Siemens 2010 Annual Report Download - page 140

6 To our shareholders 21 Corporate Governance 49 Combined management’s discussion and analysis
50 Business and operating environment
78 Fiscal  – Financial summary
81 Results of operations
98 Financial position
110 Net assets position
113 Overall assessment of the economic position

economic stimulus packages fades, the rise in lending is
curbed by central banks, and growth in key export markets
remains weak. The rise in growth in India, which has the ben-
efit of a large domestic market and low dependency on exports,
continues unabated. IHS Global Insight predicts GDP growth of
.% for  following the .% growth achieved in .
A key factor for Siemens as a manufacturer is manufacturing
value added , a component used in calculating gross domestic
product by means of the production approach. Following a fall
in manufacturing value added of .% in , IHS Global In-
sight forecasts an increase of .% in real terms in . The
Asia, Australia region is the driver for this growth with an ex-
pected year-on-year increase of .%.
A key factor for Siemens, as a plant and infrastructure provider,
is the trend in gross fixed investments, one of the ways in
which gross domestic product is used. This trend is heavily
influenced by fluctuations in the economic cycle. IHS Global
Insight is predicting growth of .% in gross fixed investments
for  following a fall of .% in real terms in . For
Europe, C.I.S., Africa, Middle East, the region that accounts
for the greatest proportion of Siemens’ revenue, IHS Global
Insight is forecasting that gross fixed investments will increase
by only .% in  compared with a contraction of .% in
. Gross fixed investments in the Americas region are ex-
pected to grow by .% in , whereas the metric fell by
.% in . Within this region, it is the trend in Brazil that is
the most notable. IHS Global Insight is forecasting that Brazil
will see growth of .% in gross fixed investments in , a
turnaround from the contraction of .% in . In the U.S.,
where there was a dramatic fall in gross fixed investments in
, such investments are expected to grow by just .% in
. In , the only region with growth in gross fixed in-
vestments was the Asia, Australia region where the metric
was up by .%. According to IHS Global Insight forecasts,
growth in Asia, Australia will accelerate to .% in . Within
the region, the growth in gross fixed investments in China is
expected to fall from .% in  to .%, although this fig-
ure still remains very high. Growth in gross fixed investments
in India is predicted to gain significant momentum from .%
in  to .% in .
The figures presented here for gross domestic product and gross
fixed investments are drawn from an IHS Global Insight report
dated October , . The figures on manufacturing value
added are drawn from an IHS Global Insight report dated Octo-
ber , . Siemens has not independently verified this data.
Real GDP growth per region
(change in % compared to prior year)
World Europe,
C.I.S.,
Africa,
Middle East
Americas Asia,
Australia




()
()
()
2010 2 2009
1 According to Global Insight Inc. as of October 15, 2010;
growth rates provided by calendar year.
2 Estimate for calendar year 2010.
3 Commonwealth of Independent States
3.8
2.4 3.2
1.6
6.5
(1.8)
(3.5)
(2.4)
Exchange rate development (Index: Beginning of fiscal  = )
FY  FY  FY  FY  FY 








U.S. Dollar per € British Pound per € Source: Bloomberg