Steel manufacturers have a significant presence in 22 of the 28 EU countries, directly employing 320,000 workers and making a €20.7 contribution to GDP. But much more significantly, they purchase €103 billion worth of supplies from other industries, supporting a large amount of ‘indirect’ GDP and jobs in their EU-based supply chain. Taking into account activity ‘induced’ by the wage-funded spending of those working in the industry and in its supply chain too, some 2.5 million jobs are supported in total through the direct, indirect and induced channels of economic impact. This generates €128 billion of GDP across the EU-28, which is more than the GDP of the state of Berlin. The so-called ‘multipliers’ for GDP and jobs – the ratios of total activity to direct activity alone – are therefore unusually high, at 6.2 and 7.7 respectively.
Read the full report.
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
+1 (646) 503 3052
+65 6850 0110
+44 (0)203 910 8054
UK life sciences are set for growth, but challenges remain
The life sciences industry makes a major contribution to the UK economy. One in every 121 employed people in the UK works in the sector, which in 2023 contributed over £13 billion to the national economy.Find Out More
Enabling North American Graphite Growth
This report explores the global graphite market, rationales for trade action on Chinese graphite, and the history of Section 301 tariffs on US imports of graphite anode material from China.Find Out More
Economic impacts of “Pitch Perfect: Bumper in Berlin” in Germany
This study, commissioned by the Motion Picture Association (MPA), focuses on the show “Pitch Perfect: Bumper in Berlin”, and analyses the production’s total economic impacts in Germany in 2022, when the series was filmed. The study also considers the wider impact on Germany’s economy.Find Out More