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The Euro Area achieved GDP growth of +1.1% (+1.8% in 2018).

Despite higher tax on consumption and expansion of the assets held by the Bank of Japan, inflation remains modest (0.8% in December), although within a context of close to full employment (unemployment at 2.2% in December). Japan should achieve weak growth, estimated at +1.0%, thanks to the contribution of unconventional, highly expansionary monetary policies and domestic demand, which offset a considerable decline in exports. In 2019, growth of roughly 4% was observed, against 4.7% in 2018. In December, the inflation rate stood at 4.2%.Įmerging markets were also impacted by the global slowdown, as well as substantial stability in the price of commodities. The difficulties in that sector led to a drop in private demand, and in particular investments, only partially offset by the positive contribution of investments of public companies. The slowdown is in large part attributable to the slowdown in international trade and the trade war with the United States, which hit the manufacturing sector hard, causing a significant slip in production. This was the slowest growth rate recorded since 1992 (6.5% in 2018). These moves did not change the tone of the monetary policy however.Ĭhina continues to slow, with GDP growth in 2019 coming in at 6.1% on an annual basis. In addition, so as to overcome a strong liquidity draining in the Repo market, the Federal Reserve introduced a short-term bond buying programme with a view to bringing the level of bank reserves back to around $1,500bn and maintaining them at that level. Against a moderate slowdown in economic activity and a job market that is remaining robust (unemployment rate of 3.5% in December) and despite the December inflation rate of 2.3%, the Federal Reserve cut the Fed Funds rate three times during the year (the rate reaching 1.75% in October), suspending the reduction in the amount of bonds held starting from the end of August. The growth was primarily supported by private consumption, whilst the contribution to growth from investments and public spending reduced. The United States grew at a rate of 2.3% (2.9% in 2018). The main economic areas experienced a slowdown in GDP growth, in particular in the second half, due to the reduction in trade triggered by US trade policies and continuing elements of uncertainty, such as Brexit and geopolitical risks in the Middle East. Macroeconomic background and market performance Involved the recognition of deferred tax assets List of shares and securities included in current Statement of changes in fixed investments

Statement of changes in property, plant and Statement of changes in intangible assets Statement of use and availability of equity Statement of changes in shareholders' equity Proposals to the Ordinary Shareholders' Meeting

Significant events after the reporting period Information on the Statement of Financial Position and Structure and contents of the Financial Statements

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