cee economic data 2010-2

8/3/2019 CEE Economic Data 2010-2

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Issue 22010

CEEEconomic

Data

2008-2011

Economics & FI/FX ResearchCredit ResearchEquity ResearchCross Asset Research


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UniCredit Research page 2 See last pages for disclaimer.

Economics & FI/FX ResearchCEE Economic Data

Your Leading Banking Partnerin Central and Eastern Europe


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Contents

4

6

8

10

12

14

16

18

20

22

BosniaandHerzegovinaBosna iHercegovina

Bulgaria

CroatiaHrvatska

CzechRepubliceskrepublika

EstoniaEesti

HungaryMagyarorszg

Kazakhstan

LatviaLatvija

LithuaniaLietuva

PolandPolska

24

26

28

30

32

34

36

38

40

42

44

RomaniaRomnia

Russia

SerbiaSrbija

SlovakiaSlovensko

SloveniaSlovenija

TurkeyTrkiye

Ukraine

Euro zoneEuroland

Austriasterreich

GermanyDeutschland

ItalyItalia

Published 14 July 2010

Source: National Statistics Offices and Central banks, UniCredit Research


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Bosnia and Herzegovina

Bosna i HercegovinaUniCredit Bank UniCredit Bank Banja LukaKardinala Stepinca b.b. Marije Bursac 7BH-88 000 Mostar BH-78000 Banja LukaPhone (+387 36) 312 112 Phone (+387 51) 243 200www.unicreditbank.ba www.unicreditbank-bl.ba

Structural indicators Strukturni pokazateljiArea (km2)Povrina (km2)

51,129

Population (mn)Stanovnitvo (mil.)

3.9

PresidentPredsjedavajui Predsjednitva BiH

Haris Silajdi

Prime MinisterPredsjedavajui Vijea ministara BiH

Nikola piri

GDP (2009 in EUR bn)

BDP (2009., u milijardama EUR) 12.1Per capita GDP (2009 in EUR)BDP po glavi stanovnika (2009., u EUR)

3,153

Exports as % of GDP (2009)Izvoz u % BDP (2009)

38.3

Gross domestic product by economic sectors 2009Bruto domai proizvod po sektorima gospodarstva u 2009

Agriculture and forestryPoljoprivreda i umarstvo

IndustryIndustrija

ConstructionGraevinarstvo

Services

9.7%

18.6%

4.5%

67.2%

Usluge


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Indicators Bosnia and HerzegovinaPokazatelji Bosna i Hercegovina 2008 2009 2010

2011

GDP (real, yoy, %)Bruto domai proizvod(realno, godinja stopa promjene u %)

5.4 -3.5 0.5 1.2

Gross fixed capital formation (real, yoy, %)Investicije u osnovna sredstva(realno, godinja stopa promjene u %)

Industrial output (real, yoy, %)Industrijska proizvodnja(realno, godinja stopa promjene u %)

10.8 -3.3 4.6 2.7

Consumer prices (yearly average)Potroake cijene(prosjena godinja stopa promjene u %)

7.4 -0.4 2.3 2.2

Unemployment rate (yearly average)Stopa nezaposlenosti (godinji prosjek u %)

40.3 41.5 41.2 41.0

Merchandise exports (EUR mn)Izvoz robe (u mil. EUR)

3,522 2,920 3,650 3,833

Merchandise imports (EUR mn)Uvoz robe (u mil. EUR)

8,345 6,327 6,485 6,777

Current account (% of GDP)Saldo tekueg rauna platne bilance(u % BDP-a)

-15.1 -7.6 -3.6 -3.8

FDI (inflow, % of GDP)Izravna inozemna ulaganja(neto priljev, u % BDP-a)

5.7 2.9 3.3 4.0

Budget balance (% of GDP)Saldo prorauna (u % BDP-a)

-4.0 -5.2 -4.5 -4.2

Average exchange rate: BAM/EUR

Prosjeni devizni teaj: BAM/EUR1.96 1.96 1.96 1.96

ECB REFI rate (end of December)REFI kamatna stopa ECB-a(stanje na kraju prosinca)

2.50 1.00 1.00 1.25


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Bulgaria

UniCredit BulbankSveta Nedelya Sq. 7BG-1000 SofiaPhone (+359 2) 923 2111www.unicreditbulbank.bg

Structural indicators Area (km2) (.)

111,001

Population (mn).

7.6

President

Georgi Parvanov

Prime Minister

Boyko Borissov

GDP 2009 (EUR bn)

2009 (. ) 33.9Per capita GDP 2009 (EUR)2009 ()

4,480

Exports as % of GDP 2009 % 2009

49.2

Gross domestic product by economic sectors 2009 2009

Agriculture and forestry

Industry

Construction

Services

6.0%

21.8%

8.6%63.6%


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Indicators Bulgaria 2008 2009 2010

2011

GDP (real, yoy, %) (, %)

6.0 -5.0 -1.0 1.8

Gross fixed capital formation (real, yoy, %) (, %)

20.4 -26.9 -8.9 3.7

Industrial output (real, yoy, %) (, %)

0.9 -17.4 4.6 5.3

Consumer prices (yearly average)()

12.4 2.8 1.7 2.2

Unemployment rate (yearly average)()

6.3 9.1 10.9 10.6

Merchandise exports (EUR mn) (. )

15,204 11,787 12,688 13,806

Merchandise imports (EUR mn) (. )

23,801 15,889 15,621 16,042

Current account (% of GDP) ( % )

-24.0 -9.4 -4.1 -2.9

FDI (inflow, % of GDP)(, % )

18.2 9.8 3.4 3.9

Budget balance (% of GDP) ( % )

3.0 -0.8 -4.8 -3.6

Gross foreign debt (% of GDP) ( % )

108.7 111.3 105.9 102.5

Average exchange rate: BGN/EUR: BGN/EUR

1.96 1.96 1.96 1.96

Leonia, (avg.) ()

5.16 2.00 0.25 0.39


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Croatia

Hrvatska

Zagrebaka bankaParomlinska 2HR-10000 ZagrebPhone (+385 1) 6104 000www.zaba.hr

Structural indicators Strukturni pokazateljiArea (km2)Povrina (km2)

56,594

Population (mn)Stanovnitvo (u milijunima)

4.4

PresidentPredsjednik

Ivo Josipovic

Prime MinisterPredsjednik Vlade

Jadranka Kosor


BDP (u 2009., u milijardama EUR) 45.4Per capita GDP (2009 in EUR)BDP po glavi stanovnika (u 2009., u EUR)

10,245

Exports as % of GDP (2009)Izvoz u % BDP-a (u 2009)

35.5

Gross domestic product by economic sectors 2009Bruto domai proizvod po sektorima gospodarstva u 2009


IndustryIndustrija

ConstructionGraditeljstvo

Services

7.3%

20.8%

7.0%64.9%

Usluge


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Indicators CroatiaPokazatelji za Hrvatsku 2008 2009 2010

2011

GDP (real, yoy, %)Bruto domai proizvod(realno, godinja stopa promjene u %)

2.4 -5.8 -1.5 1.6

Gross fixed capital formation (real, yoy, %)Investicije u osnovna sredstva(realno, godinja stopa promjene u %)

8.2 -11.8 -5.1 2.1

Industrial output (real, yoy, %)Industrijska proizvodnja(realno, godinja stopa promjene u %)

1.6 -9.2 1.8 2.4

Consumer prices (yearly average)Potroake cijene(prosjena godinja stopa promjene u %)

6.1 2.4 1.0 2.9

Unemployment rate (yearly average)Stopa nezaposlenosti (godinji prosjek u %)

8.4 9.4 10.0 9.6

Merchandise exports (EUR mn)Izvoz robe (u milijunima EUR)

9,814 7,691 7,806 8,110

Merchandise imports (EUR mn)Uvoz robe (u milijunima EUR)

20,608 15,089 14,410 15,130

Current account (% of GDP)Saldo tekueg rauna platne bilance(u % BDP-a)

-9.2 -5.2 -3.4 -3.5

FDI (inflow, % of GDP)Izravna inozemna ulaganja(neto priljev, u % BDP-a)

6.8 2.1 2.2 4.7

Budget balance (% of GDP)Saldo prorauna (u % BDP-a)

-1.4 -3.9 -5.9 -4.9

Gross foreign debt (% of GDP)Bruto dug prema inozemstvu (u % BDP-a)

82.4 98.3 104.1 106.7

Average exchange rate: HRK/EURProsjeni devizni teaj: HRK/EUR

7.22 7.34 7.26 7.32

1M ZIBOR (avg.)1TJ ZIBOR (prosjeno)

6.76 8.60 0.90 1.90


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Czech Republic

esk republikaUniCredit BankNa Pkop 20CZ-11121 Praha 1Phone (+420) 22 111 2111www.unicreditbank.cz

Structural indicators Strukturln ukazateleArea (km2)Rozloha (km2)

78,867

Population (mn)Poet obyvatel (v mil.)

10.5

PresidentPrezident

Vclav Klaus

Prime MinisterPedseda vldy

Petr Neas

GDP 2009 (EUR bn)

HDP 2009 (v mld. EUR) 137.2Per capita GDP 2009 (EUR)HDP na hlavu (2009, v EUR)

13,078

Exports as % of GDP 2009Vvoz v % HDP (2009)

69.2

Gross domestic product by economic sectors 2009Hrub domc produkt podle sektor ekonomiky 2009

Agriculture and forestryZemdlstv a lesnictv

IndustryPrmysl

ConstructionStavebnictv

Services

2.2%

30.4%

7.3%

60.1%

Sluby


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Indicators Czech RepublicUkazatele esk republika 2008 2009 2010

2011

GDP (real, yoy, %)HDP (reln meziron rst v %)

2.5 -4.1 1.8 2.2

Gross fixed capital formation (real, yoy, %)Tvorba hrubho fixnho kapitlu(reln meziron rst v %)

-1.5 -9.2 -3.0 4.0

Industrial output (real, yoy, %)Prmyslov vroba (reln meziron rst v %)

-1.5 -13.4 7.0 5.0

Consumer prices (yearly average)Spotebitelsk ceny

(prmrn meziron zmna v %)

6.3 1.0 1.4 2.0

Unemployment rate (yearly average)Mra nezamstnanosti (ron prmr v %)

5.5 8.1 9.1 8.8

Merchandise exports (EUR mn)Vvoz zbo (v mil. EUR)

99,180 80,595 91,907 101,895

Merchandise imports (EUR mn)Dovoz zbo (v mil. EUR)

95,061 73,768 83,463 93,629

Current account (% of GDP)Bn et (v % HDP)

-0.6 -1.0 -0.9 -1.8

FDI (inflow, % of GDP)Pm zahranin investice (pliv v % HDP)

3.0 1.4 2.4 2.6

Budget balance (% of GDP)Bilance sttnho rozpotu (v % HDP)

-2.7 -5.9 -5.5 -4.6

Gross foreign debt (% of GDP)Hrub zahranin zadluenost (v % HDP)

43.6 43.8 44.7 45.1

Average exchange rate: EUR/CZKPrmrn smnn kurs: EUR/CZK

24.96 26.45 25.70 24.80

2-week repo rate (end of period, %)

2-tdenn repo sazba (konec obdob, v %)

2.25 1.00 0.75 1.50


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Estonia

EestiUniCredit Bank Estonian BranchLiivalaia street 13/15EST-10118 TallinnPhone (+372) 66 88 300www.unicreditbank.ee

Structural indicators Struktuurilised nitajadArea (km2)Pindala (km)

45,227

Population (mn)Rahvastik (mln)

1.3

PresidentPresident

Toomas Hendrik Ilves

Prime MinisterPeaminister

Andrus Ansip

GDP 2009 (EUR bn)

Sisemajanduse koguprodukt (SKP) (2009 a. mld EUR) 13.7Per capita GDP 2009 (EUR)Sisemajanduse koguprodukt (SKP) elaniku kohta (2009 a. EUR)

10,272

Exports as % of GDP 2009Eksport % SKP (2009)

70.4

Gross domestic product by economic sectors 2009Sisemajanduse koguprodukt majandussektorite likes 2009

Agriculture and forestryPllumajandus ja metsandus

IndustryTstus

ConstructionEhitus

Services

2.5%

15.6%

4.7%

77.2%

Teenindus


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Indicators EstoniaNitajad Eesti 2008 2009 2010

2011

GDP (real, yoy, %)Reaalne SKP (vrreldes eelmise aastaga, %)

-3.6 -14.1 1.2 3.2

Gross fixed capital formation (real, yoy, %)Kapitali kogumahutus phivarasse(tegelik, vrreldes eelmise aastaga, %)

-12.1 -34.4 -6.0 8.0

Industrial output (real, yoy, %)Tstustoodang(tegelik, vrreldes eelmise aastaga, %)

-5.7 -25.8 13.5 6.2

Consumer prices (yearly average)

Tarbijahinnaindeks (aasta keskmine)10.4 -0.1 2.0 1.7

Unemployment rate (yearly average)Ttus (aasta keskmine)

5.5 13.8 19.1 17.0

Merchandise exports (EUR mn)Kauba eksport (mln EUR)

8,539 6,503 7,803 8,381

Merchandise imports (EUR mn)Kauba import (mln EUR)

10,414 7,008 8,060 8,704

Current account (% of GDP)Jooksevkonto (% SKP)

-9.4 4.7 5.9 5.0

FDI (inflow, % of GDP)Vlismaised otseinvesteeringud (neto % SKP)

3.7 1.1 3.4 3.7

Budget balance (% of GDP)Eelarve tasakaal (% SKP)

-2.8 -1.7 -2.7 -2.4

Gross foreign debt (% of GDP)Koguvlisvlg (% SKP)

118.5 126.7 122.2 117.2

3M Talibor (end of period, %)3 kuu Talibor (aasta lpu seisuga)

7.30 2.80 1.85 2.80


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Hungary

Magyarorszg

UniCredit BankSzabadsg Tr 5-6H-1054 BudapestPhone (+36 1) 301 1271www.unicreditbank.hu

Structural indicators sszefoglal adatokArea (km2)Terlet (km2)

93,000

Population (mn)Lakossgszm (milli)

10.0

Presidentllamf

Pl Schmitt

Prime MinisterMiniszterelnk

Viktor Orbn

GDP 2009 (EUR bn)

GDP 2009 (mrd EUR) 93.0Per capita GDP 2009 (EUR)Egy fre jut GDP 2009 (EUR)

9,260

Exports as % of GDP 2009Export a GDP 2009 %-ban

77.7

Gross domestic product by economic sectors 2009A brutt hazai termk gazdasgi szektorok kztti megoszlsa 2009

Agriculture and forestryMezgazdasg s erdgazdasg

IndustryIpar

Constructionptipar

Services

2.5%

21.2%

4.1%

72.2%

Szolgltatsok


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Indicators HungaryGazdasgi jelzszmok, Magyaroroszg 2008 2009 2010

2011

GDP (real, yoy, %)GDP (rel, v/v, %)

0.6 -6.3 0.5 2.2

Gross fixed capital formation (real, yoy, %)Brutt lleszkzfelhalmozs (rel, v/v, %)

0.4 -6.5 1.5 9.2

Industrial output (real, yoy, %)Ipari termels (rel, v/v, %)

-0.1 -17.6 4.1 4.8

Consumer prices (yearly average)Fogyaszti rak nvekedse(ves tlagos)

6.1 4.2 5.0 3.9

Unemployment rate (yearly average)Munkanlklisgi rta (ves tlagos)

7.8 9.8 10.7 9.5

Merchandise exports (EUR mn)ru export (milli EUR)

73,331 59,425 64,777 71,406

Merchandise imports (EUR mn)ru import (milli EUR)

73,582 55,418 61,212 67,078

Current account (% of GDP)Foly fizetsi mrleg (a GDP %-ban)

-7.1 0.2 0.7 0.4

FDI (inflow, % of GDP)

FDI (bejv, a GDP %-ban)4.6 1.1 3.9 5.2

Budget balance (% of GDP)llamhztarts egyenlege (a GDP %-ban)

-3.4 -3.9 -4.2 -3.5

Gross foreign debt (% of GDP)Brutt kls adssg (a GDP %-ban)

122.6 135.2 124.0 111.1

Average exchange rate: HUF/EURtlagos HUF/EUR rfolyam

251.7 280.2 270.0 270.0

2-week repo rate (end of period, %)2 hetes repo rta (idszak vgn, %)

8.76 8.66 5.45 5.40


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Kazakhstan

ATFBankFurmanov street 100KZ-050000 AlmatyPhone (+7 727) 2583111www.atfbank.kz

Structural indicators iArea (km2) (2)

2,717,300

Population (mn).

15.6

President

Nursultan Nazarbayev

Prime Minister-

Karim K. Massimov

GDP 2009 (EUR bn)

I (2009., ) 77.3Per capita GDP 2009 (EUR)I (2009.,)

4,770

Exports as % of GDP 2009I- % (2009)

44.7

Gross domestic product by economic sectors 20092009 .


Industry

ConstructionK

Services

6.4%

29.8%

8.2%

55.6%


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Indicators Kazakhstani 2008 2009 2010

2011

GDP (real, yoy, %)Iii (%)

3.3 1.2 5.0 6.0

Gross fixed capital formation (real, yoy, %)ii (%)

4.9 1.9 7.7 13.2

Industrial output (real, yoy, %)ii (%)

2.1 2.2 11.4 7.1

Consumer prices (yearly average) ()

17.2 7.3 7.6 7.0

Unemployment rate (yearly average)

i () 6.6 6.6 6.0 5.7Merchandise exports (EUR mn)i ()

48,905 31,456 44,301 48,931

Merchandise imports (EUR mn)i ()

26,128 20,587 23,425 33,034

Current account (% of GDP)(I- %-)

5.3 -3.2 2.8 -4.1


(I- %-)

11.0 11.7 8.6 7.0

Budget balance (% of GDP) (I- %-)

1.2 -4.3 -4.1 -2.0

Gross foreign debt (% of GDP)(I- %-)

86.0 97.7 70.5 59.2

Average exchange rate: KZT/EUR KZT/EUR

177.0 205.6 182.6 165.8

3-M-Kaz Prime (end of period, %)- Kazprime 10.6 3.6 4.0 6.5


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Latvia

LatvijaUniCredit BankElizabetes street 63LV-1050 RigaPhone (+371 6) 7085 500www.unicreditbank.lv

Structural indicators Struktras rdtjiArea (km2)Platba (km2)

64,589

Population (mn)Iedzvotju skaits. (milj.)

2.3

PresidentPrezidente

Valdis Zatlers

Prime MinisterPremjerministrs

Valdis Dombrovskis

GDP 2009 (EUR bn)

IKP (2009, miljardos EUR) 18.5Per capita GDP 2009 (EUR)IKP uz vienu iedzvotju (2009, EUR)

8,220

Exports as % of GDP 2009Eksports % no IKP (2009)

42.6

Gross domestic product by economic sectors 2009IKP pa sektoriem 2009

Agriculture and forestryLauksaimniecba un mesaimniecba

IndustryRpniecba

ConstructionCeltniecba

Services

3.0%

13.0%

7.0%

77.0%

Pakalpojum


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Indicators LatviaRtaji Latvija 2008 2009 2010

2011

GDP (real, yoy, %)Relais IKP (saldzinot ar iepriekjo gadu, %)

-4.6 -18.0 -1.3 3.9

Gross fixed capital formation (real, yoy, %)Kopj pamatkapitla veidoans(reala, saldzinot ar iepriekejo gadu, %)

-15.6 -37.7 -7.0 6.9

Industrial output (real, yoy, %)Rpniecbas produkcija(reala, saldzinot ar iepriekejo gadu, %)

-3.7 -15.6 9.7 6.5


Patria cenas (gada vidjs)15.5 3.6 -1.7 1.5

Unemployment rate (yearly average)Bezdarbs (gada vidjs)

7.5 17.2 19.9 18.2

Merchandise exports (EUR mn)Preu eksports (milj. EUR)

6,527 5,161 5,718 6,232

Merchandise imports (EUR mn)Preu imports (milj. EUR)

10,600 6,390 6,646 6,911

Current account (% of GDP)Tekoais konts (% no IKP)

-13.0 9.6 8.0 7.0

FDI (inflow, % of GDP)Arvalstu tieas investcijas(iepludums, neto % no IKP)

3.0 0.4 2.6 2.9

Budget balance (% of GDP)Budeta atlikums (% no IKP)

-4.1 -9.0 -8.4 -4.7

Gross foreign debt (% of GDP)Kopejais arejais parads (% no IKP)

128.5 147.0 162.3 149.4

3M Rigibid (end of period, %)3-mneu Rigibid likme (perioda beigs)

8.9 4.0 2.8 4.0


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Lithuania

LietuvaUniCredit Bank Lithuania BranchVilniaus Gatve 35/3LT-01119 VilniusPhone (+370 5) 2745 300www.unicreditbank.lt

Structural indicators Bendrieji rodikliaiArea (km2)Plotas (km)

65,301

Population (mn)Gyventojskaiius (mln)

3.4

PresidentPrezidentas

Dalia Grybauskait

Prime MinisterMinistras pirmininkas

Andrius Kubilius

GDP 2009 (EUR bn)

Bendras vidaus produktas (BVP, 2009, bil. Euras) 26.7Per capita GDP 2009 (EUR)BVP tenkantis 1 gyventojui (2009, Euras)

7,970

Exports as % of GDP 2009Eksportas % nuo BVP (2009)

54.2

Gross domestic product by economic sectors 2009Bendras vidaus produktas pagal ekonominius sektorius 2009

Agriculture and forestryems ukis ir mikininkyst

IndustryPramon

ConstructionStatyba

Services

4.2%

20.4%

6.3%

69.1%

Paslaugos


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Indicators LithuaniaRodikliai Lietuva 2008 2009 2010

2011

GDP (real, yoy, %)BVP (grynas, metinis, %)

2.8 -15.0 -0.9 3.3

Gross fixed capital formation (real, yoy, %)Bendro pagrindinio kapitalo sudarymas(grynas, metinis, %)

-6.5 -38.7 24.0 4.9

Industrial output (real, yoy, %)Pramons apimtis (grynas, metinis, %)

3.1 -14.2 6.5 7.1

Consumer prices (yearly average)Vartojimo prekikainos (vidutins metins)

11.0 4.5 0.7 1.7

Unemployment rate (yearly average)Nedarbo lygis (vidutins metins)

5.8 13.5 18.0 16.8

Merchandise exports (EUR mn)Prekieksportas (mln. Euras)

16,077 11, 795 12,833 13,603

Merchandise imports (EUR mn)Prekiimportas (mln. Euras)

19,940 12,571 13,878 14,322

Current account (% of GDP)Einamoji sskaita (% lyginant su BVP)

-11.9 3.8 -1.8 1.3


Tiesiogines usienio investicijos (TUI)(grynosiplaukos % nuo BVP)

3.2 0.3 3.8 3.2

Budget balance (% of GDP)Biudeto balansas (% lyginant su BVP)

-3.3 -8.9 -9.0 -7.0

Gross foreign debt (% of GDP)Bendra usienio skola (% nuo BVP)

71.6 91.6 93.2 89.7

3M Vilibor (end of period, %)3 menesiVilibor palukannorma(procentais, laikotarpio pabaiga)

9.3 4.5 1.6 2.5


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Poland

PolskaBank PekaoUl. Grzybowska 53/57PL-00950 WarsawPhone (+48 42) 6560000www.pekao.com.pl

Structural indicators Wskaniki strukturalneArea (km2)Powierzchnia (km2)

312,685

Population (mn)Ludno (mln)

38.2

PresidentPrezydent

BronisawKomorowski

Prime MinisterPremier

Donald Tusk

GDP 2009 (EUR bn)

PKB w 2009 (mld EUR) 310.7Per capita GDP 2009 (EUR)PKB per capita w 2009 (EUR)

8,140

Exports as % of GDP 2009Eksport jako % PKB w 2009

38.9

Gross domestic product by economic sectors 2009Produkt krajowy brutto udzia sektorw 2009

Agriculture and forestryRolnictwo i lenictwo

IndustryPrzemys

ConstructionBudownictwo

Services

3.9%

22.1%

5.8%

68.2%

Usugi

1


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Indicators PolandWskaniki dla Polski 2008 2009 2010

2011

GDP (real, yoy, %)Realny PKB

5.1 1.8 2.6 2.8

Gross fixed capital formation (real, yoy, %)Nakady brutto na rodki trwae (% r/r)

9.6 -0.8 -4.1 3.0

Industrial output (real, yoy, %)Produkcja przemysowa (% r/r)

3.9 -5.6 7.6 5.5

Consumer prices (yearly average)Ceny konsumenta (rednia w roku)

4.2 3.5 2.5 2.6


Stopa bezrobocia (rednia w roku) 9.8 11.0 12.3 12.0Merchandise exports (EUR mn)Eksport towarw (mln EUR)

120,890 100,215 114,669 118,133

Merchandise imports (EUR mn)Import towarw (mln EUR)

138,614 103,398 120,578 124,152

Current account (% of GDP)Deficyt na rachunku obrotw biecych(% PKB)

-5.1 -1.6 -2.0 -2.3


Bezporednie inwestycje zagraniczne(% PKB)

2.8 2.6 2.9 2.8

Budget balance (% of GDP)Deficyt budetowy (% PKB)

-3.6 -7.2 -7.1 -6.9

Gross foreign debt (% of GDP)Cakowity dug zagraniczny (% PKB)

56.7 59.3 64.7 66.2

Average exchange rate: EUR/PLNredni kurs EUR/PLN

3.52 4.33 4.13 4.07

Reference rate (end of period, %)

Stopa referencyjna (na koniec roku, %)

5.00 3.50 3.50 4.00


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Romania

RomniaUniCredit Tiriac Bank23-25 Ghetarilor streetRO-014106 BucharestPhone (+40 21) 200 2000www.unicredit-tiriac.ro

Structural indicators Indicatori de structuraArea (km2)Suprafaa (km2)

238,391

Population (mn)Populaia (n mil.)

21.5

PresidentPreedinte

Traian Bsescu

Prime MinisterPrim Ministru

Emil Boc

GDP 2009 (EUR bn)

PIB (2009, n mrd. EUR) 115.9Per capita GDP 2009 (EUR)PIB/cap de locuitor (2009, n EUR)

5,439

Exports as % of GDP 2009Exporturi n % din PIB 2009

31.2

Gross domestic product by economic sectors 2009Produsul Intern Brut pe sectoare 2009

Agriculture and forestryAgriculturi silvicultur

IndustryIndustrie

ConstructionConstrucii

Services

7.0%

26.4%

10.9%

55.7%

Servicii


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Indicators RomaniaIndicatori Romnia 2008 2009 2010

2011

GDP (real, yoy, %)PIB real (an curent/an precedent, n %)

7.1 -7.1 -2.5 1.7

Gross fixed capital formation (real, yoy, %)Formarea Brut de capital(real, an curent/an precedent, n %)

19.3 -25.3 -2.4 6.2

Industrial output (real, yoy, %)Producia industrial(real, an curent/an precedent, n %)

0.9 -4.3 4.1 3.5


Indicele Preurilor de consum(media anual)

7.9 5.6 6.2 5.8

Unemployment rate (yearly average)Rata omajului (media anual)

4.0 6.3 8.5 8.0

Merchandise exports (EUR mn)Exportul de bunuri (n mil EUR)

33,614 29,036 34,561 39,435

Merchandise imports (EUR mn)Importul de bunuri (n mil EUR)

51,813 35,790 42,571 49,906

Current account (% of GDP)

Cont curent (n procent din PIB)

-12.3 -4.4 -5.7 -7.6

FDI (inflow, % of GDP)Investiiile Strine Directe(intrri, n procent din PIB)

6.6 4.2 3.5 4.0

Budget balance (% of GDP)Soldul bugetar (n procent din PIB)

-4.9 -7.4 -7.0 -5.0

Gross foreign debt (% of GDP)Datoria Extern brut (n procent din PIB)

37.8 56.6 58.9 60.2

Average exchange rate: RON/EURCursul mediu de schimb: RON/EUR

3.68 4.24 4.25 4.30

Policy rate (end of period, %)Rata dobnzii de politic monetar(la sfritul perioadei, n %)

10.25 8.00 6.25 5.00


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Russia

UniCredit Bank Yapi Kredi MoscowPrechistenskaya Emb. 9 Goncharnaya Emb. 2RF-119034 Moscow RF-115172 MoscowPhone (+7 495) 258 7200 Phone (+7 495) 234 9889www.unicreditbank.ru www.ykb.ru

Structural indicators Area (km2) (2)

16,995,800

Population (mn) ()

141.0

President

Dmitry Medvedev

Prime Minister

Vladimir Putin

GDP 2009 (EUR bn)

2009 (. ) 877.1Per capita GDP 2009 (EUR) (2009 .,)

6,220

Exports as % of GDP 2009 % (2009)

28.1



Industry

Construction

Services

4.5%

27.6%

5.5%

62.4%


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Indicators Russia 2008 2009 2010

2011


5.6 -7.9 3.4 5.0

Gross fixed capital formation (real, yoy, %) (, %)

9.1 -16.2 3.0 6.0

Industrial output (real, yoy, %)(, %)

0.6 -9.3 9.2 4.5


()14.1 11.7 6.2 6.7

Unemployment rate (yearly average) ()

6.3 8.4 8.1 7.4


320,527 216,643 294,175 329,381


198,364 137,002 177,533 215,407

Current account (% of GDP) (% )

6.2 3.9 5.5 3.8

FDI (inflow, % of GDP)(, % )

2.5 2.4 2.2 2.3

Budget balance (% of GDP) (% )

4.8 -8.4 -5.4 -4.1

Gross foreign debt (% of GDP) (% )

35.4 36.4 33.2 31.1

Average exchange rate: RUB/EUR RUB/EUR

36.46 44.13 38.62 38.33

3-M Mosprime, (end of period, %) 3-(, %)

21.8 5.5 4.8 6.0


28/56



Serbia

SrbijaUniCredit BankRajieva 27-29SRB-11000 BelgradePhone (+381 11) 3204 500www.unicreditbank.rs

Structural indicators Strukturni indikatoriArea (km2)Povrina (km2)

102,713

Population (mn)Stanovnitvo (u milionima)

7.3

PresidentPredsednik

Boris Tadi

Prime MinisterPremijer

Mirko Cvetkovi

GDP (2009 in, EUR bn)

Bruto domai proizvod (u 2009., u milijardama EUR) 30.5Per capita GDP 2009 (EUR)BDP po glavi stanovnika (u 2009., u EUR)

4,170

Exports as % of GDP (2009)Izvoz u % BDP-a (u 2009.)

27.8

Gross domestic product by economic sectors 2009Bruto domai proizvod po sektorima ekonomije u 2009


IndustryIndustrija

ConstructionGraevinarstvo

Services

12.6%

18.9%

3.2%65.3%

Usluge


29/56



Indicators SerbiaIndikatori za Srbiju 2008 2009 2010

2011

GDP (real, yoy, %)Bruto domai proizvod(realno, godinja stopa promene u %)

5.5 -3.0 0.0 2.2

Gross fixed capital formation (real, yoy, %)Investicije u osnovna sredstva(realno, godinja stopa promene u %)

Industrial output (real, yoy, %)Industrijska proizvodnja(realno, godinja stopa promene u %)

1.1 -12.1 5,6 3.5

Consumer prices (yearly average)Potroake cene(prosena godinja stopa rasta u %)

11.7 8.4 5.1 6.3

Unemployment rate (yearly average)Stopa nezaposlenosti (godinji prosek u %)

13.7 16.1 17.0 16.5

Merchandise exports (EUR mn)Izvoz robe (u milionima EUR)

7,416 5,978 6,576 7,089

Merchandise imports (EUR mn)Uvoz robe (u milionima EUR)

14,964 10,760 10,975 11,677

Current account (% of GDP)Saldo tekueg rauna platnog bilansa(u % BDP-a)

-17.3 -5.7 -6.7 -7.8

FDI (inflow, % of GDP)Direktne strane investicije(neto priliv, u % BDP-a)

5.5 4.5 4.2 7.7

Budget balance (% of GDP)Budetski saldo (u % BDP-a)

-2.0 -4.2 -5.1 -4.0

Gross foreign debt (% of GDP)Bruto dug prema inostranstvu (u % BDP-a)

65.3 74.6 84.1 92.8

Average exchange rate: RSD/EURProseni devizni kurs: RSD/EUR

81.5 94.1 102.5 112.5

Reference rate (end of period, %)Referentna kamatna stopa (kraj perioda, u %)

17.75 9.50 8.00 8.00


30/56


31/56



Indicators SlovakiaUkazovatele Slovensko 2008 2009 2010

2011

GDP (real, yoy, %)Rast HDP (relny)

6.2 -4.7 3.5 3.5

Gross fixed capital formation (real, yoy, %)Tvorba hrubho fixnho kapatitlu(v stlych cench)

1.8 -10.5 2.4 2.2

Industrial output (real, yoy, %)Priemyseln produkcia (v stlych cench)

3.2 -14.6 11.5 7.8

Consumer prices (yearly average)Inflcia (spotrebitesk, ron priemer)

4.6 1.6 1.3 3.0

Unemployment rate (yearly average, Eurostat)Nezamestnanos (ron priemer m. Eurostatu)

9.6 12.1 13.9 13.5

Merchandise exports (EUR mn)Vvoz tovarov (v mil. eur)

47,710 39,716 45,673 48,961

Merchandise imports (EUR mn)Dovoz tovarov (v mil. eur)

48,440 38,529 44,308 47,720

Current account (% of GDP)Ben et (v % HDP)

-6.5 -3.2 -2.1 -1.9


Priame zahranin investcie (prtok, v % HDP)3.3 -0.3 1.5 1.3

Budget balance (% of GDP)Deficit verejnch financi (v % HDP)

-2.3 -6.8 -7.0 -5.5

Gross foreign debt (% of GDP)Zahranin dlh (hrub, v % HDP)

55.4 71.6 80.3 85.2

Average exchange rate: SKK/EURPriemern vmenn kurz: SKK/EUR

31.27 EUR EUR EUR

Central bank repo rate (end of period, %)Repo sadzba centrlnej banky

(koniec roka, v %)

3.88 1.00 1.00 1.25


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Slovenia

Slovenija

UniCredit Bankmartinska cesta 140SI-1000 LjubljanaPhone (+386 1) 5876 600www.unicreditbank.si

Structural indicators Strukturni kazalciArea (km2)Povrina (km2)

20,273

Population (mn)Prebivalstvo (v mio)

2.0

PresidentPredsednik

Danilo Tuerk

Prime MinisterPredsednik Vlade

Borut Pahor


BDP (2009 v mlrd EUR) 34.9Per capita GDP (2009 in EUR)BDP na prebivalca (2009 v EUR)

17,105

Exports as % of GDP 2009Izvoz v % od BDP (2009)

58.8

Gross domestic product by economic sectors 2009Bruto domai proizvod po gospodarskih panogah 2009

Agriculture and forestryKmetijstvo in gozdarstvo

IndustryIndustrija

ConstructionGradbenitvo

Services

2.1%

24.0%

6.0%

67.9%

Storitve


33/56



Indicators SloveniaKazalci za Slovenijo 2008 2009 2010

2011

GDP (real, yoy, %)Bruto domai proizvod(realno, v primerjavi s prejnjim letom, v %)

3.5 -7.8 0.9 1.9

Gross fixed capital formation (real, yoy, %)Investicije v osnovna sredstva(realno, v primerjavi s prejnjim letom, v %)

6.6 -21.6 -7.2 3.9

Industrial output (real, yoy, %)Industrijska proizvodnja(realno, v primerjavi s prejnjim letom, v %)

-1.5 -17.4 5.1 4.4

Consumer prices (yearly average)Cene ivljenskih potrebin(letno povpreje, v %)

5.7 0.9 2.0 2.9

Unemployment rate (yearly average)Stopnja brezposelnosti (letno povpreje, v %)

4.5 5.9 6.8 6.3

Merchandise exports (EUR mn)Izvoz blaga (v mio EUR)

20,048 16,203 17,257 18,292

Merchandise imports (EUR mn)Uvoz blaga (v mio EUR)

22,698 16,825 17,750 19,010

Current account (% of GDP)Saldo tekoega rauna plailne bilance(v % od BDP)

-6.2 -1.0 -0.7 -1.6

FDI (inflow, % of GDP)Neposredne tuje nalobe(neto priliv, v % od BDP)

1.0 -1.9 -0.6 0.3

Budget balance (% of GDP)Saldo prorauna (v % od BDP)

-1.7 -5.5 -6.0 -5.7

Gross foreign debt (% of GDP)Bruto zadolenost v tujini (v % od BDP)

105.1 115.0 118.4 120.9

Average exchange rate: USD/EURPovpreni menjalni teaj: USD/EUR

1.47 1.39 1.26 1.21

ECB Refi rate, (end of period, %)Obrestna mera refinanciranja ECB(konec obdoblja, v %)

2.50 1.00 1.00 1.25


34/56



Turkey

TrkiyeYap KrediYap Kredi Plaza D BlokTR-34330 stanbulPhone (+90 212) 339 7000www.yapikredi.com.tr

Structural indicators Yapsal GstergelerArea (km2)Yzlcm (km2)

783,562

Population (2008 mid year, mn)Nfus (2008 yl ortas, milyon)

72.6

PresidentCumhurbaskan

Abdullah Gl

Prime MinisterBabakan

Recep Tayyip Erdoan

GDP 2009 (EUR bn)

GSYH09 (milyar AVRO) 442.7Per capita GDP 2009 (EUR)Kii bana den GSYH (AVRO)

6,101

Exports as % of GDP 2009hracatn GSYHye oran (%, 2009)

23.2

Gross domestic product by economic sectors 2009GSYHnin iktisadi faaliyet kollarna gre dalm, 2009

Agriculture and forestryTarm ve ormanclk

IndustrySanayi

Constructionnaat

Services

8.7%

19.9%

4.1%

67.3%

Hizmetler


35/56



Indicators TurkeyGstergeler Trkiye 2008 2009 2010

2011

GDP (real, yoy, %)GSYH (sabit fiyatlarla, yllk % deiim)

0.7 -4.7 5.6 5.2

Gross fixed capital formation (real, yoy, %)Sabit Sermaye Yatrm(sabit fiyatlarla, yllk % deiim)

-8.2 -19.2 7.0 7.0


Tketici fiyatlar (yllk ortalama enflasyon)10.5 6.3 9.2 6.8

Unemployment rate (yearly average)sizlik oran (yllk ortalama)

11.0 14.0 13.7 13.4

Merchandise exports (EUR mn)Mal hracat (milyon AVRO)

95,517 78,953 98,413 118,182

Merchandise imports (EUR mn)

Mal thalat (milyon AVRO)131,300 96,731 136,508 163,636

Current account (% of GDP)Cari ilemler dengesi (GSYHye oran, %)

-5.6 -2.3 -4.5 -4.7


DYY (giri, GSYHye oran, %)2.5 0.9 1.4 2.0

Budget balance (% of GDP)Bte dengesi (GSYHye oran, %) -1.8 -5.5 -3.7 -3.0

Gross foreign debt (% of GDP)Brt d bor stoku (GSYHye oran, %)

37.8 44.1 44.0 38.5

Average exchange rate: (Y)TL/EUR

Ortalama (Y)TL/AVRO dviz kuru1.91 2.16 1.94 1.85

Reference rate (O/N simple, end of period, %)TCMB borlanma faizi(gecelik basit, yl sonu, %)

15.00 6.50 7.75 8.25


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Ukraine

UniCredit Bank Ukrsotsbank14-A, Yaroslaviv Val 29 Kovpak streetUA-01034 Kiev UA-03150 KievPhone (+380 44) 230 3300 Phone (+380 44) 230 3203www.unicreditbank.com.ua www.usb.com.ua

Structural indicators Area (km2) (2)

603,550

Population (mn) (.)

46.1

President

Viktor Yanukovych

Prime Minister'-

Mykola Azarov

GDP 2009 (EUR bn)

2009 (. ) 81,4Per capita GDP 2009 (EUR) (2009 . )

1,766

Exports as % of GDP 2009 % (2009)

46.4



Industry

Construction

Services

9.0%

20.0%

3.5%

67.5%


37/56



Indicators Ukraine 2008 2009 2010

2011


2.1 -15.1 3.0 4.0

Gross fixed capital formation (real, yoy, %)(, %)

4.2 -46.2 8.0 14.0

Industrial output (real, yoy, %)(, %)

-3.1 -20.5 8.0 5.0


()25.2 16.0 9.6 11.5

Unemployment rate (yearly average) ()

6.4 8.8 7.2 6.4


49,983 28,198 39,417 44,599


61,722 31,917 43,116 50,056

Current account (% of GDP) ( % )

-7.1 -1.7 0.1 -0.5

FDI (inflow, % of GDP) ( % ) 5.9 3.9 4.3 4.8

Budget balance (% of GDP) ( % )

-1.3 -11.3 -6.1 -3.8

Gross foreign debt (% of GDP) ( % )

60.8 89.1 79.1 60.5

Average exchange rate: UAH/EUR: UAH/EUR

7.70 11.24 9.87 8.65

Reference rate (end of period, %)

(, %) 12.0 10.25 9.5 9.75


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Euro zone

Euroland

Structural indicators StrukturindikatorenArea (km2)Flche (km2)

2,438,000

Population (mn)Bevlkerung (Mio.)

329.5

GDP 2009 (EUR bn)BIP 2009 (Mrd. EUR)

8,971

Per capita GDP 2009 (EUR)BIP pro Kopf 2008 (EUR)

27,226

Exports as % of GDP 2009 (including intra-area trade)

Exporte as % des BIP 2009 40.8

Gross domestic product by economic sectors 2009Bruttoinlandsprodukt nach Wirtschaftssektoren 2009

Agriculture and forestryLand- und Forstwirtschaft

Industry

IndustrieConstructionBauwirtschaft

Services

2.2%

19.4%

5.3%

73.1%

Dienstleistungen


39/56



Indicators Euro zoneIndikatoren Euroland 2008 2009 2010

2011

GDP (real, yoy, %)Reales BIP (real, yoy, %)

0.4 -4.1 1.0 1.3

Gross fixed capital formation (real, yoy, %)Bruttoanlageinvestitionen (real,yoy, %)

-0.9 -10.8 -2.3 1.5

Industrial output (real, yoy, %)Industrieproduktion (real, yoy, %)

-1.8 -14.9 8.0 5.0

Consumer prices (yearly average)Verbraucherpreisentwicklung(Jahresdurchschnitt)

3.3 0.3 1.5 1.8

Unemployment rate (yearly average)Arbeitslosenquote (Jahresdurchschnitt)

7.6 9.4 10.1 10.4

Merchandise exports (EUR mn)Warenexporte (EUR Mio.)

1,561,614 1,275,549 1,390,348 1,487,673

Merchandise imports (EUR mn)Warenimporte (EUR Mio.)

1,611,332 1,258,973 1,384,870 1,454,114

Current account (% of GDP)Leistungsbilanzsaldo (% des BIP)

-0.8 -0.6 -0.2 0.1


Auslndische Direktinvestitionen(Zuflsse, % des BIP)

Budget balance (% of GDP)Budgetsaldo (% des BIP)

-2.0 -6.3 -6.5 -5.9

Gross foreign debt (% of GDP)Bruttoauslandsverschuldung (% des BIP)

Average exchange rate: USD/EURWechselkurs (Jahresdurchschnitt): USD/EUR

1.47 1.39 1.26 1.21

ECB Refi rate (end of period, %)

Refinanzierungstender (Jahresendwert, %)2.50 1.00 1.00 1.25


40/56



Austria

sterreichBank AustriaSchottengasse 6-8A-1010 ViennaPhone +43 (0) 5 05 05 0www.bankaustria.at


83,871


8.4

PresidentPrsident

Heinz Fischer

Prime MinisterBundeskanzler

Werner Faymann

GDP 2009 (EUR bn)

BIP 2009 (EUR Mrd.) 276.9Per capita GDP 2009 (EUR)BIP pro Kopf 2009 (EUR)

33,066

Exports as % of GDP 2009Exporte as % des BIP 2009

46.3



IndustryIndustrie

ConstructionBauwirtschaft

Services

1.9%

21.6%

7.5%

69.0%

Dienstleistungen


41/56



Indicators AustriaIndikatoren sterreich 2008 2009 2010

2011

GDP (real, yoy, %)Reales BIP (real, yoy, %)

2.0 -3.5 1.3 1.4

Gross fixed capital formation (real, yoy, %)Bruttoanlageinvestitionen (real,yoy, %)

1.0 -8.1 -3.0 2.0

Industrial output (real, yoy, %)Industrieproduktion (real, yoy, %)

0.9 -13.3 4.0 3.0

Consumer prices (yearly average)Verbraucherpreisentwicklung(Jahresdurchschnitt)

3.2 0.5 1.7 1.7

Unemployment rate (yearly average)Arbeitslosenquote (Jahresdurchschnitt)

3.8 4.8 4.6 4.6

Merchandise exports (EUR mn)Warenexporte (EUR Mio.)

117,526 98,270 103,825 110,138

Merchandise imports (EUR mn)Warenimporte (EUR Mio.)

119,568 102,103 106,428 112,790


3.3 2.3 2.5 2.6


Auslndische Direktinvestitionen(Zuflsse, % des BIP)

2.7 1.8 2.3 3.1


-0.4 -3.4 -5.0 -4.1


212.0 208.0 204.0 200.9

Average exchange rate: USD/EURWechselkurs (Jahresdurchschnitt): USD/EUR

1.47 1.39 1.26 1.21

ECB Refi rate (end of period, %)

Refinanzierungstender (Jahresendwert, %)2.50 1.00 1.00 1.25


42/56



Germany

DeutschlandUniCredit Bank AGKardinal-Faulhaber-Str. 1D-80538 MunichPhone (+49) 89 378 0www.unicreditbank.de


357,104


82.0

PresidentPrsident

Christian Wulff

Prime MinisterBundeskanzler

Angela Merkel

GDP 2009 (EUR bn)

BIP 2009 (EUR Mrd.) 2,407Per capita GDP 2009 (EUR)BIP pro Kopf 2009 (EUR)

29,350

Exports as % of GDP 2009Exporte as % des BIP 2009

40.8



IndustryIndustrie

ConstructionBauwirtschaft

Services

0.8%

22.0%

4.6%

72.6%

Dienstleistungen


43/56



Indicators GermanyIndikatoren Deutschland 2008 2009 2010

2011

GDP (real, yoy, %)BIP (real, yoy, %)

1.0 -4.9 1.8 1.5

Gross fixed capital formation (real, yoy, %)Bruttoanlageinvestitionen (real, yoy, %)

2.3 -8.9 1.8 2.2

Industrial output (real, yoy, %)Industrieproduktion(real, yoy, %)

0.3 -17.7 8.5 4.5

Consumer prices (yearly average as %)Verbraucherpreise (Jahresdurchschnitt as %)

2.6 0.3 1.1 1.6

Unemployment rate (yearly average as %)

Arbeitslosenquote (Jahresdurchschnitt as %) 7.8 8.2 7.8 7.5Merchandise exports (EUR bn)Warenexporte (EUR Mrd.)

984 803 880 950

Merchandise imports (EUR bn)Warenimporte (EUR Mrd.)

813 675 705 745


6.6 5.0 5.2 4.9

FDI (inflow, % of GDP)Direktinvestitionen (Zuflsse, % des BIP)

0.7 1.1 1.0 1.2


-0.1 -3.1 -4.8 -3.7


149 148

Exchange rate (yearly average): USD/EURWechselkurs (Jahresdurchschnitt): USD/EUR

1.47 1.39 1.26 1.21

ECB Refi rate (end of period, %)Refi-Satz (Jahresendwert, %)

2.50 1.00 1.00 1.25


44/56



Italy

ItaliaUniCredit GroupVia S. Protaso 3I-20121 MilanPhone (+39 02) 88621www.unicreditgroup.eu

Structural indicators Indicatori StrutturaliArea (km2)Superficie (km quadrati)

301,338

Population (mn)Popolazione (in milioni)

60.3

PresidentPresidente della Repubblica

Giorgio Napolitano

Prime MinisterPresidente del Consiglio

Silvio Berlusconi

GDP 2009 (EUR bn)

PIL 2009 (in miliardi di Euro) 1,520Per capita GDP 2009 (EUR)PIL pro capite 2009 (Euro)

25,196

Exports as % of GDP 2009Esportazioni as % del PIL 2009

24.0

Gross domestic product by economic sectors 2009Prodotto interno lordo per settori produttivi 2009

Agriculture and forestryAgricoltura

IndustryIndustria

ConstructionCostruzioni

Services

1.8%

18.7%

6.3%

73.2%

Servizi


45/56



Indicators ItalyIndicatori per lItalia 2008 2009 2010

2011

GDP (real, yoy, %)PIL (reale, a/a, %)

-1.3 -5.1 0.9 1.0

Gross fixed capital formation (real, yoy, %)Investimenti fissi lordi (reali, a/a, %)

-4.0 -12.2 -0.4 0.6

Industrial output (real, yoy, %)Produzione Industriale (reale, a/a, %)

-3.8 -17.9 4.5 2.9

Consumer prices (yearly average)Prezzi al consumo (media annua)

3.3 0.8 1.5 1.9


Tasso di disoccupazione (media annua) 6.8 7.8 8.8 8.7Merchandise exports (EUR mn)Esportazioni di beni (in milioni di Euro)

369,726 292,302 315,831 335,487

Merchandise imports (EUR mn)Importazioni di beni (in milioni di Euro)

371,857 290,130 317,865 334,818

Current account (% of GDP)Saldo delle partite correnti (as % del PIL)

-3.4 -3.3 -3.3 -3.0

FDI (inflow, % of GDP)Investimenti diretti dallestero (as % del PIL)

Budget balance (% of GDP)Saldo di bilancio (as % del PIL)

-2.7 -5.3 -5.0 -4.5

Gross foreign debt (% of GDP)Debito estero (as % del PIL)

Average exchange rate: USD/EURTasso di cambio euro-dollaro (media annua)

1.47 1.39 1.26 1.21

ECB Refi rate (end of period, %)Tasso di riferimento BCE (fine periodo, as %)

2.50 1.00 1.00 1.25


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UniCredit Research page 46

Disclaimer

Our recommendations are based on information obtained from, or are based upon publicinformation sources that we consider to be reliable but for the completeness and accuracyof which we assume no liability. All estimates and opinions included in the report representthe independent judgment of the analysts as of the date of the issue. We reserve the rightto modify the views expressed herein at any time without notice. Moreover, we reservethe right not to update this information or to discontinue it altogether without notice.

This analysis is for information purposes only and (i) does not constitute or form part ofany offer for sale or subscription of or solicitation of any offer to buy or subscribe forany financial, money market or investment instrument or any security, (ii) is neitherintended as such an offer for sale or subscription of or solicitation of an offer to buy or

subscribe for any financial, money market or investment instrument or any security nor(iii) as an advertisement thereof. The investment possibilities discussed in this reportmay not be suitable for certain investors depending on their specific investmentobjectives and time horizon or in the context of their overall financial situation. Theinvestments discussed may fluctuate in price or value. Investors may get back less thanthey invested. Changes in rates of exchange may have an adverse effect on the valueof investments. Furthermore, past performance is not necessarily indicative of futureresults. In particular, the risks associated with an investment in the financial, money marketor investment instrument or security under discussion are not explained in their entirety.

This information is given without any warranty on an "as is" basis and should not beregarded as a substitute for obtaining individual advice. Investors must make their owndetermination of the appropriateness of an investment in any instruments referred toherein based on the merits and risks involved, their own investment strategy and theirlegal, fiscal and financial position. As this document does not qualify as an investmentrecommendation or as a direct investment recommendation, neither this document norany part of it shall form the basis of, or be relied on in connection with or act as aninducement to enter into, any contract or commitment whatsoever. Investors are urgedto contact their bank's investment advisor for individual explanations and advice.

Neither UniCredit Bank AG, UniCredit Bank AG London Branch, UniCredit Bank AG

Vienna Branch, UniCredit Bank AG Milan Branch, UniCredit Securities, UniCreditMenkul Deerler A.., UniCredit Bulbank, Zagrebaka banka, UniCredit Bank, BankPekao, Yapi Kredi, UniCredit Tiriac Bank, ATFBank nor any of their respectivedirectors, officers or employees nor any other person accepts any liability whatsoever(in negligence or otherwise) for any loss howsoever arising from any use of thisdocument or its contents or otherwise arising in connection therewith.

This analysis is being distributed by electronic and ordinary mail to professionalinvestors, who are expected to make their own investment decisions without unduereliance on this publication, and may not be redistributed, reproduced or published inwhole or in part for any purpose.


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Responsibility for the content of this publication lies with:

a) UniCredit Bank AG, Am Tucherpark 16, 80538 Munich, Germany, (also responsible forthe distribution pursuant to 34b WpHG). The company belongs to UCI Group.Regulatory authority: BaFin Bundesanstalt fr Finanzdienstleistungsaufsicht,Lurgiallee 12, 60439 Frankfurt, Germany.

b) UniCredit Bank AG London Branch, Moor House, 120 London Wall, London EC2Y 5ET,United Kingdom.Regulatory authority: BaFin Bundesanstalt fr Finanzdienstleistungsaufsicht, Lurgiallee 12,60439 Frankfurt, Germany and subject to limited regulation by the Financial ServicesAuthority (FSA), 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom.Details about the extent of our regulation by the Financial Services Authority are available

from us on request.c) UniCredit Bank AG Milan Branch, Via Tommaso Grossi 10, 20121 Milan, Italy, dulyauthorized by the Bank of Italy to provide investment services.Regulatory authority: Bank of Italy, Via Nazionale 91, 00184 Roma, Italy and Bundesanstaltfr Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany.

d) UniCredit Bank AG Vienna Branch, Julius-Tandler-Platz 3, 1090 Vienna, AustriaRegulatory authority: Finanzmarktaufsichtsbehrde (FMA), Praterstrasse 23, 1020Vienna, Austria and subject to limited regulation by the BaFin Bundesanstalt frFinanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany. Details aboutthe extent of our regulation by the Bundesanstalt fr Finanzdienstleistungsaufsicht areavailable from us on request.e) UniCredit Securities, Boulevard Ring Office Building, 17/1 Chistoprudni Boulevard,Moscow 101000, RussiaRegulatory authority: Federal Service on Financial Markets, 9 Leninsky prospekt,Moscow 119991, Russia

f) UniCredit Menkul Deerler A.., Bykdere Cad. No. 195, Bykdere Plaza Kat. 5,34394 Levent, Istanbul, TurkeyRegulatory authority: Sermaye Piyasas Kurulu Capital Markets Board of Turkey,Eskiehir Yolu 8.Km No:156, 06530 Ankara, Turkey

g) UniCredit Bulbank, Sveta Nedelya Sq. 7, BG-1000 Sofia, BulgariaRegulatory authority: Financial Supervision Commission (FSC), 33 Shar Planina str.,1303Sofia, Bulgaria

h) Zagrebaka banka, Paromlinska 2, HR-10000 Zagreb, CroatiaRegulatory authority: Croatian Agency for Supervision of Financial Services,Miramarska 24B, 10000 Zagreb, Croatia

i) UniCredit Bank, Na Prkope 858/20, CZ-11121 Prague, Czech RepublicRegulatory authority: CNB Czech National Bank, Na Pkop 28, 115 03 Praha 1,Czech Republic


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j) Bank Pekao, ul. Grzybowska 53/57, PL-00-950 Warsaw, PolandRegulatory authority: Polish Financial Supervision Authority, Plac Powstacw

Warszawy 1, 00-950 Warsaw, Polandk) UniCredit Bank, Prechistenskaya emb. 9, RF-19034 Moscow, RussiaRegulatory authority: Federal Service on Financial Markets, 9 Leninsky prospekt,Moscow 119991, Russia

l) UniCredit Bank, ancova 1/A, SK-813 33 Bratislava, SlovakiaRegulatory authority: National Bank of Slovakia, Stefanikovo nam. 10/19, 967 01Kremnica, Slovakia

m) Yapi Kredi, Yapi Kredi Plaza D Blok, Levent, TR-80620 Istanbul, TurkeyRegulatory authority: Sermaye Piyasas Kurulu Capital Markets Board of Turkey,

Eskiehir Yolu 8.Km No:156, 06530 Ankara, Turkeyn) UniCredit Tiriac Bank, Ghetarilor Street 23-25, RO-014106 Bucharest 1,RomaniaRegulatory authority: CNVM, Romanian National Securities Commission, Foioruluistreet, no.2, sector 3, Bucharest, Romania

o) ATFBank, 100 Furmanov Str., KZ-050000 Almaty, KazakhstanAgency of the Republic of Kazakhstan on the state regulation and supervision of financialmarket and financial organisations, 050000, Almaty, 67 Aiteke Bi str., Kazakhstan

POTENTIAL CONFLICTS OF INTEREST

UniCredit Bank AG acts as a Specialist or Primary Dealer in government bonds issuedby the Italian, Portuguese and Greek Treasury. Main tasks of the Specialist are toparticipate with continuity and efficiency to the governments' securities auctions, tocontribute to the efficiency of the secondary market through market making activity andquoting requirements and to contribute to the management of public debt and to thedebt issuance policy choices, also through advisory and research activities.

ANALYST DECLARATION

The authors remuneration has not been, and will not be, geared to the recommendations orviews expressed in this study, neither directly nor indirectly.

ORGANIZATIONAL AND ADMINISTRATIVE ARRANGEMENTS TO AVOID ANDPREVENT CONFLICTS OF INTEREST

To prevent or remedy conflicts of interest, UniCredit Bank AG, UniCredit Bank AGLondon Branch, UniCredit Bank AG Vienna Branch, UniCredit Bank AG Milan Branch,UniCredit Securities, UniCredit Menkul Deerler A.., UniCredit Bulbank, Zagrebakabanka, UniCredit Bank, Bank Pekao, Yapi Kredi, UniCredit Tiriac Bank, ATFBank haveestablished the organizational arrangements required from a legal and supervisoryaspect, adherence to which is monitored by its compliance department. Conflicts ofinterest arising are managed by legal and physical and non-physical barriers(collectively referred to as Chinese Walls) designed to restrict the flow of information

between one area/department of UniCredit Bank AG, UniCredit Bank AG London Branch,UniCredit Bank AG Vienna Branch, UniCredit Bank AG Milan Branch, UniCredit Securities,


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UniCredit Menkul Deerler A.., UniCredit Bulbank, Zagrebaka banka, UniCreditBank, Bank Pekao, Yapi Kredi, UniCredit Tiriac Bank, ATFBank and another. In

particular, Investment Banking units, including corporate finance, capital marketactivities, financial advisory and other capital raising activities, are segregated byphysical and non-physical boundaries from Markets Units, as well as the researchdepartment. In the case of equities execution by UniCredit Bank AG Milan Branch,other than as a matter of client facilitation or delta hedging of OTC and listed derivativepositions, there is no proprietary trading. Disclosure of publicly available conflicts ofinterest and other material interests is made in the research. Analysts are supervisedand managed on a day-to-day basis by line managers who do not have responsibilityfor Investment Banking activities, including corporate finance activities, or otheractivities other than the sale of securities to clients.

ADDITIONAL REQUIRED DISCLOSURES UNDER THE LAWS AND REGULATIONSOF JURISDICTIONS INDICATED

Notice to Austrian investorsThis document does not constitute or form part of any offer for sale or subscription of orsolicitation of any offer to buy or subscribe for any securities and neither this documentnor any part of it shall form the basis of, or be relied on in connection with or act as aninducement to enter into, any contract or commitment whatsoever.This document is confidential and is being supplied to you solely for your informationand may not be reproduced, redistributed or passed on to any other person or

published, in whole or part, for any purpose.Notice to Czech investorsThis report is intended for clients of UniCredit Bank AG, UniCredit Bank AG LondonBranch, UniCredit Bank AG Vienna Branch, UniCredit Bank AG Milan Branch,UniCredit Securities, UniCredit Menkul Deerler A.., UniCredit Bulbank, Zagrebakabanka, UniCredit Bank, Bank Pekao, Yapi Kredi, UniCredit Tiriac Bank, ATFBank in theCzech Republic and may not be used or relied upon by any other person for anypurpose.

Notice to Italian investorsThis document is not for distribution to retail clients as defined in article 26, paragraph1(e) of Regulation n. 16190 approved by CONSOB on October 29, 2007.In the case of a short note, we invite the investors to read the related company report thatcan be found on UniCredit Research website www.research.unicreditgroup.eu.

Notice to Russian investorsAs far as we are aware, not all of the financial instruments referred to in this analysishave been registered under the federal law of the Russian Federation On theSecurities Market dated April 22, 1996, as amended, and are not being offered, sold,delivered or advertised in the Russian Federation.


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Notice to Turkish investorsInvestment information, comments and recommendations stated herein are not within

the scope of investment advisory activities. Investment advisory services are providedin accordance with a contract of engagement on investment advisory servicesconcluded with brokerage houses, portfolio management companies, non-depositbanks and the clients. Comments and recommendations stated herein rely on theindividual opinions of the ones providing these comments and recommendations.These opinions may not suit your financial status, risk and return preferences. For thisreason, to make an investment decision by relying solely on the information stated heremay not result in consequences that meet your expectations.

Notice to Investors in JapanThis document does not constitute or form part of any offer for sale or subscription foror solicitation of any offer to buy or subscribe for any securities and neither thisdocument nor any part of it shall form the basis of, or be relied on in connection with oract as an inducement to enter into, any contract or commitment whatsoever.

Notice to UK investorsThis communication is directed only at clients of UniCredit Bank AG, UniCredit BankAG London Branch, UniCredit Bank AG Vienna Branch, UniCredit Bank AG MilanBranch, UniCredit Securities, UniCredit Menkul Deerler A.., UniCredit Bulbank,Zagrebaka banka, UniCredit Bank, Bank Pekao, Yapi Kredi, UniCredit Tiriac Bank,ATFBank in the Czech Republic who (i) have professional experience in matters

relating to investments or (ii) are persons falling within Article 49(2)(a) to (d) (high networth companies, unincorporated associations, etc.) of the United Kingdom FinancialServices and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) to whom it mayotherwise lawfully be communicated (all such persons together being referred to asrelevant persons). This communication must not be acted on or relied on by personswho are not relevant persons. Any investment or investment activity to which thiscommunication relates is available only to relevant persons and will be engaged in onlywith relevant persons.

Notice to U.S. investorsThis report is being furnished to U.S. recipients in reliance on Rule 15a-6 ("Rule 15a-6")

under the U.S. Securities Exchange Act of 1934, as amended. Each U.S. recipient ofthis report represents and agrees, by virtue of its acceptance thereof, that it is such a"major U.S. institutional investor" (as such term is defined in Rule 15a-6) and that itunderstands the risks involved in executing transactions in such securities. Any U.S.recipient of this report that wishes to discuss or receive additional information regardingany security or issuer mentioned herein, or engage in any transaction to purchase orsell or solicit or offer the purchase or sale of such securities, should contact aregistered representative of UniCredit Capital Markets, Inc. (UCI Capital Markets).Any transaction by U.S. persons (other than a registered U.S. broker-dealer or bankacting in a broker-dealer capacity) must be effected with or through UCI Capital Markets.


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The securities referred to in this report may not be registered under the U.S. SecuritiesAct of 1933, as amended, and the issuer of such securities may not be subject to U.S.

reporting and/or other requirements. Available information regarding the issuers of suchsecurities may be limited, and such issuers may not be subject to the same auditingand reporting standards as U.S. issuers.The information contained in this report is intended solely for certain "major U.S.institutional investors" and may not be used or relied upon by any other person for anypurpose. Such information is provided for informational purposes only and does notconstitute a solicitation to buy or an offer to sell any securities under the Securities Actof 1933, as amended, or under any other U.S. federal or state securities laws, rules orregulations. The investment opportunities discussed in this report may be unsuitable forcertain investors depending on their specific investment objectives, risk tolerance and

financial position. In jurisdictions where UCI Capital Markets is not registered orlicensed to trade in securities, commodities or other financial products, transactionsmay be executed only in accordance with applicable law and legislation, which mayvary from jurisdiction to jurisdiction and which may require that a transaction be madein accordance with applicable exemptions from registration or licensing requirements.The information in this publication is based on carefully selected sources believed to bereliable, but UCI Capital Markets does not make any representation with respect to itscompleteness or accuracy. All opinions expressed herein reflect the authors judgmentat the original time of publication, without regard to the date on which you may receivesuch information, and are subject to change without notice.UCI Capital Markets may have issued other reports that are inconsistent with, andreach different conclusions from, the information presented in this report. Thesepublications reflect the different assumptions, views and analytical methods of theanalysts who prepared them. Past performance should not be taken as an indication orguarantee of future performance, and no representation or warranty, express orimplied, is provided in relation to future performance.UCI Capital Markets and any company affiliated with it may, with respect to anysecurities discussed herein: (a) take a long or short position and buy or sell suchsecurities; (b) act as investment and/or commercial bankers for issuers of suchsecurities; (c) act as market makers for such securities; (d) serve on the board of anyissuer of such securities; and (e) act as paid consultant or advisor to any issuer.The information contained herein may include forward-looking statements within themeaning of U.S. federal securities laws that are subject to risks and uncertainties.Factors that could cause a companys actual results and financial condition to differfrom expectations include, without limitation: political uncertainty, changes in generaleconomic conditions that adversely affect the level of demand for the companysproducts or services, changes in foreign exchange markets, changes in internationaland domestic financial markets and in the competitive environment, and other factorsrelating to the foregoing. All forward-looking statements contained in this report arequalified in their entirety by this cautionary statement

This document may not be distributed in Canada or Australia.


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Research network

UniCredit Group CEE research network

Marco Annunziata, Ph.D.Chief Economist UniCredit Group,Global Head of Economics, Fixed Income & FX Research (UniCredit Group)+44 20 7826-1770, [email protected]

Gyula Toth,Head of EEMEA FI/FX Strategy(UniCredit Bank Vienna)+43 50505 [email protected]

Cevdet Akcay, Ph.D.,Chief Economist,Turkey (Yapi Kredi)+90 212 319 8430,[email protected]

Matteo Ferrazzi, Economist,

EEMEA (UniCredit Bank Milan)+39 334 6569238,[email protected]

Dmitry Gourov, Economist,EEMEA (UniCredit Bank Vienna)+43 50505 82364,[email protected]

Hans Holzhacker,Chief Economist,Kazakhstan (ATF Bank)+7 727 244 1463,[email protected]

Marcin Mrowiec,Chief Economist,Poland (Bank Pekao)

+ 48 22 656 0678,[email protected]

Vladimir Osakovskiy, Ph.D.,Head of MacroeconomicAnalysis and Research,Russia (UniCredit Bank Russia)+7 495 258 7258 ext. 7558,[email protected]

Rozlia Pl, Ph.D.,Macro and Strategic AnalysisCoordinator, Romania(UniCredit Tiriac Bank)+40 21 203 2376,[email protected]

Kristofor Pavlov,Chief Economist, Bulgaria(UniCredit Bulbank)


Goran aravanja,Chief Economist, Croatia(Zagrebaka banka)


Pavel Sobisek,Chief Economist,Czech Republic(UniCredit Bank)+420 2 211 12504,[email protected]

Jan Toth,Chief Economist, Slovakia(UniCredit Bank)+421 2 4950 2267,[email protected]

Bloomberg: UCGRInternet: www.research.unicreditgroup.eu

For publication requests in Austria and CEE please refer to:

Bank Austria Identity & Comm. Department+43 50505 52826, [email protected]


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Banking network

UniCredit Group CEE banking network Headquarters

AZERBAIJAN

Yapi Kredi AzerbaijanYasamal District,Cafar Cabbarl Str., 32/12,AZ 1065, Baku / AzerbaijanPhone +99 412 497 77 95Fax +99 412 497 0276E-mail: [email protected]

THE BALTICS

UniCredit Bank Estonia BranchLiivalaia Street 13/15,EST-10118 TallinnPhone: +372 66 88 300www.unicreditbank.ee

UniCredit Bank Lithuania BranchVilniaus Gatve 35/3,LT-01119 Vilnius

Phone: +370 5 2745 300www.unicreditbank.lt

UniCredit Bank Latvian BranchElizabetes Iela 63,LV-1050 RigaPhone: +371 708 5500www.unicreditbank.lv

BOSNIA AND HERZEGOVINA

UniCredit Bank

Kardinala Stepinca b.b.,BH-88000 MostarPhone: +387 36 312112E-mail: [email protected]

UniCredit Bank Banja LukaMarije Bursac 7,BH-78000 Banja LukaPhone: +387 51 243 295E-mail: [email protected]

www.unicreditbank-bl.ba

BULGARIA

UniCredit BulbankSveta Nedelya Sq. 7,BG-1000 SofiaPhone: +359 2 923 2111www.unicreditbulbank.bg

CROATIA

Zagrebaka bankaParomlinska 2,HR-10000 ZagrebPhone: +385 1 6305 250www.zaba.hr

CZECH REPUBLIC

UniCredit BankNa Prkope 858/20CZ-11121 Prague

Phone: +420 221 112 111E-mail: [email protected]

HUNGARY

UniCredit BankSzabadsg place 5-6,H-1054 Budapest,Phone: +36 1 301 12 71E-mail: [email protected]

www.unicreditbank.huKAZAKHSTAN

ATFBank100, Furmanov Str.KZ-050000 AlmatyPhone: +7 (727) 2 583 111E-mail: [email protected]

KYRGYZSTAN

ATFBank Kyrgyzstan493, Zhibek Zholu Ave.KG-720070 BishkekPhone: +7 312 67 00 47E-mail: [email protected]

MACEDONIABank AustriaRepresentative OfficeDimitrie Cupovski 4-2/6,MK-1000 SkopjePhone: +389 23 215 130E-mail: [email protected]

MONTENEGRO

Bank Austria

Representative OfficeHercegovacka 13,ME-81000 PodgoricaPhone: +382 81 66 7740E-mail: [email protected]

POLAND

Bank Pekaoul. Grzybowska 53/57,PL-00-950 Warsaw

Phone: +48 42 6838 232www.pekao.com.pl

ROMANIA

UniCredit Tiriac BankGhetarilor Street 23-25,RO-014106 Bucharest 1,Phone: +40 21 200 2000E-mail: [email protected]


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SERBIA

UniCredit BankRajiceva 27-29,RS-11000 BelgradePhone: +381 11 3204 500E-mail: [email protected]

SLOVAKIA

UniCredit BankSncova 1/A,SK-813 33 Bratislava

Phone: +42 1 44 547 6870www.unicreditbank.sk

SLOVENIA

UniCredit Bankmartinska cesta 140,SI-1000 LjubljanaPhone: +386 1 5876 600E-mail: [email protected]

TURKEY

Yapi KrediYapi Kredi Plaza D Blok, Levent,TR-34330 Istanbul

Phone: +90 212 339 70 00www.yapikredi.com.tr

RUSSIA

UniCredit BankPrechistenskaya emb. 9,RF-19034 MoscowPhone: +7 495 258 7200www.unicreditbank.ru

UKRAINE

UniCredit Bank14, D. Galitsky St.,UA-43016 LutskPhone: +380 332 776210

www.unicredit.com.uaUkrsotsbank29 Kovpak Street,UA-03150 KievPhone: +380 44 230 3203E-mail: [email protected]

UniCredit Group CEE banking network Corporate customers

AUSTRIAN CONTACT

BANK AUSTRIA

Sonja HollandPhone: +43 50505 56344

Alexandra KaufmannPhone: +43 50505 51054

business_development@

unicreditgroup.at

ITALIAN CONTACT

UNICREDIT CORPORATEBANKING

Patrizia ContePhone: +39 0422 654 001E-mail: [email protected]

GERMAN CONTACT

UNICREDIT BANK AG

Ulrich BurghardtPhone: +49 89 378 27472E-mail: [email protected]

(Azerbaijan, Czech Republic,Slovakia, Slovenia, Turkey)

Monika Jurowicz-KnigPhone: +49 89 378 25647E-mail: [email protected]

(Austria, Poland)

Sebastian ModlmayrPhone: +49 89 378 28546E-mail: [email protected]

(Estonia, Kazakhstan,Kyrgyzstan, Latvia, Lithuania,Russian Federation, Ukraine,Hungary)

Steffen ReiserPhone: +49 89 378 25639E-mail: [email protected]

(Bulgaria, Romania)

Peter UlbrichPhone: +49 89 378 25282E-mail: [email protected]

(Bosnia and Herzegovina,Croatia, Serbia)


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INTERNATIONAL CONTACT

AZERBAIJAN

Yusuf SevincPhone: +994 12 497 7095E-mail: [email protected]

BOSNIA AND HERZEGOVINA

UniCredit BankIlvana DugalijaPhone: +387 33 562 755E-mail: [email protected]

UniCredit Bank Banja LukaKristina GrozdanicPhone: +387 51 243 295E-mail: [email protected]

BULGARIA

Vanya Buchova


CROATIA

Zoran FerberPhone: +385 1 6305 437E-mail: [email protected]

CZECH REPUBLIC

Miroslav HrabalPhone: +420 2 2121 6271E-mail: [email protected]

ESTONIA

Kaarel OtsPhone: +372 66 88 358E-mail: [email protected]

HUNGARY

Paolo GarlandaPhone: +36 1 301 1207E-mail: [email protected]

KAZAKHSTAN

Ralitza SerbezovaPhone: +7 727 258 3000 1914E-mail: [email protected]

LATVIAInga CernovaPhone: +371 67085 569E-mail: [email protected]

LITHUANIA

Joana KucinskaitePhone: +370 5 2745 353E-mail: joana.kucinskaite@

unicreditgroup.lt

MACEDONIA

Milan DjordjevicPhone: +389 23 215 130E-mail: [email protected]

MONTENEGRO

Milan Djordjevic


POLAND

Piotr KolodziejPhone: +48 22 524 6201E-mail: [email protected]

ROMANIA

Christine TomasinPhone: +40 21 200 1768E-mail: [email protected]

RUSSIA

Inna MaryasinaPhone: +7 495 554 5352E-mail: [email protected]

SERBIA

Ana RakicPhone: +381 11 3204 531E-mail: [email protected]

SLOVAKIA

Katarina HajnikovaPhone: +421 2 4950 4004

E-mail: [email protected]

SLOVENIA

Branka CicPhone: +386 1 5876 512E-mail: [email protected]

TURKEY

Kristina MestricPhone: +90 212 339 7119E-mail: [email protected]

UKRAINE

Nicola Longo-DentePhone: +38 044 5290583E-mail: [email protected]


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UniCredit Research*

Thorsten Weinelt, CFAGlobal Head of Research& Chief Strategist+49 89 [email protected]

Dr. Ingo HeimigHead of Research Operations+49 89 [email protected]

Marco Annunziata, Ph.D.Chief Economist+44 20 [email protected]

ECONOMICS & FI/FX RESEARCHECONOMICS & COMMODITYRESEARCH

Global EconomicsDr. Davide Stroppa, Global Economist+39 02 [email protected]

European EconomicsAndreas ReesChief German Economist+49 89 [email protected] Valli, Chief Italian Economist+39 02 [email protected] Bruckbauer, Chief AustrianEconomist+43 50505 [email protected]

Tullia Bucco+39 02 [email protected] Corsa+39 02 [email protected]

Dr. Loredana Federico+39 02 [email protected] Koch, CFA+49 89 [email protected]

Chiara [email protected]

US EconomicsDr. Harm Bandholz, CFA+1 212 [email protected]

COMMODITY RESEARCH

Jochen Hitzfeld49 89 378 18709

EEMEA ECONOMICS, FIXEDINCOME & FX RESEARCH

Gyula TothHead of EEMEA FI/FX Strategy+43 50505 [email protected]

Cevdet Akcay, Ph.D.Chief Economist, Turkey+90 212 [email protected] Ferrazzi, Economist, EEMEA+39 334 6569238,[email protected] Gourov, Economist, EEMEA+43 50505 [email protected] HolzhackerChief Economist, Kazakhstan

+7 727 [email protected] MrowiecChief Economist, Poland+48 22 [email protected] Osakovsky, Ph.D., Head ofMacroeco. Analysis + Research, Russia+7 495 258-7258 [email protected] Pl, Ph.D., Macro + StrategicAnalysis Coordinator, Romania+40 21 [email protected] PavlovChief Economist, Bulgaria+359 2 [email protected] aravanjaChief Economist, Croatia+385 1 6006-678goran saravanja@

Jan Toth, Chief Economist, Slovakia+421 2 [email protected]

GLOBAL FI/FX STRATEGY

Michael Rottmann, Head

+49 89 [email protected]. Luca Cazzulani, FI Strategy+39 02 [email protected] Cremonesi, FI Strategy+44 20 [email protected] Maraffino, FI Strategy+39 02 [email protected]

Armin Mekelburg, FX Strategy+49 89 [email protected] Mialich, FX Strategy+39 02 8862-0658 [email protected] Purps, FI Strategy+49 89 [email protected] Stocker, Technical Analysis+49 89 [email protected]

PUBLICATION ADDRESS

UniCredit ResearchCorporate & Investment BankingUniCredit Bank AGArabellastrasse 12D-81925 MunichPhone: +49 89 378-12559Fax: +49 89 378-13024

cee economic data 2010-2

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