BMW 2011 Annual Report Download - page 21

21 COMBINED GROUP AND COMPANY MANAGEMENT REPORT
in Brazil, where growth slackened to 2.9 %. By contrast,
at 4.3 % Russia’s growth rate remained at a similar level
to the previous year.
US dollar and yen stronger, British pound remains weak
As in 2010, the US dollar gained value against the euro
over the course of the year. After standing at US dollar
1.33 to the euro at the beginning of the year, the US
currency finished the year at US dollar 1.30, reflecting
the impact of the confidence crisis in the euro zone.
The British pound remained weak again throughout
2011 due to the ongoing weakness of the British econ-
omy and hovered at around British pound 0.85 to the
euro. The value of the Japanese yen rose sharply again
and ended the year at 101 yen to the euro. The increas-
ingly cautious assessment of the global economy re-
sulted in a capital outflow from emerging markets in
2011, causing currencies in Russia, India and Brazil to
lose ground against the euro.
Raw materials prices remain high
Both energy and raw materials prices continued to rise
well into the second quarter of 2011. Various factors,
including political unrest in North Africa and the Middle
Steel price trend
(Index: January 2007 = 100)
170
160
150
140
130
120
110
100
90
80
07 08 09 10 11
Source: Working Group for the Iron and Metal Processing Industry
Oil price trend
Price per barrel of Brent Crude
140
120
100
80
60
40
20
07 08 09 10 11
Source: Reuters
Price in €
Price in US Dollar
Exchange rates compared to the euro
(Index: 29 December 2006 = 100)
140
130
120
110
100
90
80
70
07 08 09 10 11
Source: Reuters
British Pound
Chinese
Renminbi
Japanese Yen
US Dollar