Professional Documents
Culture Documents
,
,
.
, , ,
,
.
, ,
, ,
, ,
.
, ,
.
:
.
.
.
, ,
. ,
SETE Intelligence, ,
,
,
.
& ,
,
. ,
, ,
.
&
,
.
E 1
04
10
18
1.1
18
1.2 x
18
1.2.1
18
1.2.2
23
1.3 :
37
.
1.3.1
37
1.3.2 42
1.3.3 :
(ULC)
43
1.3.4 :
38
1.3.5 :
39
2.1
2.2
2.3
2.4
2015 2016
3.1
3.2 - , ,
3.3 ,
44
46
48
4.1 ...
4.3
50
51
53
: O Brexit
55
40
40
41
42
42
IN I 2016
.
E 1
, ISHC
, : ,
.
E 1
, ,
, ,
.
2013,
,
20082013. 2014 2015.
:
(. )
90.3
100
90
80
70
77.2
71.9
56.3
60
50
40
51.1
2006
53.4
47.6
2007
2008
2009
2010
2011
2012
2013
2014
2015
E 2006-2015
2006-2015
2006-2015
: Eurostat,
.
.
SETE Intelligence,
12
10%,
50%
,
.
(REER)
37
1.50
I
I
1.40
1.30
1.20
1.10
1.00
Oct-15
Oct-14
Apr-15
Oct-13
Apr-14
Oct-12
Apr-13
Oct-11
Apr-12
Oct-10
Apr-11
Oct-09
Apr-10
Oct-08
Apr-09
Oct-07
Apr-08
Oct-06
Apr-07
Oct-05
Apr-06
Oct-04
Apr-05
Oct-03
Apr-04
Oct-02
Apr-03
Oct-01
Apr-02
Apr-01
Jun-05
0.90
: European Commission, Price and Cost Competitiveness and Economic Forecasts, Winter 2016
84
81
69
60
42
:
1,14 USD/EUR,
1,15 USD/EUR.
,
,
,
.
(USD/EUR)
1.6
1.5
1.4
1.3
1.2
1.1
1
0.9
0.8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
E 1
- - 1
10,3 . ( 7,5 . 2 15
2016 2,8 . 2016)
,
2016 .
2010-2015
4,8%
,
-3,5%.
. ,
-0,9% 2009 - 2015,
(
). , 2009-2015,
35,6%.
2 6 2015 1 3 2016
,
1 3
. ,
, 2016
0,2%, 1,5%
1 .
:
1 7 2015
2014 - 2015
, ,
, 2014.
27
: ,
:
2015,
1
( 2016)
2016, .
:
1
5,4 .
H
--
.
Global Review Index (GRI)
, ,
(, .).
- ,
. , ,
4 3 2015,
.
4 3 2015
1 3 2016.
580 2015, 590 2014
653 2013. , :
)
) 2015 4,6% 74 2014.
.
,
. ,
.
,
(. ) ()
2015
26.114.200
188.012.000
7,2
14.125.800
541
75
2021
34.800.000
250.000.000
7,2
19.600.000
563
78
/ ()
E 1
Y Brexit *
*
. Brexit.
BREXIT,
,
: 50% / 30%
/ ,
- - ,
, ,
.
(2,4
. / 2 . 2015)
2016
.
H 2005-2015
-
3.000.000
1,6
1,4
2.508.651
2.388.007
2.397.169 1,2
2.278.012
2.287.268
2.089.529
2.000.000
2.112.151
1.920.794
1,0
1.846.332
1.802.2021.758.093
2.500.000
1.500.000
0,8
0,6
1.000.000
0,4
500.000
0,2
0,0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
734
743
2015
()
EUR / UKP @ 31/07
H 2005-2015
MK -
900
800
700
600
500
400
300
200
100
0
845
842
861
821
769
690
686
739
842
1,4
1,2
1,0
0,8
0,6
0,4
0,2
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
0,0
EUR / UKP @ 31/07
2014
2015, ,
.
,
,
.
10
E 1
2013, ,
2008 - 2013.
,
,
.
H
,
.
1 2 .
2013-2015
,
.
.
,
3 , 20132015 :
2013 :
) - (
) 15,5%,
-
( Eurostat) 13,5%
13,0% .
.
)
5,5% 3,1% ,
2010
-2012.
) 16,4%
) 4,9% (
37,1% 4 3 2013).
) 3,9%
11,3%.
2010-2012.
11
2013 -3,2%,
0,9 (..)1.
0% 2013,
-4,1%.
23.
1
2014,
0,7%
0,55%.
, 2014 :
) - (
) 23,0%.
3,5 2,06
( 10).
) . 2014.
) 10,2%,
2013.
102,9
81,7 , 540,9
.
) 11,8%
) 7,1%
6,5% (
2013).
,
2015, :
) - 7,6%,
) 5,5%,
) 3,1%
(-9,1% 4 3 2015)
) 9,7%,
-3,9% ( -11,0% -16,4% 3 4
3 2015, capital controls).
12
E 1
,
2014 0,7 ..
, 1,45 ..
(&) ,
1,6 ..
( 18).
2014.
2015 -0,2%
0,41 .. ,
0,31 ..
& ,
0,92 ..
.
, .
()
INS ICAP Quantos,
,
2013,
395,8
, 284,2
401,6 , 362,3
781,2 .
2
market mix
,
,
(1,9 . 2015, 0,69 . 2013) (3,02 .
2015, 1,6 . 2013), 4,92 .
, 114,8% 2013.
1 3,
2.
(
) 582 2015, 590,2
2014, 653,4 2013 697 2009,
13,76 . 2015,
10,4 . 2009.
2015 6%
. ,
,
. ,
(2015:
+14,3%, 2014: +8,5%), (2015: +14,7%, 2014: +13,2%),
(2015: +4,0%, 2014: +27,0%), (2015: +21,3%, 2014: +15,9%)
(2015: +26,8%, 2014: +26,9%),
2015. ,
( ) 2015
,
, (
2014 2015
)
. ,
( 1),
-
.
2015, 3 ,
:
( 5 29),
( 1),
( 2 3).
13
, 4 3 2015,
capital controls
, 4 3
2015
9 2015.
2016
2015
2013-2014. , 1,
2016 2015 (
: 1,5%, : 2,4%, : 1,9% - 2,2% 2015).
,
-1,8% 2016, -3,7% 2015,
14
E 1
,
,
,
, 2015
:
(&)
.- . 2015,
2015
capital controls ,
.
.
( -3,7%)
,
( 3).
( 1),
(
) ,
2016 - 2017.
.
.
,
,
2010 - 2013
.
.
. - . 2015,
/
,
.
$ 45/
. ,
2015
1 3 2016 (: 3,7% 4,2% , :
3,0% 2,9% , : 3,6% 2,5%, : 4,2%). ,
2016
,
. ,
2015.
,
.
,
. :
5 2016
1 3
.
2015
3
1
.
Grexit
.
,
,
capital controls,
. , 1 3 2015
-1,35%,
-52,5% . ,
- 2016
1 2016 -54,5%.
,
. ,
,
1 3 2016. ,
1 3
2016
5,4 . 2016-2018.
15
,
, . ,
,
.
.
16
E 1
.
3,6 .
, - -
1 10,3 . (
7,5 . 2 15 2016 2,8 .
2016)
, 2016
. Grexit
capital controls (
),
. ,
,
,
. ,
2016.
,
3,6 .
() 3 .
2015
0,7%
-0,25% 3
2016 1 3 2016
1,0%
, 0,5% 3 .
, 3,6 .
. ,
2016. ,
5,4 . (
)
24% 23%,
1,0%,
( )
2018.
,
.
.
,
(
)
, ,
.
,
.
,
.
, ,
,
.
.
2016 46% ( 1,11 . ) 2015 (
, : SETE INTELLIGENCE).
,
( )
.
, (
) 8,2% 1 3
2016, 29,4% 1 3 2015
20,6% 1 3 2014. ,
,
2 .- .2016 -11,0%,
52,7% 2 .- .2015.
( 9)
-2,8% 1 3 2016,
-2,1% 4 3 2015 45,6% 1
3 2015. , 2016
2016, .
17
1
1.1
2015
2016 .
1.2
1.2.1
2016
,
,
3 .2015 - .2016.
2015 2015
2016
. , (
) .
18
E 1
:
)
)
)
)
( ) .
2 .- .2016
,
,
, .
-
, ,
( ,
, ..).
( 1),
2016 2017, 2015,
,
(
2016)
.
,
2,4% 2015, 2014,
, 2,4%, 2016 (
2,7% ) 2,5% 2017 ( 2,6%).
2015,
5,0%.
,
FED .
1
2014-2015 2016-2017
2014 2015 2016 2017
2014 2015 2016 2017
3.4 3.1 3.2 3.5
0.7 - 0.2 -0.3 2.7
3.3 2.8 3.1 3.8 -2.5 1.6 1.7 2.0
2.4 2.4 2.4 2.5
. 2.9
2.2 1.9 2.2
-28
1.4 1.9 1.9 2.0 2.3 4.1 3.7 2.8
- 0.1 0.5 0.5 -0.1 1.9 0.9 1.2 1.5
KINA
7.3 6.9 6.5 6.2 3.3 3.6 3.7 3.6
2.5 1.2 1.7 2.1 3.7 2.9 2.5 2.8
(-19) 0.9 1.6 1.5 1.6 2.0 4.2 2.1 2.6
1.6 1.7 1.6 1.6 0.6 -3.7 -1.8 0.8
0.2 1.2 1.3 1.7 3.8 3.2 3.2 3.2
- 0.3 0.8 1.1 1.3 -1.8 0.7 1.8 2.3
1.4 3.2 2.6 2.5 1.5 3.0 2.3 2.3
5.2 7.8 4.9 3.7 2.9 3.8 3.8 3.4
1.1 1.4 1.2 1.4 3.0 3.8 4.2 3.7
1.0 2.0 1.7 2.0
- 0.4
1.6 1.8 2.1
: IMF WEO April 2016 -Spring 2016 Economic Forecast
1 E
19
,
,
. ,
(
) . ,
.
6,8%
4 2015, 2016 2017
6,0%.
.
,
. ,
1,14 USD/EUR,
1,15 USD/EUR.
20
E 1
FED . , 2016
4
2016, 1,5% 2016,
1 2 2016,
FED
0,25% - 0,50%,
, ,
1,0% 2016.
,
- 2016.
. - .2016
(, , ),
FED .
, 1
0,25% - 0,50% 2015.
2016
80 ..
.
FED
, ,
,
( 1).
FED
.
(USD/EUR)
1.6
1.5
1.4
1.3
1.2
1.1
1
0.9
0.8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
.
rexit.
*
6%.
, , ,
,
,
. ,
( , , )
,
*
, . ,
1,6% 2015 (2014: +0,9%),
(-0,2% 2016),
. ,
2015 3,0%,
(.2016) 2,2%,
3,8% ( : 3,6%), 1,6%
( :1,4%) 3,2%. ,
-28 1,9% 2015, 1,4% 2014.
,
( Yuan)
. , (
)
.
( ),
6,0%, . ,
)
( )
,
(.., , , ..
). , (April 2016)
6,5% 2016 (
6,3% 2015) 6,3% 2017.
1 E
21
,
,
,
( 2)
,
.
2
(TRL/EUR)
(RUB/EUR)
(
) (
$30/),
,
. ,
FED
2016
$40/.
,
2015 2016, 2017
22
E 1
,
, ,
,
2015.
( 3).
,
,
.
4%
.
.
FED,
, , .
4,1% 2016 ( 4,5% 2015)
4,6% 2017.
-31,6% 2016 ( -2,4%
2015) 17,9% 2017.
, 2016 (
)
2017
.
1.2.2
2,
, 2014
2015
.
:
,
.
. 2014 2015
,
2 .-.2016
-28 -15,3%. :
) (2015: +14,7%, 2014: +8,5%,
.- .2016: 0,1%),
11,9% 2015 2
.
) . (2015: +14,7%, 2014:
13,2%),
2015 10,2% (3 ). 1 2.2016
-10,2%.
) (2015: +4,0%, 2014: +27,0%, ..2016: 2,2%), 2015 6,7% (5 )
)
(2015: +21,3%, 2014: +15,9%), 2015
5,9% (6 2015, 7 2014),
)
(2015: -2,8%, 2014: +13,2%), 2015
2,8% (10 ) (2015: 17,9%, 2014: +18,8%),
2015 2,0%.
.
, :
) (2015: +26,8%, 2014: +26,9%, .-.2016: 22,9%),
2015 3,2%, 2,7% 2014 2,6%
2013, 8 .
) (2015: 0,0%, 2014: +41,8%), 2015
0,8%.
)
(2015: +25,1%, 2014: -21,9%), 2015: 0,8%.
1 E
23
.
,
, :
) (2015: +28,8%, 2014: +46,7%),
12,8% 2015 (1 ), 10,7% 2014 8,9% 2013.
) (2015:+23,9%, 2014: +121,8%),
8,1% 2015 (4 ), 7,0% 2014
3,9% 2013.
) (2015: -26,2%, 2014: +26,6%), 2015
3,1% (2014: 4,5%).
)
(2015: -3,3%, 2014: 0,7%), 2015
2,1%.
)
(2015: +17,5%, 2014: +18,0%), 2015
4,9% (7 ), 4,4% 2014 4,6% 2013.
) (2015: -0,6%, 2014: +94,8%), 2015
2,3%.
)
(2015: 4,9%, 2014: +12,4%), 2015
2,0%.
) : (2015: 28,1%, 2014: +52,7%), 2015
3,2% (9 ), 2,7% 2014 2,2% 2013.
)
: (2015: 25,6%, 2014: +21,1%), 2015
1,9%, 1,6% 2014 1,6% 2013.
2
2013 2014 2015
2014
2015
2013
2014
2015
% %
%
%
%
....
3.9
7.0 8.1
1,152,217
1,463,157
1,522,100
27.0 4.0 6.4 6.6
6.4
778,765
985,661
727,831
26.6
-26.2
4.3
4.5
3.1
...
385,474
588,712
754,402
52.7
28.1
2.2
2.7
3.2
403,784
530,336
348,585
31.3
-34.3
2.3
2.4
1.5
344,554
409,198
482,524
18.8
17.9
1.9
1.9
2.0
212,466
186,701
91,988
80,623
24
23
E 1
7.1
100
100 100
: (. )
: Eurostat
1 E
25
2006-2015
2006-2015
2006-2015
: Eurostat
IFO:
: GFk
26
E 1
11,8%
,
2015. 2,2 .
3,2%
.
. /
rexit.
*
9,
2006-2015 ...
1,1%.
3
5,
2,4
. ,
1,
1,6% 2016 2017,
4,7% ,
2016 2017
( 2,1
.. 2016 2,0 .. 2017),
(2016: -0,2 .. 2017:
-0,2 ..). 6 7
(IFO) (
1,5% 2,0%),
.-.2016.
, (GfK)
.-.2016,
2,0%
2016 1,7% 2017, 1,9% 2015.
, ( 10)
2,24 . 2015.
69,5 . 2014 70 .
2015, 3,2%
. ,
.
( )
.
*, 10,2%
,
, (...)
2009 - 2015 2,0%.
,
. ,
20092015 3,3% ...
3,8%3.
...
, 10,4% 2009 - 2015,
(
).
159,2 . 2015 (
2010), ... 2009 - 2015
2,1%. 2015 7,9% ,
7,5% 2011, 8,2%
2007.
1 E
27
9, .
2,1%
2009 - 2015,
(2,0%). ,
1, . 2,1%
2016 2017,
2,1% .
. 2016 2017
( 2,6 .. 2016 2,2 .. 2017),
.
( ) (2016: -0,5 ..
2017: -0,1 ..).
8
. : (. )
. :
2006-2015
2006-2015
2006-2015
: Eurostat
10 11
(ESI) . , 106
. 2016, 105 .
.2016 (
2 .-.2016), 113,1 . .2015.
2,1% 2016. ,
.-.2016,
. 2,6% 2016 2,3% 2017,
2,8% 2015.
28
E 1
10
: (S)
11
10,2%
2015. 2 .
3,9 %
.
. /
rexit.
*
, .
2,02 . 2015 ( 10).
.
2014 51 .,
3,9% . ,
.
.
23 2016
,
-28*.
Brexit
,
( ),
12.
1 E
29
12
(GBP/EUR)
: Bank of England
, 6,8%
,
,
(...) 2009 - 2015 1,0%. ,
. ,
,
.
2009 - 2015 4,7% ...
4.
. ,
( .
,
),
2016, Brexit.
,
... 3,7% 2009-2015,
(
).
182,9 .
2015 ( 2010), ... 2009
- 2015 7,6%. 2015 8,8%
, 7,1% 2012
6,0% 2007.
14,
2015 61,3%
( 2010) 2006,
5,9%. ,
1, 1,3%
30
E 1
14,
2006-2015 ...
2,7%,
2,1% 0,6%.
4
13
: (. )
14
2006-2015
2006-2015
2006-2015
: Eurostat
15
: (S)
1 E
31
16
, 1,19 .
2015 ( 10).
37 . 2014
38 . 2015,
3,1%
.
.
, 5,8%
2015,
2015,
0,8%, (...) 20092015 -0,3%.
2009-2015
4,5%,
1,7%.
31,6 . 2010,
41,1 . 2015 ( 17).
,
2,9 .. 2012, 0,9 .. 2013, 0,1 .. 2014 -0,1 .. 2015.
2015,
,
0,8% 2015.
32
E 1
O
6,8%
2015. 1,2
. 3,1%
.
15 16
(ESI) 102,5 . 1 3 2016 (101,9
2016), 86,7 . 2013. ,
, 1,3% 2016 1,7%
2017. ,
-12,1 . 2016, -30,9 .2013,
-17,1 2016 , ,
.
1,3% 2016 2017,
1,4% 2015 0,6% 2014.
17
: (. )
18
2006-2015
2006-2015
2006-2015
:
18,
2015 12,5%
( 2010) 2006,
-6,9%. ,
1, 1,1%
2016 1,3% 2017,
1,0% .
2016 2017
( )
( 1,6 .. 2016 1,4 ..
2017),
2016 -0,3 .. (2017: 0,0 ..).
19
: (S)
1 E
33
20
, 7,7%
2015,
2010, 2015
3,0%. (...)
2009 - 2015 1,3%,
, (lev
BGN) (1,95583 BGN/EUR)
1999.
7,5%,
4,6%.
34
E 1
O
5,8%
2015. 833 .
3,8%
.
, 832,7 .
2015.
22 . 2015,
3,8%
. ,
.
19 20
(ESI) 109,8 . .2015,
79,8 . .2012. 103,7
. . 2016 . - .2016
. ,
1 3 2016
, 1,5% 2016 0,6% 2017.
,
+0,1 . 2016, -41,5 .2012 (
), -6 2016
.
1,5%
2016 0,6% 2017, 0,9% 2015
0,4% 2014.
2015.
6,5 . (16,5% ) 2008,
0,1 . 2015 ( 21). ,
2,1 .. 2015, -1,08
.. 2014 2,6 .. 2013.
2,5 .. 2014
1,0 .. 2015.
2010-2015
.
1999
.
21
: (. )
22
: Eurostat
22,
2015
13,1% ( 2010) 2006,
17,6%. ,
1,
1,5% 2016 2,0% 2017,
1,5%
. 2016
2017 ( )
( 0,6 .. 2016 1,3
.. 2017), (
)
0,8 .. 2016 0,6 .. 2017.
1 E
35
23
: (S)
24
,
195,6 . 2015 ( 10).
903 . 2015,
21,7%
.
( )
,
.
, ,
1 ,
247,1 . 2015 (
10). 1,
3,2%
.
36
E 1
23 24
, , 2016 2017
.
O
7,7%
2015. 196
. 21,7%
.
1.3 ,
:
.
2008 - 2013,
0,7% 2014
-0,2% 2015.
1.3.1
2008-2013,
0,7% 2014 -0,2% 2015.
2009 - 2015 -4,2%.
20102015
4,8%
,
-3,5%.
,
-0,9% 2009 - 2015,
( ).
, 2009-2015,
35,6%. ,
-6,2% 2009
- 2015
()
.
25
:
(. )
90.3
100
90
80
70
77.2
71.9
56.3
60
50
40
51.1
2006
53.4
47.6
2007
2008
2009
2010
2011
2012
2013
2014
2015
T
26
: Eurostat,
1 E
37
,
32,6 . (13% ) 2007,
2,9 . (1,57% ) 2015 ( 17). ,
(
)
1,1 .. 2015, -0,26 .. 2014, 1,13 .. 2013
3,07 .. 2012. ,
-7,32 ..
2009, -7,48 .. 2010, -12,04 .. 2011, -10,37 ..
2012, -4,33 .. 2013, +0,92 .. 2014 -1,33
.. 2015. 2014
3,0% 2015.
,
,
(+0,7% 2014, +0,83% 1 6 2015)
-1,21% 2 6 2015 -0,23% 2015
. ,
-2,3% 2015
2016.
, 2 6 2015
-56,9%
( ) (
) 6 capital
controls. 0,97% 2 6.
2015 1,0% 2015 ( 3 4).
38
E 1
,
(&) . - 2015
, .
:
) Grexit
( 2015
) ,
)
2 6 2015 2016,
)
2015 2016,
) , ,
2015,
2 6 2015.
1
2015 capital
controls ,
2 ,
( capital controls).
2105 1%
.
( 2010) 2015
1o 6 1o 6
1 6 2o 6 2o 6 2 6
2014 2015 % %
.
.
.
.
82.6
83.7
1.3%
85.1
84.4
-0.8%
62.8
64.0
1.9%
64.9
64.1
-1.3%
19.7
19.6
-0.6%
20.2
20.3
0.5%
10.0
10.5
5.4%
11.3
10.9
-3.5%
-26.5%
1.1
0.9
-20.0%
0.9
0.6
3.5
2.8
-20.6%
4.3
4.4
3.2%
(. .)
4.0
5.4
35.0%
4.6
4.4
-5.7%
1.4
-2.0%
1.4
1.5
6.7%
1.5
1.27
0.39
-69.4%
-0.12
-2.3 1894.0%
. .
-0.04
-0.01
-60.0%
0.35
0.5
29.2%
92.6
94.2
1.7%
96.4
95.3
-1.1%
&
24.4
25.3
3.4%
31.1
28.1
-9.4%
3.2
3.0
-7.5%
3.7
1.6
-56.9%
26.4
-15.8%
-. . ()
&
29.0
29.9
2.9%
31.4
&
-4.6
-4.6
0.4%
-0.3
89.2
89.9
0.83%
96.3
1.7 -604.7%
95.1
-1.21
-0.02
-0.94
2.13
5.17
-. . ()
-2.18
-0.85
1.33
-0.13
0.11
0.60
-0.40
-0.24
-0.58
0.00
0.14
(. .)
1.29
-0.28
-0.99
. .
0.02
-2.30
0.11
0.83
-1.21
: SETE Intelligence
,
2010
168.1 -3.4% 167.7 -0.3% 168.1 0.2% 168.0 0.0%
169.3 0.8%
41.0 -6.5%
40.0 -2.6%
40.0
1.0%
0.0%
0.1%
4.1 -30.7%
2.0 -52.3%
1.6 -19.1%
1.6 8.4%
1.9 15.0%
7.6 -4.0%
7.8 2.0%
7.2 -7.3%
7.8 7.9%
8.5
8.5%
7.3
0.4%
8.8 19.7%
9.7 11.1%
9.1 -7.1%
9.3
3.2%
2.9 -4.9%
2.8 -2.1%
2.9
4.0%
3.0 2.5%
3.1
2.1%
-1.5 16.7%
1.2 -178.0%
-1.9 -268.7%
-0.3 -86.4%
0.8 -401.9%
0.2
156.1% 0.3
52.4% 0.4
38.1% 0.1
-77.4%
-0.1
-150.0%
1.4%
7.2 9.5%
4.5 -34.0%
56.1 -1.9%
60.5 7.7%
56.3 -6.9%
3.2 -28.5%
4.2 29.4%
1.6%
-4.5 -32.6% -4.9 10.9% -2.9 -41.2% -2.9 1.1% -2.8 -5.4%
&
, (2010) 184.31 -3.2% 185.51 0.7% 185.08 -0.23% 186.4 0.7% 190.1
2.0%
1 E
39
4 ()
2013
2014
2015
2016*
1.13
-0.26
1.10
-0.02
2017*
0.09
0.56
-2.36
2.23
0.91
-0.47
-. ()
-0.22
0.76
-1.31
-0.70
0.51
-1.61
0.34
0.20
0.02
0.69
-1.49
-0.57
-0.01
-0.04
0.02
-1.19
-0.33
0.08
0.04
0.68
-0.96
-1.16
-0.20
0.07
0.13
-0.17
0.08
-0.30
0.31
0.36
-0.11
1.43
-1.67
0.91
0.57
0.07
0.06
0.07
-0.18
-0.08
-3.20
0.65
-0.23
0.73
1.96
.
, (2010)
: SETE Intelligence
27
: ,
, 2 6 2015
3 2016 ,
1 3 . ,
-
,
:
) 1 3 2016 -1,4%,
,
capital controls.
) 2016
. ,
2016 0,2%, 1,5%
1 .
:
1 7 2015
:
2015,
1
( 2016)
2016, .
:
1
5,4 .
40
E 1
1
-
2016.
,
2014 - 2015
,
,
2014.
(, , NPLs), 3 ,
() 2014
.
, ,
.
,
0,1% 2014 1,9% 2015,
() ,
2013-2016 .
2016 (
4),
.
.
1 E
41
1.3.2
2016
( ,
)
. ,
,
5.
27
28
(ESI)
: .
42
E 1
, ,
23% 24%
,
35
(
),
, ..,
.
5
70,6 2016, 63,2 . 2016 73,1 .
2015. 2016
2016, .
,
2010-2013.
,
.
1.3.3 :
(ULC)
.
.
.
.
,
2009 ,
-
()
( ).
2009 ,
(
), 29
5.
29
(REER)
37
1.50
1.40
1.30
1.20
1.10
1.00
Oct-15
Oct-14
Apr-15
Oct-13
Apr-14
Oct-12
Apr-13
Oct-11
Apr-12
Oct-10
Apr-11
Oct-09
Apr-10
Oct-08
Apr-09
Oct-07
Apr-08
Oct-06
Apr-07
Oct-05
Apr-06
Oct-04
Apr-05
Oct-03
Apr-04
Oct-02
Apr-03
Oct-01
I
I
Apr-02
Apr-01
Jun-05
0.90
: European Commission, Price and Cost Competitiveness and Economic Forecasts, Winter 2016
1 E
43
. .
(REER)
, 37
Q4 2009/2000
Q4 2011/Q4 2009
Q4 2012/Q4 2009
Q4 2013/Q4 2009
Q4 2014/Q4 2009
Q4 2015/Q4 2009
Q4 2011/2000
Q4 2012/2000
Q4 2013/2000
Q4 2014/2000
Q4 2015/2000
0,7%
-5,1%
-5,7%
-0,7%
-1,0%
-3,0%
-4,4%
-5,0%
0,0%
-0,3%
-2,3%
33,2%
-4,7%
-12,7%
-16,3%
-19,0%
-27,6%
26,9%
16,3%
11,5%
7,9%
-3,6%
25,0%
-6,2%
-11,5%
-9,5%
-12,3%
-14,1%
17,3%
10,6%
13,2%
9,6%
7,3%
30,9%
-14,6%
-18,2%
-16,0%
-20,4%
-26,5%
11,8%
7,1%
9,9%
4,1%
-3,8%
29,0%
-3,5%
-5,5%
-2,0%
-3,0%
-6,7%
24,5%
22,0%
26,4%
25,1%
20,4%
10,1%
-6,7%
-10,4%
-7,4%
-10,5%
-12,8%
2,7%
-1,4%
1,9%
-1,5%
-4,1%
21,9%
8,2%
4,4%
4,4%
-0,7%
-2,8%
32,0%
27,3%
27,3%
21,0%
18,5%
: : Price & Cost Competitiveness (18 December 2015) and European Economic Forecast
(Winter 2015).
4 3 2009
( 37
),
37 (REERULC)
( ) 33,2% 2000.
.
(&) 2010 - 2015,
( )
, (
).
5, 4 3 2015 REERULC
-27,6% 4 3 2009
-3,6% 2000.
2000
- 2009 2016
2000, .
, -26%
27% 2010 -2013. ,
2010 - 2014
.
,
, ,
, 2000
7,3% , 20,4%
18,5% .
44
E 1
,
,
. , 2,
17,1% 1 3
2016
.
.
12
10%,
50%
,
.
1.3.4 :
REERULC 2010
- 2015 ( ),
,
.
SETE Intelligence,
12
10%, 50%
,
.
TMS A.E.
, , ,
, ,
( 6).
84
81
69
60
42
. ,
(
7 4-),
.
1 E
45
46
E 1
, ,
2015,
-8,0% 4 3 2015,
3,4%, 8,7% 5,2% 1, 2 3
3 2015 ( ).
,
,
.
.
6
31
104
.
,
6.
1.3.5 :
7
, Doing Business
2016 ( 7), 60 189
, 44 , 97
, 131 55
. , Berenberg
Lisbon Council7, ,
,
, .
1 E
47
2
2.1
8,
2008-2014
.
8
/ / /
/ / /
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
...
2014/1997 1.5%
1.8%
5.8%
2014/2000
1.4%
1.9%
1.3% 2.2%
3.5%
1.9% -0.3%
2014/2008 1.3%
1.7%
1.4%
1.4%
1.4%
1.9% -0.4%
: Eurostat
48
E 1
0.3%
-0.1%
0.0%
-0.4%
0.8%
2.0%
0.9%
2.3% -0.4%
0.1%
1.9% 2.5%
1.6%
2.3%
0.2%
2.0% -0.4%
2.2%
2.2%
,
2008 - 2014,
. ,
,
, ,
(
) .
,
,
. ,
.
2.2
.
(, , , , ..),
-
-
, ,
.
,
.
.
The Travel & Tourism Competitiveness Report 2015 World Economic
Forum(WEF), 45 141
.
34 4,87, 4,75 ,
75 4,45.
49
30
,
, (Eurostat)
,
2010 - 2014
( 30).
,
, .
.
The Travel
& Tourism Competitiveness Report 2015 World Economic Forum(WEF),
49 141 ,
(47 ), ,
(68 ) (50 ). ,
.
,
.
2.3
SETE Intelligence,
.
.
50
E 1
31
Global Review Index (GRI)
, ,
(, .)
2.4
,
. , , 4 3 2015,
(: -2,4%,
: -3,1%, : -2,1%).
4 3
2015
1 3 2016. ,
,
,
, ,
, 8,5 .
.
,
.
, ,
( 53.000
) . ,
,
- 20
2016
. 10
2016 20
1.676 ,
20/3/2016 9/4/2016 337 .
18 11/4/2016, 80
12/4/2016, 101 13/4/2016 30 14/4/2016.
6,0 .
( , , ,
/ ) 2015 , ,
,
(.. ) 2016 .
51
3
2015
2016
3.1
9
2008 - 2015 3
2016. ,
3 2013 - 2015, 23,6 . 2015, 15,2 .
2012. ,
2.2.2. 2.,
(, . , ,
, -28, , ..),
(, , , )
.
9
( )
Q1
Q2
Q3
Q4
% 3
Q1 -16.7% -5.3% 13.1% -11.7% 4.6% 16.0% 45.6% -2.8%
Q2 -8.4% -5.4% 14.2% -8.3% 14.2% 15.5% 15.0% 4.5%
Q3 -4.3% 5.8% 8.3% -3.0% 16.8%
25.8% 2.6% 7.0%
Q4 -4.6% -4.3% 3.9% -7.4% 17.3% 27.7% -2.1% 9.3%
-6.4% 0.6% 9.5% -5.5%
15.5%
23.0% 7.1% 6.0%
: , SETE Intelligence 2016
52
E 1
10
-28
14,972,200
132,842,300
327,100
3,182,500
8.9 9,403,300
628
/
/
71
94
482,500
4,596,500
81
1,900,600
6,618,600
30
1,522,100
14,410,700
9.5 1,194,300
785
83
2,810,300
31,365,900
11.2 2,244,600
799
72
237,700
2,126,000
2,397,200
1,355,300 11,965,800
23,772,600
470,100
67
9.9 2,019,500
85
842
70
4,998,000
50
639,100
6,727,400
65
351,600
3,195,100
69
391,200
3,875,900
97
512,800
5,465,600
77
3,023,100
6,216,800
750,300
8,559,900
23,599,500
2021
185,027,100
2,514,500
26,114,200
34,800,000
2,984,800
188,012,000
250,000,000
82
40
2.1 247,100
110
7.8 13,679,200
580
74
150
7.2 14,125,800
541
75
7.2 19,600,000
563
78
8,2% 1 3 2016,
29,4% 1 3. 2015 0,6% 1 3
2014, (
)
-2,8% 1 3.2016,
-11,0% 2 . - . 2016.
1 3 2016
-
, ,
3 2016,
9. 2016
25 . , 9,5% 2015.
2015:
23,6 .
13,7 .
185 .
( 10)
2015 185,03 .
0,1% 2014 188,01 .
0,6%.
:
2,5
446 .
3 .
10
2015 7,84 7,2
.
1,19, 2,06 3,48.
177,6 ,
81,7 102,9
.
53
3.2 - ,
,
11
, ( )
/
/
10.0
70.0
2007
700.2
10.0
70.2
2008
730.0
9.6
76.3
2009
14,915 -6.4%
141,444 -7.3%
697.3
9.5
73.5
2010
15,008 0.6%
640.4
9.3
68.6
9.2
69.6
2012
646.0
9.1
71.1
2013
17,917 15.5%
11,707 16.8%
160,251 13.7%
653.4
8.9
73.1
2014
22,034 23.0%
13,005 11.1%
184,789 15.3%
590.2
8.4
70.4
10,400 -10.6%
7.8
7.8
73.9
74.6
: - : SETE Intelligence
,
(
81,7 2015)
( 2015 102,9).
2016
, , , , , ,
, ,
. 5,9%
2016, 6,0%.
3.3
M
12 32
.
54
E 1
11
,
,
,
.
580 2015, 590 2014
653 2013. , :
)
) 2015 4,6% 74
2014.
.
H
.
12
()
1 3
2 3
3 3
4 3
1 3
2.9
-20.6
-24.0
-16.8
44.9
3.4
2 3
-10.2
-2.2
-20.8
5.3
6.7
8.7
3 3
-7.5
-1.1
-11.5
1.2
7.7
5.2
4 3
-15.8
-18.3
-22.2
37.1
11.3
-8.0
32
,
.
4,9% 2013, 11,8% 2014 3,5% 2015,
-8,0% 4 3 2015.
-8,2% 2010, -7,4% 2011 -17,3% 2012. ,
2012
-
- .
2016 ,
, , ,
,
.
13
1 3
2 3
99.3
100.8
104.3
90.6
88.9
84.5
3 3
95.5
109.0
96.2
91.5
85.3
77.7
4 3
1 3
-12.0
-17.4
1.2
-4.7
-2.3
-3.9
2 3
-14.8
1.5
3.5
-13.1
-1.9
-4.9
-8.8
14.1
-11.7
-4.9
-6.8
-8.9
3 3
4 3
55
14
1 3
2 3
3 3
4 3
1 3
-12.0
-17.4
1.2
-4.7
-2.3
-3.9
1 3
-2.7
-1.1
-13.8
-10.3
-18.8
-4.9
2 3
-6.2
-8.7
-14.5
-7.3
-11.1
2.5
3 3
-12.6
3.0
-20.5
-5.9
-5.5
-7.5
4 3
-8.6
-7.3
-5.9
-7.6
0.7
-10.9
-8.6 -2.6
-15.4 -7.4 -8.1 -5.4
13 14
.
2013 - 2015,
2015.
. , ,
,
.
15.
, 3,9%
2013, 2010 - 2012,
7,1% 2014 9,7% 2015.
56
E 1
15
1 3
2 3
3 3
4 3
100
,
7,1% 2014 9,7
2015. A,
-8,1% -5,4%
.
99.1
98.0
101.8
109.1
119.7
1 3
-3.9
-12.5
-5.6
-1.1
0.5
3.1
2 3
-9.7
3.8
-8.8
9.3
12.7
4.2
4.5
1.2
6.2
11.5
11.8
3 3
-8.7
4 3
16
, 11,3% 2013 6,9% 2014,
2015 -3,9%.
2015 -11,0% 3 3
2015 -16,1% 4 3 2015,
capital controls.
2o 6 2016,
,
.
16
1 3
2 3
3 3
4 3
64,8
47,3
52,6
56,0
53,8
1 3
-12,7
-42,7
-37,9
-3,9
11,3
2 3
-4,5
-30,3
-39,3
-2,3
4,6
24,0
8,3
3 3
-31,6
-33,5
-13,5
15,4
6,8
-11,0
4 3
6,5 -3,9
57
4
4.1
17,
.
17
2013 2014 2015 2021
.
.
.
.
18,500.0
650.0
216.0
191.0
210.0
350.0
1,077.0 1,177.0 1,250.0
2,100.0
148.0
151.0
145.0
350.0
: -
1,195.0
1,315.0
1,312.0
2,500.0
200.0 200.0 200.0
1,000.0
14,988.2
16,427.1
17,242.8
25,450.0
180,389.0
177,559.4
176,022.7 207,490.0
%
8.3%
9.3%
9.8%
12.3%
2,2
2.2
2.2
2.2
1.9
2,65
2.7
2.7
2.7
2.0
( 2,2)
32,974
36,140
37,934
48,355
( 2,65)
39,719
43,532
45,693
50,900
% (.: 2,2)
18.3%
20.4%
21.6%
23.3%
% (.: 2,65) 22.0%
24.5%
26.0%
24.5%
11,707.0
13,005.1
13,679.2
445.2
388.0
446.6
: , .
9,8%
2015 (2014:9,3%, 2013: 8,3%),
.
( )
2,2 2,65 8.
58
E 1
:9,8%
: 2,2 2,6
: 20-25%
( 2015)
2014
. SETE
Intelligence.
8
2010 - 2015.
,
.
17, ,
21% 20159.
23% 2021,
,
10.
3 2013 - 2015 : )
17 ( )
, 18,
2015 +1,01 ..,
2014 +1,75 ..
,
2,2.
18
2013 2014 2015
32,974.0
36,140
37,934
% 9.6% 5.0%
191,204 180,389.0
(..)
2014
:
2014
,
2015. ( 2012),
.
9
2,0 2021 6
.
10
177,559.4 176,022.7
1.75 1.01
10,442.5
12,152.2
13,393.1
14,125.8
16.4%
10.2%
5.5%
191,204 180,389.0
177,559.4 176,022.7
36,994.8
0.89
0.69
0.41
37,049.0
39,725.0
40,297.1
190,394.7 184,305.4
185,510.8 185,081.2
0.03
1.45
0.31
: ,
,
+0,41 ..
2015, +0,69 .. 2014 +0,89
.. 2013.
,
, - ,
0,31 .. 2015, 1,45 .. 2014 0,03 .. 2013.
,
,
,
2013 - 2015. ,
.
4 TOY -
59
4.2
19.
19
( )
2008
4,610.5 322.2
2009
4,556.0 321.0
2010
4,389.8 308.5
2011
4,054.4 295.7
2012
3,695.0 272.1
2013
3,513.2 259.2
2014
3,536.3 297.1
2015
3,610.7 325.6
20
.- .
2015
29,486 171,402
6,401 66,667
1,672
10,479
9,342
38,701
747
8,338
65
3,777
47,713
299,364
21.5%
18.1%
222,281 1,651,176
: (2016),
- . --
60
E 1
2014 2015
8,4% 2014 9,0% 2015, 7,4% 2012
2013 7,0% 2010. ,
(
, ,
, , ,
, , , , ..)
2011 - 2015. ,
18,9%
2015, 14,9% 2010. 20
.
18,9% 2015.
1 5
.
H
2012
2015
(37% -67%
)
(2% -9%).
(
2016)
2012-2015:
. SETE
Intelligence.
11
2013-2015 :
, 2015
( ) 46,1 .
, 18,9 . , 8,5 .
, 2,5 . 2,28 .
,
2016 90,6 . .
, SETE Intelligence,
, 2012 2015
(37% -67% )
(2% -9%). , 2012
2015, (80.000)
90%
(93.000).
: 2012 2015 20%59% , 2% 9%
. , 8 2015
43%
2012, 6% 11.
4 TOY -
61
Brexit
() -28 (Brexit),
, :
) (GBP)
(USD) 0,825 GBP/EUR 30.6.2016.
GBP (EUR) 7,7%
23.6.2016 12,4%
31.12.2015. 2016 GBP
1,6% 2016 8,9% 2015.
2016 0,82 GBP/EUR (
), GBP
5,4% 2016 13%
2015.
) (
)
.
) ,
-27 ,
1,2%
2016 ( 1,9% )
1,0% 2017 ( 2,2% ),
1
6 2017 2 6 2017.
62
E 1
32
A (GBP/EUR)
0.9500
0.9000
0.8500
0.8000
0.8200
0.7904
0.7500
0.7000
0.6500
0.6000
6/11/1999
12/11/1999
6/1/2000
12/1/2000
6/1/2001
12/1/2001
6/1/2002
15/1/2002
6/1/2003
12/1/2003
6/1/2004
12/1/2004
6/1/2005
12/1/2005
6/1/2006
15/1/2006
6/1/2007
12/1/2007
6/1/2008
12/1/2008
6/1/2009
12/1/2009
6/1/2010
12/1/2010
6/1/2011
12/1/2011
6/1/2012
12/1/2012
6/1/2013
12/1/2013
6/1/2014
12/1/2014
6/1/2015
12/1/2015
6/1/2016
0.5500
2015, 9,0% 1 4
2016.
.
21
-
.
21
()
()
()
GBP/EUR
EUR/GBP
2005
581,0 1.583,0
0,6876 1,4544
2006
579,3 1.625,0
0,6878 1,4539
2007
582,2 1.667,0
0,6744 1,4828
2008
685,6 1.659,0
0,7931 1,2609
2009
662,1 1.589,0
0,8609 1,1615
2010
576,9 1.614,0
0,8357 1,1967
2011
606,6 1.646,0
0,8848 1,1303
2012
582,5 1.665,0
0,7883 1,2686
2013
632,4 1.701,0
0,8619 1,1602
2014
589,4 1.750,0
0,7931 1,2609
2015
595,5 1.790,0
2016 1.811,5
0,7069 1,4147
0,8200 1,2195
,
EUR / GBP
, .
,
(. .).
63
33
H
3.000.000
1,6
1,4
2.508.651
2.500.000
2.388.007
2.397.16 1,2
2.278.012
2.287.268
2.089.529
2.000.000
2.112.151
1.920.79
1,0
1.802.2021.758.093
1.846.33
1.500.000
0,8
0,6
1.000.000
0,4
500.000
0,2
0,0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
()
EUR / UKP @ 31/07
34
H
900
800
700
600
500
400
300
200
100
0
845
842
861
821
769
690
686
739
734
743
842
1,4
1,2
1,0
0,8
0,6
0,4
0,2
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
0,0
EUR / UKP @ 31/07
2008 2009 (
),
GBP .
,
& , (
50%)
- 2016.
,
- -
( )
. ,
, .. . - . 2016,
.
4-6 ( 22
).
64
E 1
22
City Break
30%
31%
32%
7%
40%
0%
60%
0%
17%
48%
35%
0%
1
2-3
4-6
7+
: ;, SETE Intelligence
35 36
,
. ,
. ,
2016 ,
Brexit
. ,
2016
,
,
-27
.
35
GBP
H
()
EUR / UKP @ 31/07
36
GBP
H
M EUR
. - . GBP
65
66
E 1
67
. 34 - 105 58
info@sete.gr www.sete.gr | info@insete.gr www.insete.gr
68
E 1