Honda 2013 Annual Report Download - page 8

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Honda saw economic conditions in the U.S. continue to improve during the fiscal year ended
March 31, 2013. This recovery in the U.S. was underscored by the job market improving, and
by increased personal consumption, housing investment, and capital investment. Economic
conditions in Europe, on the other hand, continued to stagnate owing to the debt crisis,
negative GDP growth, and unemployment rates remaining high. Meanwhile, the Asian economy
continued to expand. This expansion was driven by reconstruction demand from the flooding in
Thailand and strong growth in Indonesia, even as the pace of economic growth in China and
India eased. Japan continued on a gradual recovery path against a backdrop of a change to a
weakening yen, a recovery in the stock market, an improvement in the employment situation as
well as reconstruction demand from the Great East Japan Earthquake.
We would like to express our heartfelt thanks to all of our shareholders for
your continued interest and ongoing support for Honda’s business activities.
We would also like to extend our sincere gratitude to all of our customers,
suppliers and those who live in the local communities where Honda sites
are situated. Your support has been vital to our growth and development.
Takanobu Ito
President & Chief
Executive Officer
To Our Shareholders
Annual Report 201306