The Economic Council and Coordination Meeting of the Italian Institutions
institutions Embassy of Italy, Copenhagen
Copenhagen, 13 April 2016
Macroeconomic Trends1
43.264 43.856 44.109 45.349 46.301 47.461
49.034
35.731 35.392 35.283 35.622 36.375 37.381
38.516
30.000
35.000
40.000
45.000
50.000
2011 2012 2013 2014 2015 2016 2017
GDP per capita (US$ at PPP)*
Denmark Italy
0%
5%
10%
15%
2013 2014 2015 2016 2017 2018
Unemployment Rate (av; %)*
Denmark Italy
0,0
10,0
20,0
30,0
40,0
50,0
2013 2014 2015 2016 2017 2018
Current Account Balance (US $ Bn)*
Denmark Italy
*Source: Country Report 2016, Economist Intelligence Unit Limited 2016
Real GDP Growth Rate (%)*
-2,0%
-1,5%
-1,0%
-0,5%
0,0%
0,5%
1,0%
1,5%
2,0%
2013 2014 2015 2016 2017 2018
Denmark Italy
Trade between Italy and Denmark2
0
500.000.000
1.000.000.000
1.500.000.000
2.000.000.000
2.500.000.000
3.000.000.000
3.500.000.000
Exports and Imports (in €)*
Italian Exports to Denmark Italian Imports from Denmark
450.000.000
500.000.000
550.000.000
600.000.000
650.000.000
700.000.000
750.000.000Exports and Imports 2013-2015 (Qr.) (in €)*
*Source: ISTAT 2016
Trade between Italy and Denmark (in €)*3
Main countries exporting to
Denmark
1° - Germany2° - Sweden3° - Netherlands....7° - Italy
Main countries importing from
Denmark
1° - Germany2° - Sweden3° - United Kingdom....12° - Italy
2014 2015 Δ Δ%Italian Exports to
Denmark 2.633.497.303 2.580.737.433 -52.759.870 -2,00%
Italian Imports from Denmark 2.053.498.187 2.140.101.581 86.603.394 +4,22%
Bilateral Trade in Goods 4.686.995.490 4.720.839.014 33.843.524 +0,72%
*Source: ISTAT 2016
Trade between Italy and Denmark (macro-areas)*
4
Italian Imports from Denmark 2015
C - 91,6 %
Italian Exports to Denmark 2015A - 6,6 %V – 1,6 %
C - 94,9 %
A - 3,7 %V – 0,9 %
*Source: ISTAT 2016
4Fs5
FoodFashion
FerrariFurniture
Italian Fashion(values in €)
6
0
5.000.000
10.000.000
15.000.000
20.000.000
25.000.000
30.000.000
35.000.000
40.000.000
2014 201542.000.00043.000.00044.000.00045.000.00046.000.00047.000.00048.000.00049.000.00050.000.000
2014 2015
CB – Textile, apparel, leather and related
products*Δ % 2014-2015
+2.7%
CB151 – Leather goods*Δ % 2014-2015
+27.5%
CB152 – Footwear*Δ % 2014-2015
+9.9%
*Source: ISTAT 2016
254.000.000
256.000.000
258.000.000
260.000.000
262.000.000
264.000.000
266.000.000
2014 2015
Italian Food(values in €)
7
235.000.000240.000.000245.000.000250.000.000255.000.000260.000.000265.000.000270.000.000275.000.000280.000.000
2014 2015
CA10 – Food Products*Δ % 2014-2015
+9.8%
21.000.00021.500.00022.000.00022.500.00023.000.00023.500.00024.000.00024.500.00025.000.000
2014 2015
CA10730 – Macaroni, noodles, couscous and
similar*Δ % 2014-2015
+8.8%
CA104 – Oil, vegetables and animal fats*Δ % 2014-2015
+39.4%
0
5.000.000
10.000.000
15.000.000
20.000.000
25.000.000
2014 2015
*Sou
rce:
ISTA
T 20
16
Italian Wine(values in €)
8
138.000.000139.000.000140.000.000141.000.000142.000.000143.000.000144.000.000145.000.000146.000.000
2014 2015
CA1102 – Wine grape*Δ % 2014-2015
+2.8%
CA11022 – Spumante wine and other special wines*
Δ % 2014-2015+32.2%
05.000.000
10.000.00015.000.00020.000.00025.000.00030.000.000
2014 2015
*Sou
rce:
ISTA
T 20
16
Italian Furniture(values in €)
9
CM31 – Furniture*Δ % 2014-2015
+23.2%
CM31099 – Other Furniture (including Outdoor Furniture)*
Δ % 14-15+35.2%
02.000.0004.000.0006.000.0008.000.000
10.000.00012.000.000
2014 20150
10.000.00020.000.00030.000.00040.000.00050.000.00060.000.00070.000.000
2014 2015
*Sou
rce:
ISTA
T 20
16
Italian “Ferrari” - Automotive(values in €)
10
CL3091 – Motorcycles*Δ % 2014-2015
+24.3%
88.000.00090.000.00092.000.00094.000.00096.000.00098.000.000
100.000.000102.000.000104.000.000106.000.000
2014 20150
1.000.0002.000.0003.000.0004.000.0005.000.0006.000.0007.000.000
2014 2015
CL291 – Motor Vehicles*Δ % 2014-2015
+10.5%
*Source: ISTAT 2016
Electronic sector(values in €)
11
CJ27 – Electric devices and non-electric domestic devices*
Δ % 2014-2015
+31.3%
CJ271 – Engines, generators, and electric transformers*
Δ % 2014-2015+19.9%
0
50.000.000
100.000.000
150.000.000
200.000.000
250.000.000
2014 201555.000.000
60.000.000
65.000.000
70.000.000
75.000.000
2014 2015
*Sou
rce:
ISTA
T 20
16
12 Trade between Italy and Denmark in the Pharmaceutical sector
(values in €)
Imports from DenmarkΔ % 2014-2015
+18.0%
Imports from DenmarkΔ % 2014-2015
+72.1%
210.000.000220.000.000230.000.000240.000.000250.000.000260.000.000270.000.000280.000.000290.000.000
2014 2015
05.000.000
10.000.00015.000.00020.000.00025.000.00030.000.000
2014 2015
Exports to DenmarkΔ % 2014-2015
-2.4%
92.000.000
93.000.000
94.000.000
95.000.000
96.000.000
97.000.000
2014 2015
CF21 – Basic pharmaceutical products and pharmaceutical preparations* CF211 – Basic pharmaceutical products*
Exports to DenmarkΔ % 2014-2015
+155.2%
05.000.000
10.000.00015.000.00020.000.00025.000.000
2014 2015
*Source: ISTAT 2016
Bilateral Trade in Services13
The methodological framework followed in the compilation of the Balance of Payments and InternationalInvestment Position is the one defined in the fifth edition of the IMF Balance of Payments and InternationalInvestment Position Manual (BPM5) until 2009 and the one defined in the BPM6 until 2014
300,000
500,000
700,000
900,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Italian Exports and Imports to/from Denmark(thousand €) *
Export Import
*Source: EUROSTAT 2016
EU Direct Investment Positions: Breakdown by Country and Economic Activity
14
500
1.000
1.500
2.000
2.500
3.000
2008 2009 2010 2011 2012 2013 2014
Foreign Direct Investments (ml €)
Italian FDI in Denmark Danish FDI in Italy
The methodological framework followed in the compilation of the Balance of Payments is the onedefined in the fifth edition of the IMF Balance of Payments Manual (BPM5) and the OECD BenchmarkDefinition of Foreign Direct Investment Third Edition until 2012 and the one defined in the BPM6 until 2014
*Sou
rce:
EUR
OST
AT 2
016
Italian Investments in Denmark15
Grimaldi – Niels Winther16
Since 1998, the Grimaldi Group has been operating in Denmark, inpartnership with the agent Niels Winther Shipping.
Grimaldi Group runs its port terminal in Denmark in the harbour of Esbjerg
In 1999, Grimaldi and its partner established a joint venture, ScandinavianAuto Logistics A/S (SAL), to carry out inland transportation of vehicles todealers in Denmark.
The logistic company SAL imports approximately 50.000 new vehicles peryear.
Grimaldi has been investing in Denmark approximately € 5,4 million throughSAL.
Since 2006, Grimaldi has been strenghtening its position in the Scandinavianregion with the acquisition of Finnlines.
Exor SpA buys 13% stake in Welltec
In the Fall 2015, Exor Spa, the investment company of Italy’s Agnellifamily, bought a 13% stake in Danish multinational Welltec, whichprovides robotic solutions for the maintenance, cleaning and repair ofoil wells.
The Italian company invested an amount of €103.3 million. Theinvestment was made in partnership with the Dutch fund “7 industries”,which acquired the same amount of Welltec’s stake.
17
In August 2013, Chiesi Farmaceutici S.p.a., a leading Europeanpharmaceutical group, acquired Zymenex Holding A/S, a Danishbiopharmaceutical group, focused on the development andcommercialization of innovative biologic therapeutics for the treatmentof rare and life-threatening genetic diseases.
In 2014, Chiesi Group had an operating revenue of €1.477 million.
18 Chiesi and Zymenex
Danish investments in Italy19
Maersk acquires the Reefer Terminal in Vado Ligure
The Maersk Group has five core businesses, which include Maersk Line,APM Terminals, Maersk Oil, Maersk Drilling and APM Shipping Services.
APM Terminals, port and terminal operator, acquired 100% of ReeferTerminal SpA, the largest refrigerated terminal in the Mediterranean.
The acquisition took place in the Summer 2015 with an investment ofapproximately €150 million. Moreover, the Italian Government isproviding €300 million for civil works for the project.
20
Vestas
In December 1997, Vestas Wind System A/S, a Denmark-based companyleader within the wind power industry, set up a joint-venture withFinmeccanica (Italian Wind Technology). In 2001 Vestas Wind Systemacquired 100% of IWT, which changed its name in Vestas Italia S.r.l. in 2005.
In 2014, Vestas Wind System A/S had an operating revenue of € 7.591million.
In 2014, Vestas Italia S.r.l along with Vestas Blades Italia S.r.l. (themanufacturing plant in Taranto) had an overall operating revenue of €337.435.000, which represents approximately 4,4% of the Group’s totaloperating revenue.
21
NOVO NORDISK In December 1980, Novo Nordisk A/S, a global healthcare company
specialized in developing diabetes products, set up its branch in Italy (NovoNordisk S.p.a.).
In 2014, Novo Nordisk A/S had an operating revenue of € 13.099 million.
In 2014, Novo Nordisk S.p.a. had an operating revenue of € 256.470.000, which represents 1,96% of the Group’s total operating revenue.
22
Danish Tourism in Italy23
Couples without children
31%
Families with
children27%
Young/Students
13%
Seniors12%
Singles8%
Business9%
Target Danish tourists
Airplane 61%
Car 28%
Bus 5%
Most used means of transport
Veneto Tuscany Lazio Lombardy Trentino-AltoAdige
no. turists 1219,28 388,178 326,907 326,858 195,766
0
200
400
600
800
1000
1200
1400
Most visited regions in Italy by Danish tourists 2014 – (thousands)
*Source: ISTAT
24
Aarhus
Danish travel Award 201525
The jury was composed by the Stand By magazine, in collaboration with a panel of 1.446 ordinary Danes and a
panel of Stand By’s newsletter receivers.Italy was awarded the prize for Best Travel Country in Europe
Thank You!
Arianna Agnese & Vincent Tesio
Interns at Embassy of Italy, Copenhagen
26
Claudia Antonelli, Attaché for Economic and Commercial [email protected]
Silvia Borio & Cesare Sartirana
Master Students at Copenhagen Business School