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EU industrial structure 2011 — Trends and Performance FIgURE III.23: Enterprises which introduced new or improved products to the market as a share of all enterprises engaged in innovation activity in the EU-27 in 2008 (%) Computer, electronic & optical Information and communication Chemicals Other manufacturing Motor vehicles Other transport eq. Textiles Electrical equipment Rened petroleum Machinery n.e.c. Pharmaceuticals Rubber and plastic Tobacco Beverages Professional, scientic and technical activities Food Leather and footwear Manufacturing Furniture Repair of machinery Clothing Wholesale and retail trade Non-metallic mineral products Basic metals Paper Metal products Financial and insurance activities Wood and wood products Administration Water supply Printing Construction Transportation & storage Accommodation and food Electricity and gas Real estate activities Source: own calculations based on Eurostat data. III.4 Demand-side drivers: a sectoral picture Fluctuations in demand differ among sectors in both size and timing of fluctuations. Some sectors produce products which are relatively insensitive to variations in income and prices while others are more affected by the variations. The latter were also impacted earlier by both slowdowns and recoveries. Analyses of fluctuations in consumption and investment demand can provide useful information about sectoral performance. iii41 private consumption Consumption fluctuates over time for different reasons: demographic changes, changes in preferences for services and goods, fluctuations in income and relative prices. While consumption patterns are extremely stable for certain goods and services, they appear less so for others. 86 0 10 20 30 40 50 60 Private consumption of services has continued to increase at the expense of private consumption of goods since 1980. The share of services consumption was 30 percentage points larger than the share of goods consumption in 1980 in constant terms; and the difference in the shares increased to 48 percentage points in 2009. In spite of the increase in relative prices in services, this trend can be explained by changes in preferences and by income elasticities of demand. Increasing living standards and incomes lead to higher consumption of products with high income elasticities at the expense of products whose income elasticities are lower, cf. Figure III.24. 57 57 The previous publication EU Industrial Structure 2007 — Challenges and opportunities (‘IV.3 Private consumption’) indicated that income elasticities of demand are much higher for services sectors than for goods.
Chapter III — Drivers of Sector Growth and Competitiveness FIgURE III.24: Shares of goods and services in private consumption in constant and current prices in seven EU countries from 1980 to 2009 80 70 60 50 40 30 20 10 0 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Services (Constant) Services (Current) Goods (Constant) Goods (Current) 2002 2003 2004 2005 2006 2007 2008 2009 Note: The seven countries presented are Austria, Denmark, Finland, France, Italy, Netherlands and United Kingdom. Goods sectors include food and non‑alcoholic beverages, alcoholic beverages, tobacco and narcotics, clothing and footwear, furnishings, household equipment and routine maintenance of the house. Services sectors include health, transport, communications, recreation and culture, education, restaurants and hotels, miscellaneous goods and services, housing, water, electricity, gas and other fuels. Source: calculated using Eurostat data. A substitution of consumption of goods for services has taken place between 1980 and 2008. Breaking down private consumption into large categories in seven countries shows that food and non‑alcoholic beverages have fallen to a much lower share of total consumption, from 19 % to 12 %, while the share of housing and utilities in total private consumption has risen from 17 % to 24 % between 1980 and 2009. Changes in the shares of consumption expenditures across categories may reflect changes in the level of income (income effects), changes in relative prices (substitution effects) or government interventions. First, over long periods of time income typically increases significantly so that the preference over different categories changes because households tend to shift consumption from basic to luxury categories. As an example, the increase in the share of expenditures in health services or housing is very likely reflecting an increasing consumption of services that can be seen as relatively luxurious; the kind of commodities households tend to consume more of the richer they are. Second, relative changes in technology and/or trade patterns can change relative prices, rendering some commodities cheaper than others. What will happen with the share in consumption expenditures will depend on whether the induce changes in quantities are more or less than proportional to the price change. For example, the increase in the share communication services is probably to a large extent reflecting a drop in the price of communications driving a more than proportional increase in consumption. In contrast, large increases in productivity are probably behind the drop in the relative price of food, and hence the drop in its share in consumption expenditures compared to, say, services where productivity grows more slowly. Similarly, trade probably explains the drop in the relative price of clothes and its subsequent drop in the share of expenditures because the eventual increase in consumption does not compensate for the drop in prices. Finally, cultural changes due to public awareness campaigns, legal constraints and taxes may explain other changes like the drop in the share of alcoholic beverages and tobacco cf. Figure III.25. 87
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EU industrial structure 2011 Trends
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nacE rev 2 growth 2009 Chapter I
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