Export is fueling the job engine. This is one of the conclusions of Ceemet’s ‘Chief Economists’ Report 2018’
Between 2014 and 2017 the Metal, Engineering and Technology-based industries (MET) were recovering slowly and experienced four years of output growth. During that 4-year period the output-related economic indicators again reached the level they had reached in 2007 and 2008: e.g. production, exports and sales. Thus, after difficult years followed by stagnation, the recovery is ongoing.
An indicator for that recovery is job creation: 1,25 million new jobs between 2013 and 2017. And the figure continues to develop positively.
The added value of manufacturing for Europe? I can give you 1.25 million reasons for it.” – Patrick Slaets Chairman of the Chief Economists’ Group
But the consequences of the financial crisis, the Euro crisis, and also budget policy restrictions are still present. E.g. the very low productivity growth compared to the long run historical average. In 2016 this rate was equal to 0,0%.
Another risk to productivity growth is the shortage of STEM workers and digital skills. The technology and industry companies are a sector of high-skilled and quality jobs, with high wages. The attractiveness of the sector seems not to get across.
Ceemet President Diego Andreis reacted to the conclusions by stating that: “Our industry is the most fascinating trump card Europe has today. It is not deserving yesterday stereotypes.” Today’s perception of a sector that is highly technological and innovative is putting Europe’s (industrial) future at risk with the young generation shifting away.
“Before adding burdensome legislation on companies, competitiveness checks must rigorously be applied,” says Ceemet Director General Uwe Combüchen, “it is the only way how we currently and in future can finance a social Europe.”
Ceemet provides in its Chief Economists Report 2018 a clear overwiew of statistical facts and policy recommendations to strenghten European manucaturing industries.
