350,000 jobs created by European tech firms in five years
The revenues of European machine-building, electronics and metalworking companies amount to €2 trillion per yearEuropost , Brussels
The European tech industries continue to grow at a phenomenal pace: 5.0 percent in 2017, according to the latest figures from European Engineering Industries Association (Orgalime)’s economists. For comparison, over the same period eurozone GDP grew by 2.5% – a figure hailed as a ten-year high.
The results mark the fourth consecutive year of growth for the 45 mechanical engineering, electrical, electronics and metal technology industries represented by Orgalime. According to the statistics the total number of people employed in the technology industries is 11.2m people, or 30% of all employed in European industry (36 million by 2016). Furthermore, over the past five years, these industries have created 350,000 new jobs.
Regarding employment in those sectors, the metalworking companies are leading with a total of 3.82m employees. On second place is the electronics industry with 3.03m workers, followed by the mechanical engineering industry with 2.96m staff. The lowest employment rates are registered in installation and repair services where only a total of 1.41m people work.
And with output forecast to rise again by 3.5% in 2018, this impressive run looks set to continue. Annual turnover currently stands at around €2,000bn euro; for context, the GDP of France was €2,029bn in 2016.
"Clearly, the technology industries are a central pillar of the EU economy," Orgalime Director General Malte Lohan stated, warning that "with rising political uncertainty fuelled by populism and anti-globalism, and increasingly fierce competition for industrial investment from the US and China, past success will no longer be a guarantor of future growth."
Orgalime is the European federation representing the interests of the mechanical engineering, electrical and electronic engineering, and metal articles industries at EU level. Based in Brussels, its secretariat communicates members’ priorities to EU decision-makers and monitors developments across the broad spectrum of policy areas affecting the engineering industry – from standardisation, energy and environment, to R&D and trade.