In 2022, the EU produced goods and services worth €31,674 trillion, while imports from outside the EU (excluding intra-EU trade) reached a value of €3,106 trillion.
Almost half (48.7%) of these goods and services were used for intermediate consumption, that is, to manufacture other products. Another considerable proportion, 31.2%, was used for final consumption, generally by households or the public sector. About a tenth of the supply (10.6%) was used for gross capital formation, mainly for investment, and the remaining 9.5% of the total EU supply was related to product exports (valued at €3.291 trillion).
Between 2010 and 2022, the proportion of these uses has remained largely stable. Intermediate consumption reached its lowest point in 2016, and then again in 2020, when its share of total supply stood at 46.3%. Starting in 2020, it began an upward trend that culminated in 2022 with 48.7%. On the other hand, the proportion of final consumption expenditure in total supply reached its highest level in 2010, at 35.3%, and decreased slowly and steadily to 31.2% in 2022.
As for gross capital formation and exports, their share in 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 period.
The impact of COVID-19 on the economy
Supply and utilization tables can be a valuable tool for analyzing 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 volume of supply and use of accommodation and food services, which fell drastically between 2019 and 2020.
Final household consumption of these services fell by more than 50% in Croatia, Greece and Cyprus, while Sweden recorded the smallest decline (-16%) among EU countries, followed by Romania (-21%), Finland (-22%) and Poland (-23%). This trend was associated with a reduction in internal production, intermediate consumption and added value in the accommodation and restaurant services industry.
More information at EUROSTAT
