The European automotive industry has been a vital contributor to the region’s economic growth, innovation, and prosperity. It accounts for nearly 7% of the EU’s GDP and employs around 14 million people directly or indirectly. In 2022, China surpassed Germany in light-vehicle exports, highlighting the industry’s global dynamics. The shift towards electrified powertrains and software differentiation poses challenges and opportunities.

Europe’s financial sector plays a crucial role in both good and bad economic times. Stable banks are essential for financing enterprises and driving growth. The European Banking Authority conducts stress tests to assess bank resilience. In 2021, most European banks were found to have sufficient capital to withstand a financial crisis. Fintech is also growing, with increased funding and valuations

Retail spending constitutes a significant portion of private consumption in European countries (typically 30-50%). Germany leads in turnover value, followed by France, the UK, and Italy. In 2021, Lithuania and Estonia experienced notable retail sales growth. The sector faced fluctuations due to COVID-19 restrictions, with jet kerosene sales rising by 25.55%.

Europe boasts highly developed and competitive telecommunications services. As of 2022, 90% of the European population are mobile subscribers, and broadband connections are widespread. The deployment of upgraded fixed and mobile networks remains a focus. The USA has become the third-largest provider of crude oil to the EU, while consumption of oil products increased after COVID-19 restrictions eased

Europe’s oil and petroleum products consumption heavily relies on net imports (91.67% in 2021). Crude oil production declined to a record low of 17.5 million tonnes in the EU. The USA emerged as a significant oil provider to the EU. Consumption of oil products rebounded after pandemic-related restrictions, with jet kerosene sales rising by 25.55%.

While not covered in the previous results, the European healthcare industry is critical for public well-being. It encompasses hospitals, pharmaceuticals, medical devices, and healthcare services. The COVID-19 pandemic has underscored the importance of healthcare infrastructure, research, and innovation across Europe.