America (North, Central and South)

BRAZIL, ARGENTINA, UNITED STATES

With an annual growth of 2.3% — below government forecasts — Brazil’s business prospects remain dim. The country has low business confidence and weak private investment, a trend expected to continue throughout 2014. Political stability in recent years has been tarnished by some social unrest as people demand structural reforms that move slowly. The construction industry has also witnessed certain stagnation, especially in the last quarter of 2013.

Contribución al beneficiario

BILLING

436,4M€

37,7% of Group

EMPLOYEES

4.868

23,1% of Group

FACTORIES

12

16% of Group