Ungated Post | 02 May 2018

The impact of the European steel industry on the EU economy

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:

Americas
Diantha Redd
+1 (646) 503 3052
Email

Asia Pacific
Peter Suomi
+65 6850 0110
Email

EMEA
Aoife Pearson
+44 (0)203 910 8054
Email

Related Services

Post

Impact AI: Enterprise AI Maturity Index 2024

Oxford Economics and ServiceNow fielded a global survey of 4,470 executives at organizations where artificial intelligence capabilities are in use.

Find Out More

Post

The Hidden Costs of Downtime: The $400B problem facing the Global 2000

Downtime and service degradation create a cascade of consequences, costing Global 2000 companies $400B annually. But that figure doesn’t account for what’s below the surface. The actual cost is much larger when we consider downtime’s broader impacts.

Find Out More

Post

Global Pump Market Outlook 2024

The global pump market experienced a modest recovery in 2023. For 2024, we project a 2.5% growth in the market, reflecting a cautious optimism amid varied economic conditions.

Find Out More