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:
+1 (646) 503 3052
+65 6850 0110
+44 (0)203 910 8054
From opportunity to impact – Assessing the economic, societal, and cultural benefits of YouTube in Canada in 2022
This study presents an updated assessment of YouTube’s contribution to Canada's GDP and employment, and its broader impact on society and culture.Find Out More
Multilateral Development Banks for Global Public Goods
The global challenges of today are transboundary and pose existential risks for our societies and economies – including climate change, biodiversity loss, pandemics, fragility, violence and conflict.Find Out More
Generating ROI with AI: Six capabilities that drive world-class results
Generative AI has taken the business world by storm, with large language models (LLMs)—including OpenAI’s ChatGPT—splashed across the news. And executives aren’t immune to the hype. AI is becoming an ever-larger component of IT budgets, with worldwide spending on AI-centric systems expected to hit $154 billion this year—up 27% over 2022. But will enterprises spend these resources wisely? Our research says yes—if organizations take a disciplined approach.Find Out More