The prognosis for Italian consumers remains relatively grim, as we forecast that private consumption will / contract by 2.3% in 20

We have downgraded our 2016 mining industry forecast from US$143bn down to US$125bn in light of a / significantly weaker demand an

Hungarian information technology (IT) spending is forecast to slip back into negative growth territory in / 2012 against the backd

BMI’s Italy Defence & Security Report for Q412 examines the country’s defence posture, defence / procurement and defence industry.

BMI’s Germany Defence & Security Report for Q412 examines the country’s defence posture, defence / procurement initiatives and its

BMI's Sudan Defence & Security Report for Q4 2012 examines the strategic position of the Republic of / Sudan both in the African r

BMI’s Belgium Metals Report for Q412 examines the long-term effects of the economic crisis on the / country’s steelmaking capaciti

The Serbian Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the

BMI's Austria Metals Report for Q4 2012 examines the long-term potential of the country’s speciality / steel sector, but warns tha

BMI View: We continue to view Estonia as a low-potential market, largely on account of its small – and / gradually declining – pop

BMI View: We expect Mexico to slow the rate of production decline that has plagued its vital oil sector / over the short term, but

BMI View: Colombia’s oil sector has seen impressive levels of growth since the mid-2000s and we expect / that positive trend to co

Private consumption growth in Japan is expected to continue to wane, as the employment outlook / remains sombre and government sub

We maintain our view that Peru's mining sector will grow steadily over our forecast period, driven / primarily by investment into

BMI View: While geographic diversification and investment into the pharmaceutical and healthcare / sector of emerging economies, s

The Brazilian Retail Report examines the long-term potential of the local consumer market, but flags / short-term concerns about t

We expect household consumption to remain extremely weak in the months ahead. European banks / remain heavily exposed to their cou

We stick to our view that the consumer outlook in Belarus will largely remain subdued for the remainder / of 2012. Indeed, despite

Our forecasts suggest household expenditure will cool through H212 and into 2013 following a prolonged / period of very strong pri

In our view, the debt hangover from a credit boom and the possibility of higher inflation could be threats / to consumer spending

BMI View: Across all types of metals, we expect subdued growth in both production and consumption in / Australia as a weakening gl

BMI's Turkey Metals Report Q412 examines how the steel industry has performed in the face of external / headwinds and warns some s

BMI's Egypt Metals Report for Q412 examines the impact of political developments on domestic demand / and output in 2012. The repo

BMI View: The key immediate threat to the South African metals industry is the disruption of raw / material supplies from strikes

BMI View: There remains considerable caution amongst those investing in Bulgaria’s construction and / infrastructure sector as gro

BMI View: There is a clear impetus for improving the Kingdom’s water and sewage supply performance, / particularly in the main cit

BMI View: Abu Dhabi did not let water policy drift over the traditionally quiet summer months, and the / confirmation of the plans

In recent years, Colombian agricultural producers have been hit hard by the effects of La Niña weather / phenomenon, which has bro

BMI View: We expect oil and gas production to bounce back strongly in 2012, despite the obvious / political risks associated with

BMI View: There is reason for cautious optimism for Egypt’s water sector as a result of the political / changes over the summer mo

BMI View: The construction and infrastructure sector in Bosnia and Herzegovina (BiH) rests on shaky / ground as the Eurozone crisi

BMI View: Polish IT spending is expected to reach US$9.0bn in 2012, up 2%, with BMI downwardly / revising its forecast given the e

BMI View: Romanian IT spending is expected to reach US$1.4bn in 2012, up 3%, with BMI downwardly / revising its forecast given the

BMI View: With only limited conventional domestic reserves available, South Africa has learned to make / efficient use of its natu

BMI View: The lack of construction activity in the second quarter of 2012 has prompted us to revise / down our full-year forecasts

We have revised down our forecast for Polish wheat and barley output in 2012/13 as droughts during / plantings have affected produ

BMI View: Extending the life of existing nuclear reactors, coupled with gas-fired expansion and greater / use of renewables, makes

BMI View: Demand growth is healthy, reflecting economic expansion. Plans for new generating / capacity continue to focus on conven

BMI View: Romania is attempting to privatise the state hydro and nuclear power companies, hike / electricity prices without damagi

BMI View: Operators in France’s mobile market face considerable changes in 2012 as new operator / Free launched services and termi

The Bahrain Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the

BMI’s Philippines Defence & Security Report Q4 2012 examines the country’s strategic position in the / Asia Pacific region and the

BMI's Poland Metals Report for Q4 2012 examines how trends in external markets as well as domestic / manufacturing, particularly t

BMI View: The authorities in Doha remain committed to rolling out an impressive programme of / expansion encompassing water desali

BMI's Romania Metals Report for Q4 2012 examines the latest developments in the country’s steel and / aluminium industries and whe

Zimbabwe's mining sector is set for rapid development as the country dramatically recovers from two / decades of declining output.

Canadian consumers leveraged up during the global downturn in 2008-09, which helped to underpin / consumption and the economy as a

BMI View: Singapore’s telecommunications industry has outperformed many of its regional peers with / strong adoption of the latest

The South Korea Defence and Security Report examines the country’s strategic position in the North East / Asian region and the wid

BMI’s Taiwan Defence and Security Report for Q4 2012 examines the country’s strategic position in the / Asia-Pacific region. It pr

BMI View: For a country keen to wean itself off of fossil fuels, the decision to phase out nuclear energy / represents a fresh and

BMI View: Oil production in Norway may be in decline, but the country retains considerable upside gas / potential and should conti

BMI View: The Australian telecommunications industry is one of the highest value markets in Asia / Pacific and even the world, und

Following the withdrawal of US forces from Iraq, which was completed on December 18 2011, the / country is now contemplating the e

We continue to forecast relatively weak real Polish consumption growth of 1.5% and 2.1% in 2012 and / 2013 respectively as a slowi

Thai IT spending is expected to reach US$6.9bn in 2012, up 12%, with BMI upwardly revising its / forecast, following a strong reco

BMI View: The German IT market is forecast to increase to US$61.3bn in 2012, up by around 2%, with / positive growth despite the e

BMI View: According to the Ministry of Agriculture, Mozambique still requires investment of US$3.1bn / between 2013 and 2017 to en

We maintain our very positive outlook on Qatar’s consumer sector, as the Qatari economy will remain a / regional outperformer for

The France Real Estate report examines the commercial office, retail, industrial and construction / segments throughout the countr

Kenya / The dynamics of a stronger currency, tight monetary policy and improved weather conditions suggest that / domestic demand

BMI View: We hold to our view that Cameroon’s medium-to-long-term drug market expansion potential / remains highly dependent on th

Uganda’s organised food and drink industry is accelerating off a very low base, with per capita food / consumption around US$250,

View: Our near-term outlook for the renewables industry in the Nordics is relatively bullish, as we / expect economic performance

BMI View: South Africa's need to diversify its coal heavy power mix has led the country to pursue / renewable energy as an essenti

The adoption rate of barcode technology in India is growing at a healthy rate making the industry more attractive day-by-day. The

In the past decade, the Indian population has witnessed considerable improvement in accessing drinking water. However, the quality

Over the past two decades the Indian telecom industry has changed dramatically. The shift from landline phones to mobile phones wa

Booming real estate sector along with availability of housing loans on low interest rates has provided the much awaited thrust to

The world has witness a dramatic shift in technology in the past few years. Each and every product which has changed life of Milli

In many provinces of South Africa, water demand exceeds local water supply and quantity is the not the lone cause of concern. The

BMI View: Following a decade of robust and consistent growth, the US's non-hydropower renewables / industry is set to moderate ove

The Indonesia Tourism Report examines the strong long-term potential being offered by the local tourism / industry, bolstered by r

The Hong Kong Tourism Report examines the very strong long-term potential being offered by the local / tourism industry, bolstered

BMI’s Czech Metals Report for Q412 assesses the impact of the eurozone crisis on steel output in the / months ahead, as well as ho

BMI View: Pharmaceutical companies will continue to look to fast growing emerging markets for / revenue growth, and we believe tha

BMI View: The Brazilian pharmaceutical market is still our favourite regional market in Latin America / despite the recent downgra

BMI View: The attractiveness of Gabon’s healthcare sector to pharmaceutical companies and medical / device manufacturers has decre

BMI View: Despite the country’s political and economic stability, we continue to view South Korea as a / challenging pharmaceutica

The Argentine Retail Report examines the long-term potential of the local consumer market, but flags / short-term concerns about t

The Australia Tourism Report examines the significant long-term potential being offered by the tourism / industry, but we caution

BMI View: Construction activity continues to suffer the effects of the ongoing political upheaval in / Egypt, and we expect the in

The Czech Republic Retail Report examines the long-term potential of the local consumer market, but / flags short-term concerns ab

BMI View: Access to healthcare will continue to be limited by poor drug-pricing legislation in the / Philippines. Although this ha

BMI View: The agriculture industry (including forestry and aquaculture) contributes to more than 20% / of Vietnam's GDP and employ

BMI View: Croatia has one of the more developed telecommunications markets in CEE. It has managed to / maintain relatively high AR

BMI View: The government’s increased commitment to healthcare provision and an increasingly ageing / population that has high per-

The Thailand Petrochemicals Report examines the short-term effects of the winding down of / reconstruction activity (which was nec

Real GDP growth in France has now stuttered to a halt against an uncertain global macroeconomic / backdrop. We therefore maintain

We expect little change from our previous quarter’s assessment of the consumer demand story in / Romania. While consumer price inf

BMI’s latest Iran Metals Report examines how the Iranian steel industry is able to grow amid a punitive / international sanctions

BMI View: The long-term outlook for Ecuador’s oil and gas sector remains decidedly weak, with our / forecasts suggesting a secular

BMI View: Venezuela's long-term oil and gas potential is undeniable, with the country's proven reserves / now estimated to be larg

BMI View: China will remain as one of the key emerging pharmaceutical market in Asia, if not the world / as the country prepares i

BMI View: Saudi Arabia’s transition to an increasingly privatised and comprehensive healthcare system / will drive the demand for

BMI View: While the patent cliff and the consequent availability of generic drugs, as well as price cuts / on generic medicines an

BMI View: Although Israel claims its very efficient healthcare system means it does not need to spend as / much of its GDP on prov

BMI View: The increase in private healthcare fees will be welcomed by Lebanon’s private providers, but / not so by the general pri

The South African Tourism Report looks at the recent performance of the tourism sector and considers its / prospects over the next

BMI View: The Argentinean telecommunications market is one of the most advanced in South America. It / has a penetration rate of 1

BMI View: We anticipate that Sudan and South Sudan’s combined oil output will fall dramatically in / 2012 to just 141,000b/d, down

Growth in Mongolia's mining industry will be led by the Oyu Tolgoi copper-gold mine. The bulk of this / growth will occur in 2013

BMI View: Historically, Oman’s pharmaceutical market has been dominated by patented drugs set at / low prices imposed by the gover

The Tanzanian mining industry is relatively small in terms of value, but its importance is highlighted by / the fact that mining e

BMI View: Vietnam's economy is not yet on safe ground, despite the introduction of various measures to / curb the situation. We be

BMI’s Japan Defence & Security Report for Q4 2012 examines the country’s strategic position in the / East Asian region and the wid

BMI View: Our outlook for Kazakhstan remains broadly optimistic, although we underline growing risks tied / to resource nationalis

BMI View: We retain our broadly pessimistic outlook for the UK’s pharmaceutical market over the five / years to 2016, although the

BMI View: Brazil is one of the most technologically innovative markets in Latin America, and as a result, / has a higher 3G penetr

BMI View: With mobile penetration firmly above 100%, growth in Egypt's mobile sector is expected slow / over the next few years. H

BMI View: Aside from the country’s well-publicised economic woes, Italy is at a crossroads in terms of / energy market development

BMI View: Unconventional shale gas and tight oil production continue to make waves in the US market, / drastically altering domest

BMI View: Uncertainty over LNG hangs over the Croatian energy sector, although the government is / attempting to end the stalemate

BMI View: Strong government support and industry interest in developing a nascent shale gas industry / in Poland leaves BMI cautio

Q112 results from Qatar's two principal telecommunications operators were better than had been expected, / following a relatively

We are acknowledging growing downside risks to our domestic demand outlook for Thailand in the / coming quarters. Consumers are li

BMI View: If approved, the latest reincarnation of Romania's healthcare reform bill would boost / healthcare expenditure in the co

BMI View: The future growth of Qatar’s pharmaceutical market will remain constrained by small / population numbers, although we ex

BMI View: Growth in pharmaceutical sales in Vietnam will be driven by increasing affluence, an / increasingly ageing population an

BMI View: The Serbian drug market continues to be characterised by wholesale liquidity challenges and / payment delays. In 2012, f

Private consumption growth in Singapore slowed to 1.8% year-on-year (y-o-y) in Q212 from 4.7% in / Q112, its worst performance sin

BMI View: Conventional gas deposits should enable the country to boost its output and exports, with / some surplus gas destined fo

BMI View: Canada remains our developed market construction sector outperformer. Despite the / potential threat from an overheating

BMI View: Overall pharmaceuticals growth in Sweden will remain low and even decline over the short / term due to patent expiration

BMI View: Austria's all-important mobile market reported slower than expected growth in H112 as the / weaker domestic economy weig

The Japan Real Estate report examines the commercial office, retail, industrial and construction segments / throughout the country

BMI View: Malaysian IT spending is expected to reach US$5.2bn in 2012, up 7%, despite a downwards / revision by BMI as economic ac

BMI View: Drug companies will be encouraged by the Ugandan government’s greater emphasis on / ensuring the population has improved

BMI View: Over the medium to long term, Thailand will be facing intensive competition from / neighbouring countries such as Malays

BMI View: Kuwait is one of the highest value markets in the world in terms of ARPU, derived from high / per capita incomes. It has

BMI’s Australia Defence & Security report for Q4 2012 examines the country’s strategic position in the / Pacific region and the wi

BMI’s Poland petrochemicals report looks at whether the country has potential for further downstream / investment, despite the sho

BMI View: A mixed bag of developments during Q212, in addition to a consistently low attractiveness / score of the pharmaceutical

BMI View: While we view positively Malaysia’s strategy for the agriculture sector to climb the value / chain in the long term, we

The Bulgaria Real Estate report examines the commercial office, retail, industrial and construction sectors / throughout the count

The Greece Tourism Report considers the prospects for the tourism sector over the longer term but / focuses heavily on major short

South Africa's mobile sector continues to record strong subscriber growth despite a penetration rate of / around 135% at the end o

BMI View: The construction and infrastructure industry in Yemen struggles onward with both political / and economic difficulties o

BMI View: Although we had expected construction activity in Malaysia to recover in 2012, the sector's / stellar performance in Q21

The Turkey real estate report examines the commercial office, retail, industrial and construction segments / throughout the countr

Venezuela faces major political and economic uncertainty in the run-up to and immediate aftermath of / the October 2012 presidenti

The Poland Real Estate report examines the commercial office, retail, industrial and construction sectors / throughout the country

BMI View: We have revised down our 2012/13 forecast for UK wheat production as excessive rains / during both planting and harvesti

BMI View: Mexico’s agribusiness and agricultural sectors remain buoyant despite challenging climactic / conditions and the presenc

BMI View: Foreign drugmakers operating in Ukraine need to be aware of the increasing likelihood of / hryvnia devaluation. They mus

BMI View: Despite continuing political unrest in the wider Middle East region, the outlook for Oman’s / construction sector for th

BMI View: Our outlook for the Greek construction industry has turned more bearish, and we forecast a / 10.6% year-on-year (y-o-y)

The Egypt Tourism Report looks at the prospects for the tourism sector through to 2016, while / considering important issues facin

BMI View: Aligning with our view that we expect the French government to engage in more concerted / fiscal consolidation to mount

BMI View: Per-capita spending on pharmaceuticals in Bahrain is expected to almost double in the 10 / years to 2021, from some US$1

The Bahrain Real Estate report examines the commercial office, retail, industrial and construction / segments throughout the kingd

The Israel Real Estate report examines the commercial office, retail, industrial and construction sectors / throughout the country

BMI View: Crude output will rise slightly over the short term as Noble Energy’s new Aseng and Alen / projects come on-stream, offs

BMI View: After four consecutive years of contraction in the French construction industry between 2008 / and 2011, the sector is s

BMI View: The Romanian telecoms market contains a number of major international players, such as / Cosmote, backed by OTE and Deut

BMI View: Mexico’s construction industry continues to progress along a robust growth path. The / outlook is amongst the most stabl

The Romania Real Estate report examines the commercial office, retail, industrial and construction / segments throughout the count

BMI View: There are glimmers of hope in the upstream segment, with new gas finds capable of improving / energy self-sufficiency an

BMI View: As expected, the UK's construction sector is experiencing a double-dip recession, with Q212 / data illustrating a steep

BMI View: While peace may have broken out between local authorities and key refinery operator Lukoil, / clearing the way for renew

BMI View: The pace of economic recovery and renewed growth is critical to Spain’s energy market, as it / will drive the country’s

BMI View: Subdued oil demand growth means the prospects for refiners and fuels distributors are poor, / with many already facing s

BMI View: French energy policy is subject to change following Francois Hollande’s election victory. / Nuclear energy in particular

BMI View: Energy policy is low on the agenda in terms of the new Greek government’s political / priorities, although energy privat

The Hong Kong Real Estate report examines the commercial office, retail, industrial and construction / segments throughout the cou

BMI View: While national energy group MOL has great plans for the Central European region, maximising / the impact of its downstre

We see little reason to change our pessimistic outlook for the Bulgarian consumer over the remainder of / the year. We reiterate o

The Mexico Real Estate report examines the commercial office, retail, industrial and construction sectors / throughout the country

Sentiment towards India’s growth story is at a low ebb. Not long ago, the mainstream view was that 8% / growth would be the new no

We continue to see limited scope for growth in private consumption. Ultimately, high unemployment, / falling real wages, a large s

BMI View: Crude processing capacity is to shrink thanks to unfavourable refinery economics, while long-term / exploration upside p

BMI View: Denmark is hoping to avoid becoming an oil importer for another few years, despite / declining near-term production. The

Food consumption is expected to rise steadily over the next five years. The authorities are also aiming to / improve government sp

BMI View: An atmosphere of uncertainty hovers over the renewable energy sector in France, even / though the May 2012 elections saw

BMI View: With no national target for renewable energy in place and a very diverse energy mix across / provinces, it is difficult

In BMI’s Q412 Risk/Reward Rating Matrix, the MEA region scores an average of 44.2, down slightly / from 44.5 in Q312. The score co

BMI View: We have revised up our forecasts this quarter (as of August 2012) and now expect the / construction sector to expand by

BMI View: Although high oil prices should, in theory, boost Gabon’s infrastructure environment, there / has, in practice, been a l

BMI’s Q412 East Africa report analyses latest industry, regulatory and macroeconomic developments in / the telecoms markets of sev

The dynamics of a stronger currency, tight monetary policy and improved weather conditions suggest that / domestic demand conditio

There is tremendous room for growth on the consumer side in Tanzania. With incomes still low, there / are potentially dynamic oppo

BMI View: A greater-than-expected slowdown in the Brazilian economy has led us to revise downwards / our renewables forecast for 2

BMI View: Germany is the European bellwether for renewable energy - with over 66 MW of non-hydro / renewable capacity installed by

BMI View: A worsening economic outlook and a sharp reversal in government support for renewables / has led us to revise down our s

South Sudan is capturing the attention of a number of food and drink companies in the beer, soft drink / and retail spaces. The re

BMI View: Malaysia may have one of the region’s lowest per capita spend in terms of healthcare as a / percentage of GDP – 4.3% in

BMI View: We maintain our bearish outlook for Iran’s construction industry with a negative forecast of / -5% for 2012 due to the p

BMI View: We forecast demand will pick up after 2014, but economic uncertainty and rising / unemployment will likely mean that dur

BMI View: BMI has upwardly revised its Venezuela IT forecast but there remain downside risks due to / macroeconomic factors. The p

BMI View: BMI expects Sri Lankan IT market growth to moderate in 2012, as the Sri Lankan Central / Bank is poised to hit the brake

BMI View: Peru's IT market is forecast to increase to US$1.6bn in 2012, up by about 14%, with our / forecast upwardly revised as r

BMI View: BMI projects that Mexican IT spending will grow by about 10% in US dollar terms in 2012 / to US$15.4bn, despite an uncer

BMI View: Colombia's IT market is forecast to increase to US$3.0bn in 2012, up by around 12%, with / our five-year forecast upward

BMI View: The Philippine telecoms market harbours low-term growth opportunities in light of factors / such as the high percentage

BMI View: Indonesia’s telecoms market presents good growth opportunities due to its large and youthful / population and extremely

As 2012 ushers in the second year of China's 12th Five-Year Plan (2011-2015), we expect the changes / and reforms enacted in 2011

BMI View: We retain our positive outlook in regards to Bahrain’s consumer sector, which has been / steadily improving over recent

BMI View: Brazil depends upon energy generated at hydroelectric power plants for the majority of its / consumption needs, and we d

The Turkish Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the

The Slovenian Retail Report examines the long-term potential of the local consumer market, but flags up / short-term concerns abou

The Russian Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the

The Romanian Retail Report examines the long-term potential of the local consumer market, but flags up / short-term concerns about

The Polish Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the i

BMI's Egypt Defence & Security Report for Q412 examines the country’s strategic position in the / Middle East and the wider world.

BMI View: A challenging political situation – complete with international sanctions imposed on Iran / over the past months – will

BMI View: We forecast deteriorating prospects for drugmakers in Italy because in addition to a decline / in public spending on pha

BMI View: We believe despite a temporary cash flow crisis for private hospitals in Jordan they will still / have profited greatly

BMI View: While the Arzneimittelmarkt-Neuordnungsgesetz (AMNOG) legislation will compress drug / company's revenue-earning opportu

BMI View: Drugmakers previously disheartened by the extent of cuts to Hungary’s National Healthcare / Fund (OEP) budget will be fu

BMI View: Australia is on track to become the world’s largest liquefied natural gas (LNG) exporter by / the end of our forecast pe

With emerging markets attracting the bulk of mining investment we see quite slow growth across mineral / products in the US over o

BMI View: Cameroon’s construction sector faces favourable conditions over the medium term as the / government continues to priorit

Despite ongoing turmoil in global markets and renewed concerns surrounding the strength of the US, / eurozone and Chinese economie

BMI View: A lack of domestic pharmaceuticals manufacturing facilities means that Côte d'Ivoire / continues to depend upon pharmace

Australia will remain a leading player in many segments of the global mining industry. Owing to its / substantial deposits, the co

BMI View: Figures for power consumption provide further evidence of an improved macroeconomic / trajectory in Turkey. Though not o

BMI View: Zambia’s healthcare industry has been boosted this quarter with the news of revived / investment via international aid a

BMI View: The Peruvian telecommunications market is below the average level of development for the / region. Mobile penetration is

BMI View: Our previously held view that ‘political risk is the main element that can ultimately curtail / growth as public policy

BMI View: Our view that Slovenia's drug market is one of the most stable in the region remains in place / despite the fact that at

BMI View: The Greek telecommunications market remains under pressure on all fronts and could well / underperform for much of 2012

BMI View: Turkey’s telecommunications markets contains significant growth potential, with a low / penetration rates and high growt

BMI’s Romania petrochemicals report examines the impact of the planned privatisation of local producer / Oltchim on the domestic i

BMI View: Despite macro concerns and waning confidence in the Turkish economy – – we still expect / strong growth of 6.25% in 2012

BMI View: We have a pessimistic view of Bolivia’s Oil & Gas sector in the short term, as the business / environment has degraded o

Oil output will remain fairly steady over the next five years as production from new developments offsets / declining volumes at t

The Croatia Retail Report examines the long-term potential of the local consumer market but flags up / short-term anxieties about

BMI View: Progress on securing midstream infrastructure to carry Azeri volumes bodes well for our shortterm / outlook, but the pro

The outlook for the Serbian economy in 2012 remains relatively grim. We have now revised down our / forecast for real GDP growth i

Slovenia's medium-term macroeconomic outlook has continued to deteriorate in recent months owing to a / combination of weak domest

BMI View: As the Chinese government continues to boost agriculture productivity in its drive to ensure / national food security, w

BMI View: While Pakistan’s short-term gas production outlook is relatively good, the country will find it / impossible to maintain

BMI View: While there are new efforts to stimulate upstream oil and gas activity and improve energy / self-sufficiency, there is l

BMI View: Despite having a relatively strong domestic oil and gas position, Thailand is increasingly / exposed to oil price fluctu

BMI View: The Czech Republic’s construction and infrastructure industry value continue to experience / negative growth due to limi

BMI View: Construction activity in the first quarter of 2012 (January-March) has surprised on the / upside, with engineering const

The Hungary Retail Report examines the long-term potential of the local consumer market, but flags / short-term concerns about the

BMI View: Despite a downgrade to our 2012 growth projections for Poland's pharmaceutical market / and a less bullish long-term vie

BMI View: Argentina's pharmaceutical market to drug companies has become increasingly unattractive / due to the country's quick de

BMI View: While India’s upstream oil prospects appear to be limited, the discovery and ongoing development / of significant gas re

BMI View: Increased government focus on the agriculture sector resulted in incremental gains in the / sector for the first half of

BMI’s Indonesia Defence & Security Report for Q4 2012 examines the country’s strategic position in the / South East Asian region a

BMI View: After a year of food price disinflation in Asia, the significant rally in grain prices in recent / weeks has stoked fear

The Bosnia & Herzegovina (BiH) Real Estate report examines the commercial office, retail, industrial / and construction segments t

BMI View: Algeria will remain of interest to multinational pharmaceutical companies intent on reaching / out to emerging markets.

The latest South Africa petrochemicals report examines the way in which South Africa’s basic / petrochemicals producer Sasol is de

BMI View: Japan’s consumption of imported oil and natural gas has increased as a result of nuclear / power generation losses in th

BMI View: Steep increases in tariffs on imports of rice and wheat are the latest developments in / Nigeria’s drive to boost domest

A host of recently released leading indicator data has reaffirmed our very positive view on Saudi / Arabia’s consumer sector, whic

The consumer story in Indonesia continues to be one of the brightest in the world, with a recent global / survey conducted by Niel

BMI View: The Thai telecoms market is characterised by a mobile market approaching saturation, a / fixed market in decline since 2

Bahrain’s mobile market is close to saturation, with quarterly growth rates in the low single digits and / mobile penetration appr

The Ukraine real estate report examines the commercial office, retail, industrial and construction sectors / in the country in the

BMI View: Pharmaceutical sales in Colombia are calculated to have reached a value of COP7,076bn / (US$3.83bn) in 2011, of which pa

The Q412 UK petrochemicals report examines recent trends in the British chemicals and petrochemicals / industries and warns that t

India hosts a wide range of globally significant mineral resources, including: four fuel minerals (such as / coal and uranium); 11

The United Kingdom maintains an important role in NATO; transatlantic and European defence relations; / and a military presence ar

The China real estate report examines the commercial office, retail, industrial and construction sectors in / the country from the

BMI View: Romania’s agriculture industry experienced significant downside effects as a result of closer / integration with the EU

BMI View: Despite tight sanctions on imports of goods including agriculture, we believe Iran is still / relatively sufficiently st

Industry Forecast / We are positive on the outlook for the Botswanan mining sector over our forecast period to 2016. / Diamond out

We maintain our expectation that Chile's mining sector will grow in 2012 and 2013 albeit at a slower pace / than we previously for

BMI View: We continue to view Peru as a moderately attractive pharmaceutical market, on account of / elevated risks posed by regul

BMI View: Hong Kong will continue to be a market of moderate attractiveness to investors given its / small pharmaceutical market s

BMI View: The Hungarian construction sector will become a victim of the country’s poor / macroeconomic conditions and register yet

BMI View: Following a stellar 2011, which saw Ecuador’s construction sector expand by 21%, we / expect growth to moderate over 201

BMI View: Compared to its European peers Germany’s construction industry looks strong, but the / eurozone crisis still threatens c

BMI View: Following a political agenda of economic reforms – including the appointment of Ngozi / Okonjo-Iweala as Finance Ministe

BMI View: Iran’s mobile penetration has exceeded 100%. Although the fixed-line and internet sectors / continue to record positive

BMI View: The Mexican market is one of the least penetrated in the region, with some of the highest / tariffs. This is the result

The Costa Rica tourism report examines the significant long-term potential currently being offered by the / local tourism industry

BMI View: The stable economic and political environment in Canada will help pharmaceutical / companies to generate a consistent ma

BMI View: Data released by China's State Electricity Regulatory Commission (SERC) reconfirms our / view of the Chinese power secto

BMI View: Germany's mature mobile market is showing the first signs of saturation and our forecasts see / limited growth in subscr

BMI View: In light of India's economic and demographic growth, we expect power consumption to / increase from an estimated 697.65t

BMI expects more modest IT market growth in 2012, owing to PC parts shortages and faltering economic / activity and confidence lev

BMI View: Proving up Black Sea and Mediterranean deposits is a priority for Turkey, as this will enable / it to reduce its depende

We maintain our medium-term forecasts for Mozambique's mining sector as a number of major projects / remain on course to enter the

We forecast Namibia's mining industry to grow by 18.4% in 2012 in real terms, following an estimated / 25.4% increase in 2011. We

BMI View: The Ugandan market is below the Sub-Saharan average in terms of penetration and ARPUs. / This is an indication of the lo

BMI View: In BMI's Pharmaceuticals Risk/Reward Ratings (RRR) table for Q412, Kuwait remains in / second position, trailing the Uni

BMI View: The exploration efforts of ExxonMobil and OMV Petrom in the Black Sea could signal a / turning point in Romania’s upstre

BMI View: South African IT spending to increase to about US$16.6bn in 2016, at a US dollar 2012-2016 / CAGR of 10%, slower than pr

BMI View: Seemingly endless gas pricing disputes with Russia colour Ukraine’s energy landscape, putting / pressure on the country

BMI’s Q412 West and Central Africa report analyses latest industry, regulatory and macroeconomic / developments in the telecoms ma

The Caribbean Tourism Report examines the enormous long-term potential of the market, given its / reputation as a major tourism de

BMI View: Japan’s telecommunications market has played a key role in driving economic growth by / equipping consumers and business

BMI View: Omani telecoms service providers are committing huge resources to the deployment of next / generation fixed and mobile b

BMI View: Production from oil sands will continue to drive Canada’s oil production growth. However, / exploration in the country’s

BMI View: The pick-up in drilling activity in the UK’s offshore sector will continue on the back of high / oil prices and tax refo

MI View: Pakistan's telecommunications market is one of the most underdeveloped in Asia Pacific. At / the end of 2011, Pakistan ha

BMI View: As a net importer of energy, Slovakia faces the challenge of securing long-term gas supplies / without becoming too depe

The Mexico Tourism Report examines the enormous long-term potential of the market, given its / proximity to the US, but flags up s

BMI View: With no domestic energy resources, Hong Kong faces the challenge of meeting growing oil / and gas demand through imports

BMI View: Production growth is set to outpace consumption growth in the Malaysian oil sector as the / removal of fuel subsidies an

The Russia Tourism Report examines the long-term prospects for the tourism sector but, in the short term, / considers the negative

BMI View: Favourable weather for much of 2010/11 and 2011/12 has lead to a ‘super flush’ of dairy / production, which is likely ke

BMI’s China Petrochemicals Report Q312 examines the short-term growth trends that are in play across / the local industry as it ra

The India Petrochemicals Report examines the enormous long-term potential exhibited by the local / consumer market while highlight

BMI View: Moldova’s pharmaceutical market is very small by both regional and global standards, but is / relatively stable, mainly

BMI View: Chile is well-placed for growth, with strong fundamentals and a good business environment. / However, the high base rate

BMI View: The heat wave that has affected Morocco in recent months has damaged the outlook for / 2012/13 agricultural output. Whea

This quarter’s UAE petrochemicals report monitors the latest developments in polymers production in / Abu Dhabi. We also look at h

BMI View: Regardless of the outcome of the upcoming general elections, scheduled for November 2012, / we remain pessimistic about

While the UK labour market has proven remarkably resilient during and after the 2008-2009 recession, / we expected consumer recove

BMI View: Portugal continues to implement widespread changes to its healthcare sector as part of the / EU/IMF/ECB’s EUR78bn econom

BMI's Kuwait Defence & Security Report for Q4 2012 examines the country’s strategic position in the / Middle East and the wider wo

Syria remains an important actor in the Middle East and Mediterranean regions. It plays a key part in the / ongoing dispute betwee

BMI View: The Irish mobile market contracted slightly in Q112 and preliminary data suggest a more / pronounced contraction will be

BMI View: Although the latest statistical data indicates an increase in construction activity in H112, / reports from the ground i

BMI View: China's IT spending growth is forecast at around 13% in 2012, which is a modest slowdown / compared with 2011. Despite t

BMI View: We have revised our production forecast for wheat and barley down again as dry weather / conditions have reduced area ha

The India Insurance Report considers the prospects for both life and non-life insurers in the country. As / of late 2012, the late

Canada's mining sector will remain one of the steadiest growth stories in the Americas region thanks to a / diversified mineral co

BMI View: We are maintaining our optimistic outlook for Botswana’s construction industry growth over / the medium term, based on e

BMI View: We hold a positive view towards Cameroon’s food, drink and mass grocery retail industries / over our forecast period, in

BMI View: We have a very positive medium-term outlook for the Ivorian food, beverage and retail / sectors. Our positive view hinge

According to BMI’s Pharmaceutical Risk/Reward Ratings (RRRs), pharmaceutical markets in the Middle / East and North Africa (MENA)

BMI View: Kenya's power sector continues to diversified its energy generation capability. Although / hydropower generation remains

BMI View: Our latest Angola Power Report, which from this quarter excludes a breakdown of energy / generated from non-hydro renewa

Food consumption is expected to rise steadily over the next five years. The authorities are also aiming to / improve government sp

Libya’s near-term growth outlook was given a slight boost in late December2011 following reports that / the resumption of oil prod

Agriculture accounts for around 40% of Morocco’s total workforce, leaving the broader economy highly / dependent on grain yields.

BMI View: China remains one of the most attractive markets for renewable energy producers in Asia, / and we are forecasting double

BMI View: India's push for non-hydro renewables development is a reflection of the country's desire to / diversify its electricity

BMI View: The UK has certainly made headway in its renewable energy expansion over recent years, / and we forecast significant gro

BMI Industry View / BMI View: It is not difficult for Angola’s construction industry to post growth, due to its extremely low / ba

BMI View: BMI expects the Philippines IT market will grow by around 19% in 2012. BMI has upwardly / revised its 2011 market estima

Executive Summary / BMI View: Indonesian IT spending is expected to reach US$5.9bn in 2012, up 11%, slightly lower than / previous

Executive Summary / BMI View: Chilean IT spending is expected to reach US$3.5bn in 2012, up 14%, with BMI's forecast / upwardly re

BMI View: Switzerland is home to one of the highest value mobile markets globally, underpinned by high / incomes and demand for ad

BMI Industry View / In the short term, we expect the consumer sector to continue to be bolstered by extensive fiscal and / monetar

Executive Summary / BMI View: Bosnia's telecoms market remains one the least developed in Central and Eastern Europe and / as such

BMI View: From this quarter BMI’s Power service will focus chiefly on thermal sources, hydropower / and nuclear electricity, while

Executive Summary / BMI View: Croatian pharmaceutical market will continue to be weakened by economic recession in 2012 / combined

BMI Industry View / BMI’s latest Egypt Petrochemicals Report assesses the risks associated with the transition to democratic / civ

Executive Summary / Central Africa's mining sector is set to follow much of the continent by developing its substantial mineral /

Executive Summary / BMI View: Considering Japan's lacklustre economic trajectory and recently unsettled political / environment, a

The Egypt Real Estate report examines the Commercial Office, Retail, Industrial and Construction / segments in the context of a ma

The Singapore Real Estate report examines the commercial office, retail, industrial and construction / segments in the context of

BMI Industry View / BMI View: The blistering increase in public construction investment in the first quarter of 2012 supports / ou

Executive Summary / BMI View: The Czech Republic telecoms market contains a number of major international players such / as Telefó

BMI Industry View / The ongoing slowdown in China’s economy has been well documented. In addition to real GDP growth / figures, in

BMI View: Petrochemicals and refining remain the lifeblood of Singapore, with strong regional demand / growth meaning there is pot

BMI Industry View / BMI View: New licensing rounds could lead to a sharp rise in upstream investment, helping to drive / long-term

Executive Summary / BMI View: Mexico has swapped positions with Brazil within BMI’s Risk/Reward Rating assessment in / Q412, indic

Executive Summary / The Hungary Tourism Report considers the current state of the tourism sector and assesses its potential / over

Executive Summary / BMI View: Norway's telecoms markets is one of the highest value markets in the world on a per capita / basis,

Executive Summary / BMI View: The Chilean mobile market continues to make strong gains, and the competitive environment / continue

BMI Industry View / BMI View: We are maintaining our expectation for a sharp downturn in Argentine construction industry / value g

Executive Summary / BMI View: We believe improved domestic grains output will help to mitigate the recent hike in grain / prices o

This latest Turkey Petrochemicals Report examines the latest developments in polymer resins, / particularly polypropylene (PP) and

The Israel Petrochemicals Report examines the impact of the eurozone slowdown on chemicals output / and considers alternative mark

The Q412 Saudi Arabia petrochemicals report examines the declining profitability of the Saudi / downstream industry and assesses w

The Ukraine Petrochemicals Report examines the impact of trends in external markets on Ukraine’s / expanding chemicals industry, b

Our Russia petrochemicals report examines the short-term trends in the Russian market and discusses / how domestic producers are r

BMI View: The Tanzanian telecoms market has strong growth potential, most notably in traditional / mobile and wireless data servic

BMI View: The Bangladeshi telecommunications market harbours significant growth potential in light of / the low penetration rates.

BMI Industry View / BMI View: We warn of more downside risks to our already cautious outlook for the Polish construction / industr

BMI Industry View / While some concerns exist over the impact of external factors on the Chilean economy, given its high / relianc

Executive Summary / The Czech Republic Real Estate report examines the commercial office, retail, industrial and construction / se

The past decade of stagnation and decline in South Africa's mining sector is set to end as several projects / across South Africa'

Executive Summary / The Democratic Republic of the Congo (DRC)'s vast mineral resources will continue to attract greater / interna

BMI View: Weak government finances, poor domestic economy and absence of private sector / investments will be the main factors imp

Executive Summary / BMI View: Operators in the Hungarian mobile market are facing considerable challenges posed by a / slowing gro

Executive Summary / Ghana is set to remain Africa's second-largest gold producer after South Africa as investment continues to / f

BMI’s Q4 South Africa Real Estate report examines the Commercial Office, Retail, Industrial and / Construction segments throughout

The Vietnam Tourism Report examines the enormous long-term potential of the growing tourism market, / which has experienced major

Executive Summary / BMI’s India Defence & Security Report for Q412 examines the country’s strategic position in the Asian / region

BMI View: Refinery expansion plans have been thrown into turmoil due to political intervention, and / Taiwan may not see a new pla

Executive Summary / BMI View: Belgium faces a challenging economic situation, which has prompted the government to / announce fisc

BMI View: We anticipate that Romania's construction sector will continue to bounce back in 2012, / despite the headwinds generated

Executive Summary / BMI View: The Commission on Protection of Competition (CPC)’s criticism of the National Health / Insurance Fun

BMI Industry View / Private consumption in Mexico grew 5.3% year-on-year (y-o-y) in Q112 – the largest expansion since / before th

BMI Industry View / Domestic demand as a percentage of GDP hit a multi-year high of 114.9% in the FY2011/2012 fiscal / year – a le

BMI’s Spain Defence & Security Report for Q4 2012 examines the country’s strategic posture, its / defence industry and its defence

BMI View: We continue to expect a modest recovery for Thailand's construction sector in 2012, with the / underlying assumptions fo

BMI Industry View / BMI View: The Central America region offers a plethora of investment opportunities in the / infrastructure sec

The US Tourism Report examines the long-term potential offered by the tourism industry but highlights / that the weakness of the E

BMI Industry View / BMI View: Relative to a number of other Central and West African economies, our outlook for growth in / Gabon’

BMI View: We view Mexico's adoption of the 'General Law on Climate Change' as a turning point in the / country's energy agenda, as

The Tunisian consumer was badly affected by the political crisis. With inflows of foreign investment and / tourism being hit by th

BMI View: / BMI View: Despite Argentina's efforts to increase the share of renewables in the country's electricity / mix, we belie

BMI Industry View: / BMI View: Despite Portugal’s long-established commitment to its renewables energy agenda, the / country's non

Executive Summary / The Croatia Tourism Report looks at the sector’s recent performance and considers the long-term / potential of

According to US-based market research firm Nielsen, international firms are targeting Turkey as a highgrowth / market owing to its

Executive Summary / The South Korea Real Estate report examines the Commercial Office, Retail, Industrial and Construction / segme

Executive Summary / The Saudi Arabia Real Estate report examines the commercial office, retail, industrial and construction / segm

Executive Summary / The Qatar Real Estate report examines the Commercial Office, Retail, Industrial and Construction / segments th

BMI Industry View / Since our last update, reports on Malaysia’s real estate sector remain stable, suggesting the country is / per

Taken as a whole, the Caribbean consumer sector remains challenging, with the region hit hard by the / global economic downturn. M

With Australia's fortunes very much tied in with China's, due to the latter's position as its top export / partner, news that Chin

Executive Summary / BMI's Iran Defence & Security Report examines the country’s strategic position in the Middle East and / the wi

BMI Industry View / BMI View: We have maintained our 2012 growth outlook for South Korea's construction sector at 3.5%. / This is

BMI Industry View / BMI View: Although still largely underdeveloped Ghana shows potential based on a relatively strong / business

BMI Industry View / BMI View: Although high oil prices should, in theory, boost Gabon’s infrastructure environment, there / has, i

We continue to expect households to cut back and increase saving, and maintain our 2012 forecast for / consumption growth to come

The Kuwait Petrochemicals Report examines the impact of the slowdown in Asian markets on Kuwaiti / producers and also on Kuwait Pe

Executive Summary / The Australia Real Estate report examines the Commercial Office, Retail, Industrial and Construction / segment

BMI Industry View / BMI View: Côte d’Ivoire’s construction industry is forecast to post strong growth in 2012, driven by a / renew

Executive Summary / The Kuwait Real Estate report examines the Commercial Office, Retail, Industrial and Construction / segments t

Executive Summary / The Philippines Real Estate report examines the Commercial Office, Retail, Industrial and Construction / segme

Executive Summary / The Thailand Real Estate report examines the Commercial Office, Retail, Industrial and Construction / segments

BMI Industry View / BMI View: Construction activity continues to surprise on the upside. Real growth for the construction / indust

BMI View: The fall in oil prices in June 2012 is a reflection of both a weaker demand environment and / Saudi Arabia’s desire to a

Executive Summary / The India Real Estate report examines the commercial office, retail, industrial and construction segments / th

BMI’s Germany Petrochemicals Report looks at the opportunities for sector growth at a time when the / economic environment in Euro

The France Petrochemicals Report examines the immediate and long-term prospects for the chemicals / industry over what will be a t

Executive Summary / BMI View: With wheat and dairy production systematically short of consumption, Algeria is a major / importer o

Germany’s economic outlook remains clouded by the continued risk of a eurozone break-up scenario, / which would lead to an immedia

Libya is at a significant crossroads following the conclusion of the country's civil war in 2011, and the / subsequent end of the

Executive Summary / The UAE Real Estate report examines the commercial office, retail, industrial and construction segments / in t

The Oman Tourism Report examines the significant long-term potential being offered by the local / tourism industry, but flags shor

The Indonesia Real Estate report examines the Commercial Office, Retail and Industrial segments in the / context of a consistently

Executive Summary / The Vietnam Real Estate report examines the Commercial Office, Retail and Industrial segments in the / context

BMI View: Although not quite reaching the heights of some of its peer market, Colombia stands out as / one of the more developed m

Executive Summary / BMI’s Q4 Taiwan Real Estate report examines the Commercial Office, Retail, Industrial and / Construction segme

Executive Summary / The Thailand Tourism Report examines the enormous long-term potential of the country’s tourism / market, but r

The China Defence and Security Report examines the country’s strategic position in Asia and the wider / world. It provides an over

BMI View: In spite of substantial renewables potential, particularly in the solar and wind sectors, Egypt / looks set to remain ov

Executive Summary / BMI View: Our outlook for the grains and livestock has turned slightly bullish despite the problems / caused b

Executive Summary / BMI View: The impressive performance of Pakistan across the key commodities of cotton, rice and corn, / all of

Executive Summary / The Pakistan Real Estate report examines the Commercial Office, Retail, Industrial and Construction / segments

BMI’s latest South Africa Defence and Security Report examines the country’s strategic position in / Africa and the wider world. I

BMI View: Clean coal, nuclear and renewables all form part of the long-term energy plan, although it / would be a surprise should

BMI Industry View / BMI View: From this quarter BMI’s Power service will focus chiefly on thermal sources, hydropower / and nuclea

BMI Industry View / BMI View: The future is bright for Papua New Guinea (PNG), as long as it can successfully transform its / unus

BMI View: Our positive outlook for the Zambian food, drink and mass grocery retail sectors is / predicated on our favourable outlo

Executive Summary / A downgrade in our 2012 economic outlook for Sudan from an already dismal forecast of 1.1% to a / contraction

Executive Summary / West Africa's mining sector is set to grow rapidly as investment pours into the region's phenomenal / mineral

BMI View: Kuwait’s rise in output will be relatively slow and steady, and we see the country producing 3.5mn barrels per day (b/d)

While the Canadian metals market is set to be an outperformer, consumption growth will be insufficient to sustain output growth in

BMI View: South Korean IT spending is expected to reach US$18.7bn in 2012, up 5%, with consumer and business segment IT growth exp

This Czech Republic Petrochemicals Report examines the competitiveness and potential of the country’s well-integrated petrochemica

The latest Algeria Petrochemicals Report examines the potential for the petrochemicals industry in the context of future investmen

BMI View: We maintain our forecasts for a deceleration in growth in the Chinese infrastructure and construction segments over 2012

BMI's Israel Defence & Security Report for Q412 examines the country’s strategic position in the Middle East and the wider world.

BMI’s Poland Defence & Security Report for Q412 examines the country’s strategic position in Europe and the wider world. It provid

BMI View: Our latest Zimbabwe power report, which from this quarter excludes a breakdown of electricity generated from non-hydro r

BMI View: Our latest Zambia power report, which from this quarter excludes a breakdown of electricity generated from non-hydro ren

BMI View: BMI’s power service now focuses chiefly on thermal sources, hydropower and nuclear electricity, while developments perti

BMI View: Patients and domestic drugmakers will be encouraged by the Tanzanian government's focus on the local production of antir

BMI View: The operational environment for drugmakers in Pakistan has worsened over the past year, partly as a result of the dissol

BMI View: Strained public finances and a resultant focus on cost containment is expected to feed through into weak growth for New

BMI View: The Netherlands remains ranked top in the 2012 version of the Euro Health Consumer Index, which is compiled by Swedish c

BMI View: Namibia’s pharmaceutical, healthcare and medical device markets have deteriorated for the second quarter running, due to

BMI View: The outlook for the Kuwaiti construction sector continues to be favourable as high oil prices mean the economy remains s

BMI’s latest Qatar Petrochemicals Report examines future plans for ethylene and derivatives expansion, but warns that declining et

BMI View: We have revised down our 2012 growth outlook for Zambia’s construction sector based on a crack down on building permits,

BMI View: Construction activity in Vietnam continued to contract in Q212, prompting us to revise down our full-year forecast for t

BMI View: A significant upward revision of historical data by the Saudi National Commercial Bank, and a 140% year-on-year (y-o-y)

BMI View: Mozambique’s construction sector holds one of the strongest growth outlooks across the Sub- Saharan Africa (SSA) region,

Our near-term consumer outlook for Vietnam is looking increasingly worrying. Growing uncertainties over unemployment in the manufa

We continue to expect Kazakhstan to enjoy robust economic growth over the coming decade, underpinned by ongoing development of the

We see little scope for improvement in terms of Croatian consumer sentiment in the coming months, especially as the economy enters

BMI's Colombia Defence & Security Report for Q4 2012 examines the country’s defence posture, military procurement and its internal

BMI's Kazakhstan And Central Asia Defence & Security Report for Q412 aims to provide a comprehensive overview of the defence postu

BMI View: Uninitiated pharmaceutical firms and medical device companies will find Central America a challenging, but ultimately re

BMI’s Croatia Defence & Security Report examines the military and security posture of this Balkans nation. The report has been wri

BMI View: The Sri Lankan telecommunications market is comparatively more mature than other countries in South Asia in terms of mob

BMI’s Q312 update on Nigeria’s telecommunications market is based on regulatory data from the Nigeria Communications Commission re

BMI View: Slovenian IT spending is expected to reach US$949mn in 2012, with growth of -3%, in US dollar terms, compared with 2011,

Indian metals production will hit headwinds in 2012 as market growth moderates in the face of a slowdown in the automotive industr

Restructuring efforts in the coal mining sector and a general lack of new base metal prospects lead us to forecast a slow decline

BMI’s Hungary Petrochemicals report examines the pressures facing the industry as it deals with the fallout from the eurozone cris

Despite the dissolution of the Soviet Union and the Warsaw Pact over two decades ago, Russia remains an important international ac

Romania stands in a strategically important position in Europe. The country is flanked by the former Soviet Union republics of Ukr

BMI View: Our view is that, as one of the world's major emerging economies, Turkey will continue to attract international investme

As NATO's only Muslim member, and occupying a unique geographical position at the crossroads of Europe, the Middle East and Asia,

BMI’s Saudi Arabia Defence and Security Report for Q4 2012 examines the country’s strategic position in the Middle East and the wi

The indicators point to strong growth in Moroccan mining production and revenues in 2012 with export revenues from phosphate shown

BMI’s Malaysia Defence and Security Report examines the country’s strategic position in South East Asia and the wider region. It p

BMI View: UAE IT spending is expected to reach US$3.7bn in 2012, up 7%, with BMI downwardly revising its forecast after the PC mar

BMI's Q412 Central America Telecommunications report analyses and assesses the latest developments in the telecoms markets of seve

BMI View: Oil and gas exports form one of the key pillars of the Indonesian economy although the outlook for the sector is becomin

BMI View: The Chinese telecommunications industry is the biggest in the world in terms of existing size and growth potential in li

BMI’s latest UAE Defence & Security Report for Q4 2012 examines the country’s strategic position in the Middle East and the wider

We expect Russia's mining industry value to reach RUB4.16trn (US$160bn) by 2016. Strong growth during 2009 to 2011 will be followe

BMI View: Vietnamese IT spending is expected to reach US$2.6bn in 2012, up 14%, with BMI upwardly revising its forecast due to mac

BMI View: Mozambique has quietly been establishing itself as one of Sub-Saharan Africa’s most promising economies over the past fe

BMI View: Strong private consumption growth from an already reasonably high base (Namibia is one of the wealthiest countries in Su

BMI View: Namibia’s construction industry value real growth is expected to grow by 9.7% in 2012, maintaining a strong growth trend

BMI View: Chile may have dropped from second to fourth position in our Q4 2012 Latin America Power Risk/Reward Ratings (RRRs), but

BMI View: Turkey's wind sector dominates the non-hydro renewables industry, and we anticipate that it will be wind generated elect

BMI View: The advent of further political strife, relating to the presidential standoff between the military backed candidate Ahma

BMI View: Hydroelectricity continues to dominate Colombia’s energy mix, and this quarter is no exception. While problems at the Po

This report is focused on the potential threat of de-industrialisation which currently hangs over the Brazilian steel and aluminiu

BMI View: UK IT spending is expected to reach US$81.2bn in 2012, up 2%, with BMI downwardly revising its forecast, following the U

BMI View: Saudi IT spending is expected to reach US$2.1bn in 2012, up 9%, with BMI upwardly revising its forecast after the PC mar

Domestic demand in South Korea in the short term is likely to be impaired by the slowdown in economic activity, as the unemploymen

BMI View: We highlight that, despite the gloomy short-term outlook for the economy, the core dynamics that have attracted many com

BMI View: Operators in Belgium's mobile market face considerable changes over the next 12-18 months as two new operators are set t

The Hong Kong Retail Report examines the long-term potential of the local consumer market, but flags short-term concerns about the

BMI View: Following weeks of speculation and apocalyptic warnings of a potential exit from the eurozone, Greek elections have yiel

BMI View: Having been calculated to have reached TWD135.10bn (US$4.59bn) in 2011 sales, Taiwan’s pharmaceutical market is expected

BMI View: Despite a downward revision to our overall assessment of the size of Latvia's pharmaceutical market, we remain cautiousl

BMI’s Czech Republic Tourism Report examines the recent performance of the tourism sector and looks at its potential over the peri

The UK Tourism Report examines the long-term potential offered by the country’s tourism industry, but also highlights that the wea

BMI View: Iraq has the greatest potential for oil production growth in the Middle East region. BMI believes that potential exists

BMI View: Russian IT spending is expected to reach US$23.3bn in 2012, up 21%, with BMI upwardly revising its forecast after the PC

The Malaysian steel industry will likely face a challenging period in 2012, with margins and earnings facing a severe squeeze, ami

BMI View: The renationalisation of YPF and subsequent ‘aggressive but realistic’ strategic investment plan set out by the company

BMI View: Australia will increasingly look towards price-containment policies as the rising burden of non-communicable diseases (a

BMI View: We have revised down our forecast for 2011/12 corn harvest due to reduced yield estimations on the back of unfavourable

The Chile tourism report examines the strong long-term potential currently being offered by the local tourism industry, but cautio

BMI View: Gabon must tempt new investment in exploration and production or face a decline in output as fields mature. We expect oi

BMI View: Qatari IT spending is expected to reach US$511mn in 2012 with BMI downwardly revising its forecast due to macroeconomic

The Taiwanese steel industry is bracing itself for a year of contraction in output as it faces increasingly hostile domestic and r

BMI View: Fiscal austerity, lacklustre price consumption and continued weakness within Ireland's housing market still weigh heavil

BMI's latest Germany Metals Report predicts that the German steel market is losing momentum and that steel-makers are likely to re

BMI View: We continue to forecast modest growth across the refined metals sector in the US as the economic recovery gains traction

The India Tourism Report examines the enormous long-term potential of the country’s tourism industry, particularly in terms of the

Colombia's economic backdrop over the last 12 months has seen strong credit growth and lower unemployment driving consumption. How

The Japan Tourism Report examines the long-term potential offered by the tourism industry, but highlights the potential downward p

BMI View: We expect renewable energy growth in the Netherlands to remain low in 2012, reflecting a slowdown in growth that has per

BMI View: Thermal power generation will remain the most dominant form of electricity generation in / the country, with coal compri

BMI View: Despite the release of moderately improved data for Czech drug expenditure in 2011, our / weak short-term outlook for th

BMI View: Canadian IT spending is expected to reach US$46.9bn in 2012, up 3%, with BMI / downwardly revising its forecast due to e

BMI View: Bulgaria’s mobile market is close to saturation, with mobile growth slowing down to single / digits during the last thre

The Singapore Retail Report examines the long-term potential of the local consumer market, but flags / short-term concerns about t

The Philippines Retail Report examines the long-term potential of the local consumer market, but flags / short-term concerns about

The Malaysian Retail Report examines the long-term potential of the local consumer market, but flags / short-term concerns about t

The Indonesian Retail Report examines the long-term potential of the local consumer market, but flags / short-term concerns about

The Indian Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the i

We are relatively optimistic about the near-term domestic demand conditions in Malaysia. Cash handouts / targeted at around 5.2mn

The Czech consumer outlook continues to remain extremely challenging. Nonetheless, we hold to our / forecast for the Czech Republi

BMI’s Bulgaria Defence & Security Report for Q4 2012 provides a detailed examination of the country’s / defence establishment. Thi

BMI’s Brazil Defence & Security Report for Q4 2012 examines the current health and future prospects of / the country’s defence com

The Brazil Real Estate report examines the commercial office, retail, industrial and construction sectors / throughout Brazil in t

BMI View: Our latest Poland power report, which now excludes a breakdown of electricity generated / from non-hydro renewable sourc

BMI View: BMI’s power service focuses chiefly on thermal sources, hydropower and nuclear electricity, / while developments pertine

BMI View: The short-term outlook for the Belarusian pharmaceutical market is deeply uncertain due to / exchange-rate volatility an

BMI View: We have downgraded our near-term growth outlook for Brazil's construction industry as / long-held concerns over procurem

BMI View: Sanctions on the country are now beginning to bite, with a resultant fall in oil export volumes / and revenues. Gas expo

BMI View: With several projects in the pipeline or due to come onstream over the next few years, such as / Usan (180,000b/d) and E

BMI View: Qatar sits on the world’s third-largest proven gas reserves, which are concentrated in the / offshore North Field. The c

BMI View: With the US economy likely to stage a slow recovery, our Country Risk analysts maintain / their below-consensus 2.0% rea

BMI View: Australian IT sales are expected to reach US$21.6bn in 2012, up 4%, with BMI expecting an / increase in consumer and bus

The latest Azerbaijan Petrochemicals Report reflects our expectations for long-term growth in capacities, / but cautions that plan

BMI View: We are maintaining our 6.9% growth forecast for Indonesia's construction sector in 2012. / Although construction activit

BMI View: We maintain our subdued outlook for France's grain production in 2012/13, as cold snaps / have destroyed part of the cro

BMI View: The oil & gas sector stands to benefit from a positive privatisation trend and an increase in / production over the comi

BMI View: Multinational pharmaceutical companies will benefit from Venezuela’s increasing reliance / on imported medicines to meet

BMI View: Increased investment in private healthcare infrastructure across the Gulf Cooperation / Council (GCC) region will increa

BMI View: Despite the considerable size of the electricity market, strong GDP per capita growth and / widespread electricity expor

The Brazil Tourism Report examines the significant long-term potential being offered by the local / tourism industry, but flags sh

BMI View: The sultanate’s pioneering deployment of enhanced oil recovery (EOR) techniques will help / underwrite an impressive inc

BMI View: Despite persistent risks surrounding Iran and the threat to the Straits of Hormuz (shared with / the UAE), the UAE is fa

BMI View: Venezuela’s national energy production capacity fails to meet domestic demand, and while / the government makes repeated

BMI’s Italy Metals Report for Q3 2012 examines the recent positive trends in the Italian steel industry / and expresses concerns t

BMI View: Following the Fukushima tragedy, nuclear energy seems to have dropped out of contention / for Kuwait, so in the near- to

BMI View: The state-controlled power industry remains committed to the use of gas as its primary / energy source, in spite of the

BMI View: Recently-released indicators have reaffirmed BMI’s positive outlook on the Saudi Arabian / economy, prompting our countr

BMI’s Q312 report on the telecoms market of Cambodia and Laos provides a comprehensive overview of / the latest developments to oc

BMI’s North Africa telecoms market report contains analysis and forecasts for the mobile, fixed-line and / internet sectors in fou

BMI View: Negative global headwinds will impact the availability of the Moroccan government’s / finances to support the roll-out o

Our overarching view on the US economy is that the recovery will remain slow and erratic, with both / fears of recession and hopes

Canada's mobile sector expanded by only 8,000 subscribers in Q112 to reach 25.895mn, based on data from / operators such as Rogers

The China Tourism Report examines the enormous long-term potential of the country's tourism market, / particularly in terms of the

BMI View: Given the country’s under-developed pharmaceutical industry and its membership in the / Association of Southeast Asia Na

BMI View: Swedish IT spending is expected to reach US$15.8bn in 2012, down 3%, with BMI / downwardly revising its forecast as the

BMI View: With declining production and few new projects expected to come on-stream in the next / decade, Cameroon’s upstream oil

BMI's Finland Telecommunications Market Report update for Q312 analyses the latest trends and / developments in the country’s mobi

BMI View: Angola has one of the strongest economic growth outlooks in Sub-Saharan Africa, and we are / unsurprisingly bullish on t

BMI View: Amid solid but unspectacular mining-led economic growth, we expect to see below-trend / private consumption growth of 5.

BMI View: Colombia’s underdeveloped infrastructure fleet remains its biggest obstacle to fully exploiting the country’s growth pot

BMI View: The major players in Asian power supply are clamouring to invest in Cambodia, with the result that huge capacity expans

Growth opportunities in the Vietnamese telecoms sector appear to be diminishing due to market saturation and the dominance of stat

BMI View: The government’s aim to create proper universal healthcare coverage is unlikely to be realised in the short term but wo

The Hungary Real Estate report examines the Commercial Office, Retail and Industrial segments throughout the country in the contex

The United Kingdom Real Estate report examines the Commercial Office, Retail, Industrial and Construction segments. With a focus

The Argentina Real Estate report examines the Commercial Office, Retail, Industrial and Construction segments throughout the coun

Following a difficult 2011, Nigerian consumers have felt the squeeze in the early months of 2012 on the back of high fuel prices.

The Q312 Philippines Petrochemicals Report examines how the external environment and the value of the peso are impacting on local

BMI’s Brazil Petrochemicals report for Q312 examines the enormous long-term potential of the local consumer market, but raises con

The US Petrochemicals Report examines the long-term potential of the country’s cracker sector which is set to enjoy a resurgence a

The Chile Real Estate report examines the Commercial Office, Retail and Industrial segments throughout the country in the context

BMI View: Despite our forecast for a disappointing 2011/12 grains season owing to unfavourable weather conditions, Argentina will

BMI View: Times are tough for Trinidad & Tobago’s oil and gas industry, with 2011 oil output having slumped, and US demand for th

BMI View: The US pharmaceutical market is entering a period of relative stagnation. Patent expiries, fewer insured patients and gr

The Colombia Retail Report examines the long-term potential of the local consumer market, but flags short-term concerns about the

BMI View: Peru's agricultural exports grew by 16.6% year-on-year (y-o-y) in value terms over the first quarter of 2012 to reach U

The UAE Retail Report examines the long-term potential of the local consumer market, but flags shortterm concerns about the impac

This update to BMI's Telecommunications Market Report on Italy takes in the latest data and operating indicators disclosed by the

BMI View: Kazakhstan’s construction industry is forecast to post strong growth in 2012, driven by demand for the country’s resour

The earthquake in Japan in March 2011 will have a significant bearing on the country's metals industry for years to come. In the

BMI View: The Russian pharmaceutical market retains vast growth potential and the short- term environment is very positive for bot

BMI View: Despite the formation of new government in Slovakia, our contractionary outlook for the pharmaceutical market has been

The Slovakia Real Estate report examines the Commercial Office, Retail and Industrial segments throughout the country in the conte

BMI’s France Metals Report for Q3 2012 examines the long-term challenges facing steelmaking and aluminium smelting in the country

BMI's latest report on the Indian telecoms market provides a comprehensive overview of the latest developments in the mobile, fixe

BMI’s Q312 update to the UAE’s telecommunications market report incorporates market data from the Telecommunications Regulatory Au

BMI View: We expect natural gas production to lead electricity generation in Thailand and be the main factor in turning the count

BMI View: Turkmenistan could potentially benefit from a gas export bonanza, with a major reserves upgrade at the South Yolotan fie

Venezuela’s real estate sector is like none other in Latin America. In essence, the government – and, thanks to a variety of popul

The Indonesia Petrochemicals Report Q3 2012 examines the latest plans for the expansion of the country’s growing polymer resins se

We expect Romania's mining sector to go into decline from 2012 as coal output, which accounts for the majority of the mining secto

Saudi Arabia's three mobile operators reported strong financial results in Q112, benefiting from increased usage of high-value se

BMI View: Despite favourable climatic conditions that are supportive of renewable energy generation, a vast electricity market an

BMI View: With production in terminal decline and few new projects expected to come onstream over the next decade, the Republic of

Sector To Remain Unfavourable For Mining BMI View: Despite promising mineral resources, Venezuela remains one of the least favoura

South Korea has small reserves of antimony, gold, copper, iron ore, lead, molybdenum, silver, tin, tungsten and zinc. The country'

BMI View: While China is increasingly dependent on imported oil and gas owing to rapid growth in energy demand, there is upside ri

Following a year which BMI believes saw growth in all freight modes but one, 2012 will signal a slowdown, with moderate decrease i

BMI View: Kazakhstan continues to stand out among the pharmaceutical markets of Central Asia in terms of openness to foreign inves

Ukraine's mining industry continues to muddle through a protracted process of restructuring, which in 2011 led it to simultaneousl

The Philippines' mining sector is set to rise in value from US$3.2bn in 2010 to US$7.8bn in 2016. We have a very positive overall

BMI View: Zimbabwe has the potential to become a very attractive frontier market. Since reforms were / implemented in 2009, the co

We expect Mexico's mining sector to experience steady growth in the coming years as mining companies / are attracted to large prec

BMI View: Despite an increasingly ageing population (consequently increasing burden of noncommunicable / diseases), Hong Kong will

BMI’s Australia Defence and Security report for Q312 examines the country’s strategic position in the / Pacific region and the wid

BMI’s Indonesia Defence & Security Report for Q312 examines the country’s strategic position in the / South East Asian region and

BMI’s latest Saudi Arabia Defence and Security Report for Q312 examines the country’s strategic / position in the Middle East and

Syria remains an important actor in the Middle East and Mediterranean regions. It plays a key part in the / ongoing dispute betwee

Even though its population falls short of the 18mn mark, Chile leapfrogged Brazil to top our Latin / America Risk/Reward Ratings m

The prospect of an investment-led hard landing in China remains our overriding concern, and consumer / activity would clearly not

Indonesia has an ace up its sleeve relative to Asia's more external demand-driven economies. / Consumption comprises approximately

Our outlook for the Saudi Arabian consumer sector remains bright, in line with the latest economic / indicators. The Saudi Arabian

Market Overview / BMI View: The Czech Republic's IT market is forecast to increase to US$4.5bn in 2012, down by around / 2%, with

BMI View: Peru's IT market is forecast to increase to US$1.6bn in 2012, up by around 14%, with / robust consumer demand and govern

BMI View: The Central America region offers a plethora of dispersed opportunities to the adventurous / investor, including renewab

Kenya / BMI View: Despite strong growth indicators, Kenya's infrastructure sector still faces significant / obstacles in 2012. Imp

Gabon / BMI View: Despite the fact Gabon is one of West Africa's oil producing countries, with respectable / output of 243,000b/d

BMI View: Zimbabwe has the potential to become a very attractive frontier market. Since reforms were / implemented in 2009, the co

We expect Mexico's mining sector to experience steady growth in the coming years as mining companies / are attracted to large prec

We expect Russia's mining industry value to reach RUB4.16trn (US$160bn) by 2016. Strong growth / during 2009 to 2011 will be follo

BMI View: Project delays remain the key threat to an Azeri energy sector capable of delivering much greater / volumes and revenues

BMI View: While India’s upstream oil prospects appear to be limited, the discovery and ongoing development / of significant gas re

BMI View: Oil and gas exports form one of the key pillars of the Indonesian economy although the / outlook for the sector is becom

BMI View: While the short-term gas production outlook is good, it will prove impossible over the longer / term for Pakistan to mai

BMI View: Unconventional shale gas and tight oil production continue to make waves in the US market, / drastically altering domest

The Kuwait Petrochemicals Report examines the huge but as yet unrealised potential of downstream / industries in the light of Kuwa

BMI View: While the recently appointed new heads at the Bulgarian Ministry of Health and the / National Health Insurance Fund (NHI

BMI View: While the increased consumption of generic medicines will have an impact on the overall / pharmaceutical market forecast

BMI View: Despite an increasingly ageing population (consequently increasing burden of noncommunicable / diseases), Hong Kong will

BMI View: A year has passed since the EU/IMF/ECB’s rescue package was approved, and the / obligations that form part of the econom

BMI View: The outlook for Zimbabwean healthcare and pharmaceuticals will be more affected by the / general election in November th

Aided by a rebound in economic activity (BMI’s forecast for real GDP growth y-o-y in 2012 remains / unchanged at 4.0%), BMI is for

The Czech Republic Retail Report examines the long-term potential of the local consumer market, but / flags short-term concerns ab

The Hungarian Retail Report examines the long-term potential of the local consumer market, but flags / short-term concerns about t

The Polish Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the i

The Russian Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the

The Serbian Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the

The Turkish Retail Report examines the long-term potential of the local consumer market, but flags shortterm / concerns about the

New and revised data for the fixed-line, mobile and broadband markets have become available since BMI / last updated the Thailand

BMI’s Q3 2012 report on the telecommunications markets of West and Central Africa contains the latest / five-year forecasts for th

The Caribbean Tourism Report examines the enormous long-term potential of the market, given its / reputation as a major tourism de

The Costa Rica tourism report examines the significant long-term potential currently being offered by the / local tourism industry

The Bulgarian Retail Report examines the long-term potential of the local consumer market, but flags short-term concerns about the

BMI View: Namibia’s state-owned utility, NamPower, has announced that the country faces a 80 megawatt (MW) power deficit in 2012,

BMI View: Botswana’s private healthcare system has the demand for investment in specialist treatment facilities and the government

BMI View: Foreign investment continues to drive the Ugandan construction and infrastructure sector in the face of weak underlying

BMI View: Sudan’s economy faces a tough year in 2012 and this will impact the country’s construction industry. Poor governance and

BMI View: Despite strong growth indicators, Kenya's infrastructure sector still faces significant obstacles in 2012. Improving dom

BMI View: Tanzania’s infrastructure sector continues to perform, buoyed by impressive investment in new ports, railways and power

Angola BMI View: Angola has one of the strongest economic growth outlooks in Sub-Saharan Africa, and we are unsurprisingly bullish

The Romania Tourism Report examines the long-term potential of the tourism sector, while highlighting short-term risks associated

The Venezuelan mobile sector reported positive net additions in Q411, the second consecutive quarter of growth. This follows a tur

BMI View: We have not changed our forecast for grains production for 2012/13 as we believe the crop could recover if weather impro

The Iran Petrochemicals Report examines the impact of the international sanctions regime on the performance and development of dow

BMI View: We remain convinced that the construction sector's fortunes will improve in FY2012/13 as monetary conditions are already

The Kenya Tourism Report examines the significant long-term potential currently being offered by the local tourism industry, but f

The Croatia Real Estate report examines the Commercial Office, Retail and Industrial segments throughout the country in the contex

We expect Kazakhstan's mining industry value to reach US$36bn by 2016, down from our previous forecast in light of our view of an

New Zealand, which consists of two main islands – the North and the South – and a number of smaller islands, is known for its natu

BMI View: Tanzania’s is suffering from chronic energy shortages, partly due to the impact of recurring drought on the country’s hy

BMI View: Mozambique boasts one of Africa’s fastest growing economies, with healthy GDP growth, abundant natural resources and gro

BMI View: Uzbekistan’s pharmaceutical market continues to deliver strong overall growth from a low base and has clear room to grow

BMI View: Despite being an oil-rich country and net exporter, Angola’s domestic power supply is met by energy generated by hydroel

BMI View: With almost all of its domestically produced energy sourced from coal-fired power stations, Botswana has a very narrow p

BMI View: We maintain our view that the outlooks for Sudan and South Sudan's pharmaceutical markets will be more dependent on the

BMI View: We have upgraded our outlook for Botswana’s construction industry growth over the medium term, based on exceptionally st

BMI View: Mozambique has one of Africa’s most robust economies, with strong GDP growth and a positive macroeconomic outlook, but t

BMI View: Coal-fired energy generation continues to dominate Australia’s energy mix, and our ten-year forecasts project that therm

2011 A Strong Year For Slovenian tourism / 2011 proved another strong year for Slovenian tourism, in line with BMI’s view. Final f

BMI View: Sri Lanka is a prime candidate for gas-fired power generation and broader natural gas usage, but has no domestic resourc

BMI View: Rich in natural resources, Algeria has low energy import dependency and is set to benefit from increased demand for its

BMI View: Singapore’s energy mix is dominated by thermal sources – mainly gas and oil, although there are plans for some coal-fire

BMI's Q312 update to the Kenya Telecommunications market report incorporates market data from the Communications Commission of Ken

BMI View: Cameroon’s medium-to-long-term drug market expansion potential remains highly dependent on the country’s economic growth

BMI View: Healthcare may not have been a major concern for Angola’s government – which has prioritised economic development over s

Our outlook on Kuwait’s consumer confidence remains positive, although we have recently turned less optimistic on the country’s gr

BMI View: A high level of investment will be required to maintain Russian oil output at close to recent record levels, putting pre

The Czech Republic's mining sector is set to undergo declines until 2013, before seeing modest gains until 2016, when its value wi

BMI View: We hold a positive view towards Cameroon’s food, drink and mass grocery retail industries over our forecast period, in l

Overview We forecast that Angola's Mining industry will grow by 3.1% year-on-year (y-o-y) in 2012 in real terms. / Growth is expe

Argentina's mining sector holds some of the largest potential for development in the Americas region. Large natural resources and

BMI View: At the time of writing the energy and macroeconomic dilemmas facing Japan are getting starker each day, with public opin

BMI View: Thermal energy continues to account for the almost all of Hong Kong’s domestic energy production; while there have been

2011 Another Strong Year For Polish Tourism According to preliminary data from Poland’s Institute of Tourism (Intur), there were 6

We forecast that Malaysia's mining industry value will reach MYR109.3bn by 2016, an annual average growth of 1.1% from 2011's esti

Core Views: France's economy is showing signs of a sharp economic slowdown in light of the deteriorating global macroeconomic back

As Vietnam embarks on the costly process of modernising its armed forces, would-be partners from around the world have begun linin

Uganda’s defence expenditure is estimated to have risen 19.74% y-o-y in 2010, accounting for 12.9% of government spending. BMI exp

Following the crippling floods of late 2011, Thailand entered ‘recovery mode’ in early 2012, and began counting the cost of the di

Canada will spend up to US$18.5bn on defence for FY2011/12. Over the long term, the country’s defence budget is expected to grow t

Core Views The UAE's reputation as a 'safe haven' in a volatile region will continue to serve the economy well, although growth wi

Core Views Rising security concerns, both domestically amid various feuding factions and internationally between Sudan and South S

Core Views We believe the South African economy will continue its uneven recovery over the medium term, with real GDP growth forec

Core Views We expect robust growth in the years ahead, bolstered primarily by the non-oil sectors, which will benefit from burgeon

Core Views We retain our broadly sanguine outlook on Kuwait's economic prospects for 2012. Elevated global hydrocarbon prices will

Core Views: We believe that Kenyan economic activity will pick up over the course of 2012 as inflation falls and monetary policy i

Core Views Despite heightened rhetoric, we do not believe Iran’s threats to close the Strait of Hormuz are credible. Any cut-off i

Core Views Not only is real GDP growth expected to surge in 2012 as the economy recovers from the 2011 crisis, but long-term growt

Core Views We are forecasting real GDP growth in Botswana of 4.2% in 2012 and 5.4% in 2013. The solid outlook is driven by growing

Core Views Venezuela faces major political and economic uncertainty in the run-up to and immediate aftermath of the October 2012 p

Core Views The below-par but sustained US recovery continues, in line with our view that the economy would avoid a double-dip rece

Core Views We have turned cautiously optimistic regarding Mexico's growth story, bumping up our average real GDP growth forecast f

Core Views Robust economic growth will continue to be driven primarily by strong private consumption levels, with consumer-focused

Core Views Blessed with favourable demographics, a large consumer base and a wealth of natural resources, Brazil offers some of th

Core Views The economy is recovering, but with fiscal cuts looming and unemployment stubbornly high, the rate of growth will be fa

Core Views We have revised our 2012 forecast for Swiss real GDP growth. Following estimated 2011 growth of 1.9%, our significantly

Political Ratings The political ratings are an indicator of political stability, seen as a prerequisite for a stable economy and b

Core Views We still expect the Hungarian economy to contract in real GDP terms in 2012 despite the strong Q411 growth figure. All

Core Views Germany’s manufacturing base will remain weighed down by weak foreign orders, while the fragility surrounding the respo

Core Views China's real GDP came in at 8.1% year-on-year (y-o-y) and 7.2% quarter-on-quarter (q-o-q) on a seasonally adjusted basi

Core Views We have revised our 2012 growth forecast downwards and expect real GDP growth to slow from 5.0% to 2.2%, compared with

Core Views The Indian National Congress (INC) lost heavily in the country's recent state elections. The ruling United Progressive

Core Views Latest indicators continue to point towards a slowdown in economic activity over the coming months, supporting our view

Core Views Looking ahead at the next fiscal year (FY2012/13, July-June), we expect a recovery in economic growth as domestic deman

Core Views Following 2011's disappointing GDP growth of 3.7%, we estimate that the Philippine economy will bounce back only increm

Core Views We expect Bulgaria’s economic growth to be weighed down by significantly weaker aggregate demand in the eurozone and pe

Composite Rating The composite rating is an unweighted geometric mean of the short-term political and short-term economy ratings,

Core Views The outlook for Croatia's economy in 2012 remains dour and we forecast a full-year contraction of 1.5% in real terms. A

Core Views Estonia's economic growth will slow to 2.7% in 2012 in real GDP terms, from 7.6% in 2011. While this remains the strong

BMI View: Bahrain has a far smaller oil and gas resource base than its neighbours, but is a leading regional refined products expo

While the instability that threatens Iraq both internally and externally has hardly abated, there were some positive signs in earl

BMI View: Energy subsidies were under the spotlight again in January 2012, with President Cristina Fernández taking the decision t

Russian metals industries are set for a year of slowdown in 2012 as amid falling external demand and increasing financing constrai

BMI View: Plenty of work is needed if Nigeria is to extend market coverage and boost capacity, which is needed in order to ensure

The Q212 update to BMI's Portugal telecommunications market draws on data from the regulator Anacom and operators for the country’

BMI View: Fresh tender activity on centrepiece desalination projects in early 2012 is an encouraging sign that the authorities are

BMI View: Thanks to subdued demand growth, Slovakia should have reduced its net power import requirement significantly in 2011. Th

BMI View: Despite significant potential for exploration, we believe that unless new basins (or large fields in existing basins) ar

BMI View: Israel presents one of the most exciting hydrocarbon growth stories in the Middle East. While gas production is set to r

BMI View: The outlook for Peru’s property market is positive, underpinned by strong economic growth and rising domestic consumptio

BMI View: With several new projects such as Pazflor (220,000b/d) and PSVM (150,000b/d) expected to come on-stream in the next few

Another Strong Year In 2011, Singapore welcomed 13,171,303 tourists, an increase of 13.1% year on year (y-o-y). This was very much

Saudi Arabia’s tourism industry is unique in that despite the limitations of strict entrance visa regulations, the industry has st

BMI View: The sense of panic that prevailed in Bahrain through much of 2011 has dissipated. This is clearly a positive development

Core Views The Japanese economy contracted an estimated 0.7% in 2011, and we expect growth to continue to come under threat as vol

Tourism Overview Although the final data for Dubai, which should be reasonably strong, has yet to be release, the tourism sector i

We expect Germany's mining sector value will decline over the coming years, falling to US$5.0bn by 2016, from US$5.6bn in 2011. Th

BMI View: Nuclear generation remains the first choice for the French power industry, but there are challenges ahead. A review by t

BMI View: Germany is standing at the crossroads of a new energy future. Whichever route the country takes, finding a suitable and

BMI View: In Britain, the power clock is ticking. Key decisions must be made and new policies implemented. Nuclear is to be a key

BMI View: Spain is considering a nuclear and renewables-based future, rather than continued dependence on fossil fuel; however, th

BMI View: The Italian public has said ‘no’ to nuclear, and Italy is now resigned to import dependency, the continued high-level us

BMI View: We have revised our power industry forecasts for the Nordic countries this quarter, after new historical data was releas

Core Views The Canadian economy faces major external headwinds from the US, Europe and, increasingly, China. However, Canada will

Core Views As we have previously highlighted, growth will slow in 2012 as wider eurozone growth softens and positive base effects

Core Views Belgium has enjoyed a robust recovery following the global financial crisis but is heavily exposed to turmoil in the eu

Core Views Ireland's economy will contract in 2012 as fiscal austerity, household deleveraging and a recession in Europe weigh on

BMI View: Plans to develop Iran’s nuclear capacity are central to the country’s power industry and its ability to meet its energy

The Greek defence budget is expected to experience a serious reduction of around 16% compared to 2011 figures as austerity measure

Full year results for Mexican steel production came in at 18.1mn tonnes, which marked growth of 8.6% for 2011. This level was slig

The Q312 BMI China Retail Report forecasts that the country’s total retail sales will increase by 29% in local currency terms by t

The Q212 update to BMI’s report on telecoms markets of Kazakhstan and its four Central Asian neighbours incorporates new mobile su

BMI View: Brazil's mining sector is poised for a period of strong growth as domestic and foreign demand for mineral resources spur

South Korean metals consumption growth is set to moderate sharply in 2012 as the country's exports of manufactured goods are hit b

The outlook for the Swedish steel industry looks favourable compared to the rest of Europe in 2012, but challenges facing the Euro

BMI had expected another quarter of strong growth in the mobile market in Q411 given the uptick in the market in Q311 and the trad

BMI View: The vital US grains sector is expected to rebound in the 2012/13 season as soil conditions improve and high prices resul

BMI View: The future of the country’s power sector is largely dependent on nuclear and renewables, although gas has a key role to

BMI View: Ukraine’s dependence on Russia for gas is a problem, as it exposes the country to import volatility and ongoing price di

BMI View: Following the 2008 financial crisis, the UAE’s construction sector is gradually recovering with public investments now d

Moderate Rise In Tourism Arrivals In 2011 / In 2011, Malaysia welcomed over 24.71mn tourists, an increase of 0.6% year on year (y

BMI View: With construction and energy projects worth US$125bn planned over the coming years, Qatar's construction industry will s

BMI View: Construction activity in Hong Kong has moderately improved in the second half of 2011, with an increase in land supply b

BMI View: Severe droughts in Spain's main growing regions in recent months have severely affected grain crops during plantings. As

Modest growth in Dutch demand for steel in 2012 will be outweighed by a sharp drop in exports, leading to a contraction in domesti

The Spanish steel industry is facing a second year of contraction in 2012 with both the domestic and export markets under pressure

High energy costs and an increasingly hostile operating environment prompted the permanent closure of the Lynemouth primary alumin

BMI has reorganised the Caribbean Telecommunications Report by country, rather than sector. As sectors merge it become increasingl

BMI View: Our robust outlook for Cambodia's construction sector in 2011 appears well-founded, with the number of approved projects

BMI View: According to the latest data released by the Central Organisation for Statistics, Iraq’s construction sector has been bo

BMI View: A number of factors have prompted us to revise our forecasts for Canada’s power sector. As part of a revision of our his

The latest Q212 update to BMI’s Netherlands Telecoms Report contains analysis of the latest trends and developments in the telecom

BMI View: Ghana’s nascent oil and gas industry is set to undergo a transformation over the next few years as the Jubilee and Great

The figures reported by Mexico's retail association attest to the weakness in the Mexican consumer sector earlier in 2011, with co

The defence posture of Germany has been controversial domestically since the end of World War II, and little is likely to change i

Along with several other countries in the eurozone, Italy is currently in the middle of a severe financial crisis that is causing

The relationship between the Philippines and the Unites States was firmly in the spotlight in early 2012, as the US military’s Joi

Singapore took centre stage in the defence world as it held the biannual Singapore Air Show in February 2012. Now Asia’s most impo

Upon the death of North Korean leader Kim Jong Il in December 2011, the outlook for the Korean peninsula became uncertain even by

Despite the euphoria in South Sudan over independence and international recognition in mid-2011, relations between Juba and Kharto

The re-election of President Ma Ying-jeou in January 2012 was a victory for the status quo in relations between Taiwan and the Peo

Most Central American economies have improved their resilience to external shocks in recent years, primarily through the diversifi

Further fiscal austerity, falling house prices, and household deleveraging will combine with a weaker external demand environment

The short-term domestic demand conditions in South Korea are expected to be constrained by household debt deleveraging and a deter

We expect a slow recovery of the US economy during the current year, on the back of improving employment figures and also strength

BMI View: Canadian IT spending is expected to reach US$3.5bn in 2012, up 4%, with BMI downwardly revising its forecast due to expe

BMI View: Qatari IT spending is expected to reach US$533mn in 2012, up 15%, with BMI upwardly revising its forecast after the PC m

BMI View: Slovenian IT spending is expected to reach US$1.0bn in 2012, up 4% on 2011, when IT services vendors reported a slightly

BMI View: South Korean IT spending is expected to reach US$18.7bn in 2012, up 4%, with consumer and business segment IT growth exp

BMI View: Swedish IT spending is expected to reach US$16.6bn in 2012, up 2%, with BMI downwardly revising its forecast as the poss

BMI View: UAE IT spending is expected to reach US$3.8bn in 2012, up 5%, with BMI upwardly revising its forecast after the PC marke

BMI View: Vietnamese IT spending is expected to reach US$2.5bn in 2012, up 14%, with BMI upwardly revising its forecast after the

BMI View: Our outlook for 2012 remains largely in place, with a return to growth anticipated, albeit minimal at 0.7% real growth,

We expect Indonesia's mining industry value to almost double from US$82.6bn in 2010 to US$143bn in 2016. Growth will be driven by

BMI View: We continue to believe the Belarusian pharmaceutical market has long-term potential due to the country’s favourable geog

BMI View: While it is clear the implementation of a medicine pricing policy will help to control public pharmaceuticals and health

BMI View: Energy subsidies were under the spotlight again in January 2012, with President Cristina Fernández taking the decision t

BMI View: Chile’s President Sebastián Piñera and energy minister Rodrigo Álvarez announced Chile’s National Energy Strategy in Feb

BMI View: Two auctions, one held in late-December 2011 and a second in late-January 2012, give a clear indication as to which dire

BMI View: If investment levels remain on target, Malaysia could create a significant net power export capability, with Indonesia k

BMI View: Renewables and nuclear energy will both play a key role in Mexican energy provision over the medium term. In Sener’s Nat

BMI View: Pakistan has a plethora of potentially varied and rich power options from which to choose. There is vast untapped hydro

BMI View: The Peruvian government has stressed that the country is not facing an energy crisis, with production guaranteed to meet

BMI View: The Venezuelan government continues to make extensive promises about raising generating energy capacity to meet demand,

The Q212 telecommunications market report for Denmark provides an analysis of operator performance and market development based on

Saudi Arabia’s mobile sector experienced its first ever quarterly negative growth in Q411, following net losses of 2.4mn subscribe

One of the major themes in this quarter’s update to BMI’s telecommunications market for Southern Africa is the increasing investme

The mobile market continued to grow in Q411, reaching 322.49mn subscribers. Most of the gains were in the postpaid sector. The num

Final provisional figures for 2011 show annual growth in foreign tourism broadly slowed during the course of the year but remained

The medium-term macroeconomic outlook across emerging Europe has improved considerably since the beginning of H209, when Central a

BMI View: While the broader political challenges facing Egypt are considerable, with no real clarity over a future government’s at

Steel production was significantly weaker than BMI had expected from Q411 and going into 2012 as both the domestic and external en

BMI View: Singaporean IT spending is expected to reach US$6.4bn in 2012, up 5%, with BMI downwardly revising its forecast as a slo

BMI View: Macroeconomic factors have led us to revise down our forecast for Brazilian IT spending in 2012; we now expect it to rea

BMI View: Egypt's IT market is forecast to increase to US$1.7bn in 2012, up by around 8%, with our projection remaining unchanged

The Greek government has overcome a number of key obstacles in recent weeks that have averted a potentially disastrous and disorde

We see little scope for improvement in consumer confidence levels in Slovakia in the course of the year. Although the new governme

The high level of exposure to the ongoing eurozone debt crisis suggests a more challenging economic outlook for Germany. However,

BMI’s Q212 Israel Retail Report forecasts that the country’s retail sales will grow from an expected ILS153.84bn (US$42.91bn) in 2

BMI’s Q212 Kuwait Retail Report forecasts that the country’s retail sales will grow from an expected KWD2.36bn (US$8.78bn) in 2012

We forecast that Saudi Arabia’s retail sales will grow from an estimated SAR608.08bn (US$162.37bn) in 2012 to SAR823.68bn (US$219.

We forecast that South Africa’s retail sales will grow by 47.4% from ZAR683.91bn (US$82.68bn) in 2012 to ZAR1.01trn (US$121.90bn)

BMI’s Q212 Egypt Retail Report forecasts that the country’s retail sales will grow from an expected EGP194.21bn (US$35.76bn) in 20

BMI View: We forecast steady growth in grains output over the short term in Canada, as we do not believe the recent decision to en

BMI View: Lithuania’s drug market is expected to post a gradual recovery over the next five years, but with a short-term worsening

BMI View: Nuclear energy remains a possibility for the Philippines, with plenty of interest from Asian countries in salvaging the

BMI’s Q212 report on the Russian telecommunications market provides analysis of operator performance and market development based

BMI View: Japan’s nuclear woes following the 2011 earthquake and tsunami appear to have done little to derail South Korea’s plans

BMI’s Q212 report on South Korea’s telecommunications market provides a comprehensive overview of the latest developments to occur

BMI View: Hong Kong IT spending is expected to reach US$5.5bn in 2012, up 5%, with BMI's forecast unchanged although a potential c

BMI View: South Africa is one of the most developed markets in the region from a business environment and regulatory standpoint. H

BMI View: Following a downgrade in Q1 2012 to account for macroeconomic headwinds, this quarter we largely maintain our forecasts

The Q212 update of BMI's Sweden Telecommunications Market Report utilises the latest data published by the country's incumbent ope

BMI View: The Iraqi government aims to encourage more foreign investment in the country’s healthcare system, with a recent report

Market Overview / BMI View: French IT spending is expected to reach US$46.4bn in 2012, up 1%, with BMI downwardly revising its fo

Despite the bleak horizon outlined in our Q112 report, the US commercial real estate market is exhibiting signs of a recovery, alb

The latest data on real GDP growth reinforce our view that Ghana is at the beginning of a multi-year economic boom fuelled by the

BMI View: Belgium, much like most of the other regional markets, is expected to post negative year-onyear (y-o-y) value growth in

The Spanish defence community finds itself in a similar position to many nations throughout Europe. On the one hand, Spain's gover

The first two months of 2012 has seen the internal unrest that erupted in Syria in 2011 steadily worsen, as popular uprisings agai

With what has been largely judged to be a successful military intervention in Libya under the auspices of NATO’s Operation Unified

BMI View: We believe that construction activity in Taiwan could remain relatively lacklustre in 2012 and have revised down our con

BMI View: Turkmenistan could potentially benefit from a gas export bonanza, with a major reserves upgrade at the South Yolotan fie

BMI View: Seemingly endless gas pricing disputes with Russia colour the Ukraine’s energy landscape, putting pressure on the countr

France continues to maintain one of the world’s largest armed forces and the largest combined military service in Western Europe.

In announcing the selection of the Dassault Rafale as the Indian Air Force (IAF)’s new medium multirole combat aircraft (MMRCA) at

In an announcement that could have far-reaching implications for South East Asia’s strategic landscape, Defence Minister Purnomo Y

Prime Minister Yoshihiko Noda visited Okinawa in late February 2012 amid hopes that a long-running controversy over the basing of

Political turmoil, fragile security and tense relations with both Afghanistan and the United States meant that early 2012 was as u

As we previously noted, the consumer outlook for Belarus will remain extremely challenging, with inflation expected to skyrocket.

We expect households to be hard hit over 2012, with unemployment at 9.9% (a 12 year high) and likely to rise further and leading i

Heightened consumer price sensitivity will remain a dominant theme in India over the coming quarters, with tight credit conditions

Growth in the consumer sector has consistently been a bright spot in Nigeria's economy, with many of the fastest-growing industrie

Whereas a vigorous labour market and strong tourist arrival growth will provide some support for domestic demand, private consumpt

Slovenia is a developed food and drink market, served by modern mass grocery retail network. Its maturity, combined with the small

We are acknowledging growing downside risks to our domestic demand outlook for Thailand in the coming quarters. Consumers are like

In the decade ahead, Ukraine’s GDP per capita is expected to remain one of the lowest in Europe. While there is still enormous unr

Private consumption was pretty strong in the latter stages of 2011, a trend which is likely to be continued in the early stages of

BMI View: A highly uncertain political set-up and vulnerability to the eurozone debt crisis are likely to act as major dampeners f

BMI View: Sitting on the outskirts of the EU, Bulgaria’s investment environment has been badly dented by lack of confidence in the

BMI View: Strong resource demand continues to drive Kazakhstan’s construction industry, with yearon- year (y-o-y) growth of 6.0% f

BMI View: South Africa’s severe hangover from pre-World Cup excesses continues to weigh heavily on the growth outlook for the cons

From 2012 to 2016 the metals industry in China will be facing a period of steady declines in demand and supply growth. On the dema

The international sanctions regime is severely curtailing Iran’s trade in steel, which is boosting short-term output but will thre

South African metals production is faced with the twin challenges of rising input costs and an increasingly difficult market over

The Turkish steel industry is being supported by a dynamic economy that made it one of the fastestgrowing in the world in 2011, ac

Growth in Morocco's mining sector will remain steady over our 2012-2016 forecast period and is set to average 3.1% y-o-y. Aided by

We maintain our view that Peru's mining sector will grow strongly over our forecast period driven primarily by investments into co

BMI View: While exploiting shale gas may be a distant prospect for Chile, it will seek foreign participation in this area as its c

BMI View: Denmark is hoping that it can avoid becoming an oil importer for another few years, despite declining near-term producti

BMI View: Subdued oil demand growth means the prospects for refiners and fuels distributors – already facing strong competition an

BMI View: For a country keen to wean itself off of fossil fuels, the decision to phase out nuclear energy represents a fresh and u

BMI View: Aside from the country’s well-publicised economic challenges, Italy is at a crossroads in terms of energy market develop

BMI View: While Peru's oil and gas sector is in a period of transition following the election of President Ollanta Humala in June

BMI View: Given Romania’s long history of oil/gas reserves and production, it would be surprising if renewed exploration efforts d

BMI View: Times are tough for Trinidad & Tobago’s oil and gas industry, with 2011 oil output having slumped, and US demand for the

BMI View: By supplying oil to Syria, Venezuela may have exposed itself to the threat of sanctions. The ill health of President Hug

The Brazilian petrochemicals market has considerable potential for growth, with plastics consumption at 32kg per capita, less than

Spanish chemicals and plastics producers will witness a year of flat growth at best in 2012 as they face an increasingly hostile o

The floods in Thailand in 2011 were the worst in 50 years and had a temporary and limited immediate effect on the petrochemicals i

According to the American Chemistry Council (ACC), the US Chemical Production Regional Index (CPRI) – a three month moving average

BMI View: Chile’s pharmaceutical market is expected to become an increasingly attractive proposition for multinational companies a

BMI View: We retain our negative outlook for the pharmaceutical market in the Czech Republic, expecting a 1.8% contraction in its

BMI View: While Ghana’s business environment is superior to that of almost all of its neighbours in West and Central Africa, its d

BMI View: The challenges facing drugmakers in Greece in 2012 will be considerably tougher than those faced in 2011. With the intro

BMI View: India’s pharmaceutical market is highly attractive to drugmakers but it also has several negative characteristics. Combi

BMI View: Morocco’s pharmaceutical and healthcare market developments this year will be shaped by the delayed rollout of the natio

The Slovakian pharmaceutical market will be shaped by the introduction of new, strict costcontainment measures, which include legi

BMI View: While the strength of the UK’s pharmaceutical manufacturing industry is significant, the sector will face considerable c

BMI View: The attractiveness of the Vietnamese pharmaceutical market to foreign investors will continue to be hampered by the coun

BMI View: With our Country Risk analysts forecasting that the Vietnamese economy will continue to cool over the coming quarters (w

Bosnia & Herzegovina (BiH) officially came out of its recession towards the end of 2010. The impetus came largely from strong grow

Chile’s real estate market is continuing its buoyancy from 2010 and 2011. Despite new supply, absorption rates are generally holdi

There are signs of healthy recovery in the Czech Republic’s real estate market after our 2011 full year data collection, mainly be

Hungary’s real estate market, like so many others, was seriously damaged by the global financial crisis. An uptick in demand for o

Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this t

Slovakia has undergone a slow process of recovery and the country’s heavy dependence on external factors for its economic growth p

Venezuela’s real estate sector is like none other in Latin America. In essence, the government – and, thanks to a variety of popul

BMI’s Q212 Bahrain Retail Report forecasts that the country’s retail sales will rise from an / expected BHD0.59bn (US$1.56bn) in

This update of BMI’s France Telecommunications Report includes data analysis of the four key telecoms markets – mobile, fixed-line

End-2011 results for Singapore’s telecoms industry have been made been available by the Infocomm Development Authority (IDA) as we

This quarter’s update on Taiwan’s telecoms market incorporates the latest operational data published by the three largest telecoms

Through to 2008, tourist arrivals to Australia had been steadily growing since 2004. In 2003, arrival numbers fell by 1% due to co

BMI Still Upbeat About Hong Kong Tourism Last year was another record-breaking year for inbound Hong Kong tourism. Full-year touri

BMI View: ADWEA, the Gulf’s most prominent developer of desalinated water projects, is set to announce the location of its next IW

The Bulgarian consumer outlook will remain challenging over the short- to medium-term at least. Issues / such as economic difficul

The Hungarian consumer outlook will continue to provide little optimism for food and drink companies. / The country’s economy is e

With Central and Eastern Europe (CEE) characterised by a weak economic outlook and largely poor / demographics, Romania still hold

Ongoing disinflation, low unemployment and relatively low household leverage suggest that domestic / demand conditions in Russia w

BMI View: China's IT spending growth is forecast at around 14% in 2012, which is a slight slowdown, / compared with 2011. Despite

BMI View: The German IT market is forecast to increase to US$61.4bn in 2012, up by around 2%, with / our projection downwardly rev

BMI View: Indian IT spending is expected to reach US$20.7bn in 2012, up 14%, with indications that / organisations in key IT spend

BMI View: Israeli IT spending is expected to reach US$6.1bn in 2012, up 6%, consolidating a recovery / in 2011 from the impact of

BMI View: Kuwait IT spending is expected to reach US$939mn in 2012, up 9%, with BMI upwardly / revising its forecast after the PC

BMI View: Malaysian IT spending is expected to reach US$5.2bn in 2012, up 4.9%, consolidating a / recovery from the impact of the

While the 4.1% year-on-year (y-o-y) real growth we estimate took place within Egypt's construction / sector in 2011 can be viewed

Latest data suggest that the rebound seen in H111 weakened significantly in the second half of the year. / Indeed, slower real GDP

The Egyptian steel industry is faced with major challenges over 2012 with political instability, a removal / of energy subsidies,

Despite Price Volatility Mining Sector Outlook Is Favourable / With several mining projects coming online in 2012, we expect the m

In Q212, we are sticking with our mid-term forecasts for Namibia's mining sector. We project the / industry to grow by 4.0% in 20

The Tanzanian mining industry is relatively small in terms of value, but its importance is highlighted by / the fact that mining e

BMI View: Unconventional shale gas and tight oil production continue to make waves in the US market, / drastically altering domest

Indonesia continues to attract investment in its petrochemicals industry, which is insufficient to cover / domestic demand, accord

The Philippines’ market for chemicals and plastics is likely to be buoyant in 2012, assisted by strong / government spending on in

BMI View: In line with BMI’s view that public healthcare spending in Saudi Arabia would be greatly / boosted by government initiat

In our most recent round of in-country interviews, conducted in December 2011, commercial rental / growth in Mexico had been fairl

After two years of tough austerity, we are expecting a loosening of fiscal policy in 2012. In addition a / recent improvement in t

Despite its maturity, the German mobile market reported over 114mn subscribers in 2011, exhibiting the / fastest growth rate since

In this quarter's update on Ghana's telecoms market, we have incorporated the YE11 data from the National / Communications Authori

BMI's latest report on the Indian telecoms market provides a comprehensive overview of the latest / developments in the mobile, fi

Q311 data from the regulator, along with preliminary Q411/YE2011 data from key players Telecom Italia / and Vodafone as well as br

BMI’s Q212 update on Kuwait’s telecommunications market contains the latest sector news and / developments, as well as financial i

BMI's Q212 update to the Poland Telecommunications report draws on data from Poland's fixed-line, / broadband, mobile and pay-TV o

The Q212 update to BMI’s Romania Telecommunications Report contains analysis of the market data / from the major fixed telephony,

Zambia's mining sector is set to continue the recovery seen over the last decade. The country had / declining copper output throug

In a move that has the potential to change the strategic picture in the Asia Pacific region, Australia and / the US agreed in Nove

Argentina's IT market is forecast to increase to US$5.0bn in 2012, up by around 9%, a moderation / compared with 2011, when the PC

BMI has downwardly revised its growth expectations for the Hungary IT market in 2012 against the / backdrop of a continued difficu

Thai IT spending is expected to reach US$6.7bn in 2012, up 9%, although the PC market was / severely / hit by the 2011 floods. Du

BMI View: The strong growth seen over 2011 is expected to moderate in 2012; however, activity will / remain robust, accelerating i

BMI View: Colombia’s deficient infrastructure remains its biggest obstacle to achieving economic / growth. However, President Sant

BMI View: The latest data reinforces our view that Ecuador's construction industry witnessed a stellar / 2011, as elevated oil pri

BMI View: A worsening outlook for the French economy has resulted in BMI downgrading its forecast / for the country’s construction

BMI View: Greece's construction industry is expected to remain in recession for the sixth consecutive / year in 2012, and we do no

BMI View: The recovery in Malaysia's construction sector has continued unabated, with real growth / estimated to have reached 3.4%

BMI View: Our forecast that Mexico’s construction industry would post robust, if not spectacular, / growth over 2011 has proven tr

Botswana / BMI View: Botswana's construction industry is in line for robust average annual growth of 5% between / 2012 and 2016, a

Political stability in Yemen has deteriorated quickly. Large-scale anti-regime protests have turned violent, / and the government

The premiums written by China’s life insurers in 2011 were about 10% lower than they had been in the / preceding year. At a time o

A key trend over the last two years or so has been the sale by Malaysian interests (often financial holdings / companies) of stak

Growth in Mongolia's mining industry will be led by a rampant increase in coal, copper and gold / production. The bulk of this gro

We maintain our medium-term forecasts for Mozambique's mining sector as a number of major projects / remain on course to enter the

BMI View: Project delays remain the key threat to an Azeri energy sector capable of delivering much greater / volumes and revenues

BMI View: The discovery of billions of barrels of oil in the so-called subsalt oil province offshore / Brazil has been one of the

BMI View: Uncertainty over LNG hangs over the Croatian energy sector, with a decision over a proposed / Adriatic hub still a year

BMI View: Refining capacity looks set to shrink thanks to unfavourable economics, while long-term / exploration upside potential h

BMI View: Near-term energy demand trends are uncertain, given the perilous economic outlook facing the / country. Investment in in

BMI View: While national energy group MOL has great plans for the Central European region, it can do little / to ease Hungary’s gr

BMI View: Despite widespread strikes and protest in the oil-rich province of Mangystau, our outlook for / Kazakhstan remains broad

BMI View: Norway’s oil production may be in decline, but it retains considerable upside gas potential and / should continue to be

BMI View: As a net importer of energy, Slovakia faces the challenge of securing long-term gas supply without / becoming too depend

BMI View: There are glimmers of hope in the upstream segment, with new gas finds capable of improving / energy self-sufficiency an

BMI View: The pace of economic recovery and renewed growth is critical to Spain’s energy market, as it will / drive the country’s

BMI View: Proving up Black Sea gas deposits is a priority for Turkey, as this will enable it to reduce its / dependence on importe

BMI View: Conventional gas deposits should enable the country to boost its output and exports, with some / surplus gas apparently

BMI View: Oil output will continue to edge higher over the next few years as production from new / developments offsets declining

Expansionary fiscal policy and product price stabilisation should lead to an improved performance in the / Chinese petrochemicals

There is growing uncertainty over the Indian petrochemicals industry due to the volatility of the rupee and / high feedstock price

The operating environment of South African petrochemicals will become increasingly hostile over the / medium-term due to a slacken

Abu Dhabi is on course for massive expansion in its olefins and polyolefins capacities, paving the way for / more product diversif

BMI View: Bahrain is a developed pharmaceutical market with patented drug spending accounting for / over 83% of the total pharmace

BMI View: Brazil remains the most attractive emerging pharmaceutical market in the Americas due to its / large population, strong

BMI View: 2012 is a very important year for the country as the government look to carry on their / achievements following the heal

BMI View: Indonesia is a high growth pharmaceutical market driven by rising domestic consumption / and government spending on heal

BMI View: On the positive side, Russia’s pharmaceutical market should regain double-digit US dollar / growth from 2013 and the app

BMI View: Corruption continues to be a major problem within state healthcare services in Serbia. The / government are taking measu

This quarter's update of BMI's Telecommunications Report on Malaysia utilises the latest available data / from the country's leadi

Positive Outlook In 2012 / Data released by the Caribbean Tourism Organisation (CTO) in January 2012 showed the majority of / Cari

Tourism Overview / Based on data from the Association of Greek Tourism Enterprises (SETE), the number of tourists arriving / at th

Mexico Posts Growth In 2011 – Just / Data released by Secretaría de Turismo (Ministry of Tourism, Sectur) in February 2012 showed

Tourism Overview / The latest available preliminary national data on the number of foreign visitor arrivals to Russia, for the / f

BMI View: Saudi Arabia has started 2012 in an active mode, with the signing of a major corporate loan / for the main power and wat

Core Views / D riven by strong investment in its promising subsalt oil reserves / and by a boom in exports from its already develo

Core Views / Although growth opportunities exist across a range of consumeroriented / sectors, Argentina's investment environment

Core Views / After a robust showing in 2011, with growth at 3.1%, we forecast / the Austrian economy to post significantly slower

Core Views / Public unrest owing to heightened tensions between the ruling Awami / League (AL) and its main opposition, the Bangla

Core Views / Belarus will avoid recession this year owing to Russian financial / support and positive trade dynamics. However, the

Composite Rating / The composite rating is an unweighted geometric mean of the short-term political and short-term economy ratings

Composite Rating / The composite rating is an unweighted geometric mean of the short-term political and short-term economy ratings

Core Views / Broadly in line with consensus, we believe Colombia will become a / regional outperformer in 2012. / Private consumpt

Core Views / We expect weakened external demand to hit the Czech Republic's / economic growth hard in 2012. The Czech economy rema

Core Views / Despite increasing inflation, a difficult business environment, and / an unstable political situation, BMI is predict

Core Views / We are forecasting Ethiopian real GDP growth of 7.8% in 2012 and / 7.2% in 2013, a moderation from the estimated 8.8%

Core Views / The Greek economy will remain mired in depression through 2012 as / deep fiscal retrenchment and internal devaluation

Core Views / We remain generally optimistic that Iceland's economy can pull itself / out of its present malaise. However, there wi

Core Views / I ndonesia is likely to continue to outperform its peers in 2012, as we / are pencilling in strong 5.8% growth follow

Core Views / Elevated risks of instability in Israel's neighbours, including Jordan, / Lebanon, Syria, and the West Bank and Gaza,

Core Views / The new technocratic government led by Mario Monti will embark on / a last-ditch attempt to restructure the economy a

Composite Rating / The composite rating is an unweighted geometric mean of the short-term political and short-term economy ratings

Composite Rating / The composite rating is an unweighted geometric mean of the short-term political and short-term economy ratings

Core Views / The Lithuanian economy will continue along its road of gradual economic / recovery following its painful internal dev

Core Views / We believe that a full resolution to the name dispute with Greece is / highly unlikely in the foreseeable future. The

Core Views / Growth in 2012 is expected to pick up from 2011 as agricultural / output hampered by flooding recovers and mining pro

Core Views / The Dutch economy's growth outlook is set to seriously deteriorate / in the coming quarters, as the eurozone sovereig

Core Views / With households still in the midst of deleveraging and weakening / external conditions, New Zealand's real GDP growth

Composite Rating / The composite rating is an unweighted geometric mean of the short-term political and short-term economy ratings

Core Views / Peruvian growth will be among the strongest in Latin America over / the medium term. Our real GDP growth forecasts ar

Core Views / Portugal is in the midst of a deep recession that will last until at least / 2013. We do not see substantially higher

Core Views / Qatar’s short-term political risk profile remains among the most / stable in the region. Despite enjoying little in t

Core Views / Romania's return to growth has so far been driven primarily by / external demand for Romanian exports. As the eurozon

Core Views / We are forecasting Rwandan real GDP growth of 7.5% in 2012 and / 7.6% in 2013, a slight moderation from the estimated

Core Views / We expect South Korea's real GDP growth to slow to a belowconsensus / 1.9% in 2012. China has recently lowered its GD

Core Views / Sweden's status as an open trade-oriented economy means that / the ongoing European economic crisis poses significant

Core Views / We believe that real GDP growth in Tanzania will slow to 5.5% in / 2012, from an estimated 6.2% in 2011, as high infl

Core Views / We believe that economic recovery in Thailand will remain relatively / subdued in 2012 as a return to full production

Core Views / We reiterate that Turkey's economy is set to undergo a sharp slowdown / in 2012. A combination of weak external activ

Core Views / Ukraine's economic recovery lost some momentum heading into the / second quarter of 2011 and a deteriorating global g

Core Views / Zambia will post strong growth in the years ahead, although our / below-consensus view on external factors, particula

Argentina’s domestic consumer electronics devices market, defined as the addressable market for / computing devices, mobile handse

Bahrain’s consumer electronics devices market, defined as the addressable market for / computing devices, / mobile handsets and A

China’s consumer electronics devices market, defined to include computing devices, mobile handsets and / video, audio and gaming p

Colombia’s consumer electronics devices market, defined as the addressable market for / computing / devices, mobile handsets and

Hungary’s consumer electronics devices market, defined as the addressable market for computing / devices, mobile handsets and vide

Iran’s consumer electronics devices market, defined as the addressable market for computing devices, / mobile handsets and video,

Mexico’s consumer electronics devices market, defined as the addressable market for computing devices, / mobile handsets and AV pr

Oman’s consumer electronics devices market, defined as the addressable market for computing devices, / mobile handsets and video,

Venezuela’s consumer electronics devices market, defined as the addressable market for computing / devices, mobile handsets and vi

China faced two potentially serious internal challenges to its stability in early 2012. A village uprising in / Wukan, Guangdong,

Libya emerged, for all intents and purposes, as a new country following the death of its former leader / Colonel Muammar Qadhafi o

The acquittal of Anwar Ibrahim, the leader of opposition coalition Pakatan Rakyat (PR), on politically / inspired sodomy charges i

South Africa’s defence force remains the most advanced on the continent and operates with a consistent / focus on training and red

Turkey continues to face security challenges both at home and abroad; a trend which looks set to persist / throughout 2012. Turkis

Having navigated its way through the turmoil of the Arab Spring with less difficulty than perhaps any / other Arab government, the

Saudi Arabia’s positive growth outlook and its favourable demographics support our outlook for a strong / consumer sector. Through

Spain looks set to sink into economic depression as the government pushes ahead with increasingly / aggressive fiscal austerity am

In January 2012, Tesco issued a profit warning after posting lacklustre UK results for the Christmas / period. Tesco has attribute

Market Overview / BMI View: The Sri Lankan IT market growth is expected to moderate in 2012, after benefiting from a / local and r

BMI View: Colombia's IT market is forecast to increase to US$3.0bn in 2012, up by around 11%, with / our projection unchanged from

BMI View: BMI has made a modest upwards adjustment to its 2012 IT spending forecast due to / macroeconomic factors. Venezuela is o

BMI View: We continue to expect anaemic growth for the construction sector in 2012, with real growth / forecast to reach 1.5%. Thi

BMI View: As the Eurozone crisis grinds on, the uncertainty spreading to the German infrastructure / sector grows. An underlying t

BMI View: We are penciling in a return to positive growth in Hungary's construction industry value in / 2013, following a gradual

BMI View: Investment continues to flow into the Nigerian construction sector as low inflation bolsters / growth levels. Revised fi

BMI View: Despite continuing political turmoil, Oman’s construction sector shows positive trends for / the rest of 2012. Construct

The Democratic Republic of the Congo (DRC)'s vast mineral resources will continue to attract greater / international interest, giv

BMI View: Infighting between local authorities and key refinery operator Lukoil hardly bodes well for the / downstream oil segment

BMI Industry View: While China is increasingly dependent on imported oil and gas due to rapid growth / in energy demand, there is

BMI View: With no domestic energy resources, Hong Kong has the straightforward, if demanding, / challenge of meeting growing oil a

BMI View: While India’s upstream oil prospects appear to be limited, the discovery and ongoing development / of significant gas re

BMI View: Gas exports have formed the backbone of the Indonesian economy for many years, but the / outlook for the sector is incre

BMI View: Over the near term, Japan’s consumption of imported oil and natural gas will remain at / heightened levels as a result o

BMI View: Recovery in oil and liquids production is on the agenda for Malaysia, but the country is / unlikely to avoid becoming a

BMI View: It will not be possible for Pakistan to maintain gas self-sufficiency much longer – primarily / due to rising domestic c

BMI View: The future is bright for Papua New Guinea (PNG), as long as it can successfully transform its / unused gas reserves into

BMI View: The Philippine energy sector faces an uncertain outlook thanks to challenges in the oil, gas / and power segments. Repor

BMI View: Like so many European countries, Poland is hoping that a shale gas revolution will trigger longterm / volume growth that

BMI View: A high level of investment will be required to maintain Russian oil output at close to recent record / levels, putting p

BMI View: Petrochemicals and refining remain the lifeblood of Singapore, with strong regional / demand / growth meaning there is

BMI View: Woodside Petroleum and state-run KNOC are set to go wildcatting off South Korea’s coast in / a long-shot bid to turn aro

BMI View: Refinery expansion plans have been thrown into turmoil due to political intervention, and / Taiwan may not see a new pla

BMI View: Despite relatively strong domestic oil and gas position, Thailand is increasingly exposed by / its reliance on growing c

BMI View: Unexpected North Sea tax changes don’t appear to have killed off North Sea investment activity, / but assets continue to

Output in 2011 was supported by household spending and export growth, although these diminished as / the year progressed. French c

The German petrochemicals industry is set for a sharp slowdown in 2012, but is unlikely to contract / unless the eurozone debt cri

A slowdown in Russian economic activity will soften demand in the petrochemicals market, but BMI’s / latest Russia Petrochemicals

Saudi Arabia is set to overcome its dependence on commodity petrochemicals by developing high / performance and speciality-grade p

Ukrainian petrochemicals output performed consistently well throughout much of 2011 with primary / plastic output up 25% y-o-y to

The British chemicals industry will be unable to escape the uncertainties relating to the eurozone debt / crisis, with any drop in

BMI View: Although the growth of Bangladesh’s pharmaceutical market is expected to remain in double / digits over the forecast per

BMI View: With Canada’s economy set to weather the external storm, the outlook for the country’s / pharmaceutical market looks rel

BMI View: Following widespread protests in mid-2011, the Israeli government has been under / significant pressure to spend more on

BMI View: While Kuwait will continue to be of interest to multinational drugmakers – on account of / traditional preference for br

BMI View: Continued improvement in Lebanon's intellectual property (IP) and pharmaceutical / regulatory environment reinforces BMI

BMI View: Malaysia’s longer term potential as an attractive pharmaceutical market will remain shaped by the / prevailing economic

BMI View: Moldova’s pharmaceutical market recorded stronger growth in 2011, but its small market / size and its status as the poor

BMI View: Puerto Rico is struggling to retain its reputation as a pharmaceutical manufacturing hub, / with a number of plants foun

BMI View: Since the approval of an EU/ECB/IMF economic rescue package in May 2011, cost cutting measures / have taken their toll o

BMI View: Following the resignation of Emil Boc and his government in February 2012, there is now / considerable uncertainty with

BMI View: Singapore is a well-developed pharmaceutical market, although overall sales only reached a / modest SGD901mn (US$716mn)

BMI View: Companies with significant exposure to debt-ridden European markets will be hard hit by / government austerity measures

BMI View: The expected growth of the Switzerland’s ageing population over the next 50 years will have / an unprecedented impact on

BMI View: While we continue to see huge potential in the Ukrainian pharmaceutical market, we are / pessimistic with regard to shor

BMI View: Economics and politics are increasingly exerting an influence on the US pharmaceutical / market. This is in stark contra

BMI View: With plenty of monetary and fiscal ammunition to weather a global growth slowdown and / continually strong demand for Br

BMI View : New data released by the China Electricity Council (CEC) corroborate BMI 's view that / China's electricity consumption

The commercial real estate market in Bahrain continues to suffer the fallout from the global financial / crisis and unrest that sw

Real GDP flash estimates released by statistics agencies across Central and South Eastern European / countries largely confirm our

The centre-left coalition government formed on December 4 is faced with a rough year and tough / decisions. Exposure to the eurozo

According to our most recent round of in-country interviews, which were conducted in December 2011, / rents in Hong Kong could see

Indonesia has a surging economy, growing urbanisation, relative political stability and strong savings and / income growth. Consum

Poland is one of few major economies in Europe to have escaped recession, although it is vulnerable to / any downturn in the neigh

Turkey’s real estate market is in a highly advantageous position. While the long-term domestic demand / credentials of the BRIC (B

Increasing affluence, a growing population – including a larger number of young people – and the / continuing development of organ

The Q212 BMI Venezuela Retail Report forecasts that the country’s retail sales will grow by an average / 18.1% per annum in local

In this quarter's BMI Asia Pacific Telecoms Risk/Reward Ratings update, countries / largely remained in their respective positions

BMI's Norway Telecommunications Report for Q212 contains the latest forecasts covering the country's / mobile subscriber market an

During this quarter’s update to BMI’s Oman Telecommunications report we have updated our five year / growth forecast for the mobil

At the time of writing, Pakistan’s telecoms market is poised to undergo a significant change in the form of / an auction for spect

The launch of 3G services by Thailand's three largest mobile network operators continues to dominate the / headlines. Despite a ch

BMI’s Q2 2012 report on the telecommunications markets of West and Central Africa contains the latest five-year / forecasts for th

Costa Rica receives the majority of its tourist arrivals from the Americas, with the top three source / markets for visitors to th

Tourism Overview / Complete provisional customs data for 2011, which include figures for same-day visitors, show a 1.5% / year-on-

Strong Growth Continues In 2012 / Figures released by the Vietnam National Administration of Tourism (VNAT) in January 2012 show t

BMI View: Colombia’s pharmaceutical and healthcare markets will perform better than the regional / average over the medium term du

The influence of the Arab Spring spread to Kuwait in late 2011, as protests that began in September / culminated in the storming o

Romania is continuing its process of defence modernisation despite the financial challenges that the / country is currently facing

Russia has embarked on a long-term modernisation programme for its armed forces which is due to / conclude by 2020. Apart from per

The legacy of the Arab Spring continued to weigh heavily on the Saudi Arabian government in early / 2012, as tensions remained hig

Given the high savings rate of the Chinese consumer, private consumption will be an outperformer to the / manufacturing, investmen

We have revised up our 2012 forecast for real GDP growth in Colombia, from 4.5% to 4.7%, as we / believe economic growth will rema

Despite the fact that its population does not exceed 18mn, we continue to view Chile as the second most / attractive market in Lat

The ever-deepening eurozone debt crisis is proving a major challenge to Germany’s economic growth / model. Further escalation of t

We continue to like Indonesia as a regional outperformer, with countries more dependent on external / trade, such as Singapore, fe

The headwinds of slowing remittance growth and prolonged weakness of Pakistani financial assets / will continue to weigh on domest

Poland's strong domestic demand story continues to look solid and we expect Poland's status as regional / outperformer will contin

Due to IMF-supervised macroeconomic stability, strong foreign direct investment inflows and export / competitiveness the fundament

BMI View: Peru's IT market is forecast to increase to US$1.6bn in 2012, up by around 14%, with a / robust economy and government s

Market Overview / The size of the strategically located Turkish IT market is forecast to increase from US$7.9bn in 2012 to / US$14

Market Overview / BMI View: South African IT spending to increase at to about US$20bn in 2016, at a US dollar 2012- / 2016 CAGR of

Market Overview / BMI View: The Sri Lankan IT market growth is expected to moderate in 2012, after benefiting from a / local and r

BMI View: Argentina’s infrastructure sector remains dependent to some extent on a US$10bn credit / agreement from China. In additi

BMI View: Statistical data shows that construction and infrastructure activity in India remained weak / through the first nine mon

BMI View: Due to rising inflation, estimated above 20%, we have adjusted Iran’s construction industry / forecast down to -3% for 2