While industrial performance has stabilised, industry’s share in Europe’s GDP has declined from 15.5% of GDP one year ago to 15.1% in summer 2013.
The two industrial Competitiveness reports published today highlight that Member States have made progress in improving the business environment, exports and sustainability. However, many problems still remain.
The convergence between industrially most competitive countries and the moderate performers is at a standstill. For exampl,big roadblocks are access to finance and a drop in investment in almost all Member States. For European industry to start flourishing again, the performance of public administration needs to be significantly improved as well as the link between schools and companies.
Manufacturing has strong spill-over effects on the rest of the economy and especially on overall productivity. 80% of private innovation, ¾ of export and a substantial role in jobs creation come from industry. Action is needed to keep industry in Europe.