02.2 Tech: The Motor for GDP Growth Over the last 10 years, many of these traditional industries upon which the European economy is so dependent have either stagnated or declined, undermining the overall Over the last 10 years, many of these traditional industries upon which the European economy is so dependent rate of growth in European Gross Value Added have either stagnated or declined, undermining the overall rate of growth in European Gross Value Added Chain linked volumes of tech and selected 146 142 traditional industries GVA (indexed 2007- 140 ) 2016) 6 131 1 0 2 - 7 123 0 LEGEND 0 2 118 118 117 d 120 e Tech x 112 111 e 110 109 110 d 107 n i ( Real estate activities 103 103 103 103 103 s 100 102 100 Wholesale and retail trade, transport, accommodation me 98 u l 100 94 95 94 95 and food service activities o v 90 90 d 88 89 89 e 87 Industry k 85 85 n i 83 l n Financial and insurance activities i a h 80 Construction C Telecommunications 60 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Note: 2016 is the most recent year for which full NACE breakdowns of Source: Eurostat European GVA are available. Tech refers to the European Eurostat software industry, or NACE J62-63. Yet the European economy today remains heavily dependent on traditional Yet the European economy today remains heavily dependent on traditional industries, such as industrial industries, such as industrial manufacturing, construction, retail and transportation manufacturing, construction, retail and transportation Share of total gross value added in Europe Industry (except construction) 21% 19% Wholesale and retail trade, transport, 19% LEGEND accomodation and food service activities % of total GVA (2002) Public administration, defence, educa… 19% % of total GVA (2016) Real estate activities 11% Professional, scientific and technical … 11% Construction 6% Financial and insurance activities 5% Arts, entertainment and recreation; ot… 4% Tech 3% Agriculture, forestry and fishing 2% Telecommunications 2% Publishing, motion picture, video, tele… 1% Publishing activities 1% Motion picture, video, television progr… 1% 0 5 10 15 20 % of total gross value added Note: Europe is based on EU-28. 2016 is the most recent year for Source: Eurostat which full NACE breakdowns of European GVA are available. Eurostat Tech refers to the European software industry, or NACE J62-63 & 18 In Partnership with www.thestateofeuropeantech.com