In 2022, the EU produced €31 674 billion worth of goods and services, while imports from outside the EU (excluding intra-EU trade) were valued at €3 106 billion.
Nearly half (48.7%) of these goods and services were used for intermediate consumption, meaning they were used to make other products. Another considerable share, 31.2%, was used for final consumption, typically by households or the government sector. Approximately a tenth of the supply (10.6%) was used for gross capital formation, mostly for investment, and the remaining 9.5% of the total supply for the EU was related to exports of products (valued at €3 291 billion).
Between 2010 and 2022, the shares of these uses have mostly remained stable. Intermediate consumption reached its lowest point in 2016, and then again in 2020, when its share in total supply bottomed at 46.3%. From 2020, it started a rising trend that culminated in 2022 at 48.7%. On the other hand, the share of final consumption expenditure in total supply was highest in 2010, at 35.3%, decreasing slowly and steadily to 31.2% in 2022.
As for gross capital formation and exports, their shares of total supply increased from 9.8% and 7.8%, respectively, in 2010 to 10.6% and 9.5% in 2022, peaking at the end of the time period.
COVID-19 impact on the economy
Supply and use tables can be a valuable tool to analyse the impact of exogenous events on the economy. In particular, a comparison of 2019 and 2020 data at 2019 prices reveals the impact of COVID-19 on consumer demand in terms of change in the volume of services consumed. A good example is the supply and use volume for accommodation and food services dropping sharply between 2019 and 2020.
Household final consumption of these services fell by over 50% in Croatia, Greece and Cyprus, while Sweden registered the smallest decline (-16%) among the EU countries, followed by Romania (-21%), Finland (-22) and Poland (-23%). This trend was associated with a reduction in domestic production, intermediate consumption and value added in the accommodation and food services industry.
Source: Eurostat
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