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December 2014 • The PCB Magazine 15 2015 OUTLOOk FOR THE PCB INDUSTRy: A GLOBAL PERSPECTIvE continues Figure 3: electronics production growth, 6/12 eastern europe. Figure 4: electronics production 6/12 growth curve, weighted composite of eight eu countries vs. germany. tions are Spain, which has been accelerating out of its depression since 2013; the Czech Repub- lic, which remains in positive growth territory but is slowing down; and the Slovak Republic, which is in the ascent but appears to be slow- ing. The UK, which although appears to be pull- ing out of the trough of 2012 and 2013, is still in negative growth. Italy, also, appears to be pulling up into positive growth. Nevertheless, at the end of the year, the Eurozone remains a depressed economy aggravated by a slump in output in Germany, which has historically pulled the rest of Europe along with it. Figure 4 shows exactly how much a weighted composite of eight countries is influenced by the German contribution. In Figure 5, the smoothed 12/12 growth curve based on the German data is projected forward using a regressive analysis methodol- ogy and then modified by considerations of