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.
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