Physics and Economy in Europe

Image from: www.robertgraboyes.com

In 2012, the EPS commissioned an independent economic analysis to the CEBR about the importance of physics to the economies of Europe. The report, using statistical data available in the public domain through Eurostat, covers 29 European countries - the EU27 countries plus Norway and Switzerland. The analysis covers the period of 4 years from 2007 to 2010, where 2010 is the latest year for which official data are available simultaneously to all these countries.

Basically the results point to the following conclusions:

- In 2010, the physics-based industries have generated a return of 3.8 trillion euros in turnover, representing over 15% of turnover. The return per person employed has a turnover substantially higher than the construction and retail.

- The European physics-based sector is highly intensive in terms of research and development (R & D). The spending on R & D sector exceeded 47 billion euros each year during the period 2007-2010. The levels of investment in R & D in 2010 exceeded those of the year 2007.

- In 2010, the physics-based industries employed 15.4 million people. This figure represents 13% of total employment in the business economy of Europe. Moreover, for every job created in industries directly related to the basic physics, a total of 2.73 jobs were created as a support, throughout the economy, by these industries (secondary market).

- Another study in detail was the Gross Value Added (GVA). This GAV measures the value produced by a sector of the economy. Based on physics, the GVA is diverse, where 44.9% are from manufacturing,  over 50% is spread between information and communication, professional, scientific and technical activities of oil and gas, and power generation.

In resume, physics has contributed to the development of Europe, this sector is one of the major in the exportation area. Physics develops multiple areas, ranging from electrical repair, through the development of electronic components, until the nuclear fuel processing (among others).

Physics is not only important in the development of the personal welfare of citizens,  but as well as in the development of their own industrial and economic of any country.

You can read all the report: here.