America

Sources: IHS Global Insight, Euler Hermes

119110 107 106 103 100 97 95 92

8073

0

20

40

60

80

100

120

140

Pa

per

Meta

ls

Chem

icals

Mechanic

s

Constr

uction

Tra

nport

Household

equ

ip.

Textile

Com

moditie

s

Food

Au

tom

otive

2012 2013 2014f

EU

Regula

tory

thre

shold

Source: Euler Hermes

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

Frequency -Domestic

Frequency -Export

Severity -Domestic

Severity -Export

Ch

ange

in %

2013 (vs 2012)

Q1 2014 (vs Q1 2013)

Source: Euler Hermes