The EU’s manufacturing and services industries need to refocus on high-tech activities that can deliver more value-added economic growth, according to a think tank.
The European Commission made a mistake in 2012 when it set a target of raising the contribution of industry to the EU’s GDP from about 16 per cent at that time to about 20 per cent by 2020, the Brussels-based think-tank Bruegel has said. Instead, the EU should concentrate on a change of focus, according to a report published on 7 September.
The amount of R&D carried out by EU companies—an indication of their prospects for future growth—is about the same as that of their competitors in the United States when companies are compared within certain areas of industry, the report said. However, the EU has too few companies operating in high-tech areas, meaning that their overall R&D intensity is lower.
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