#Huawei – €12.8 billion for the European economy

| December 2, 2019 | 0 Comments

By EU Reporter Correspondent

Huawei supported a total of 169 700 European jobs in 2018 alone

Huawei boosted Europe’s economy by €12.8 billion through its economic activity in 2018 and supported 169 700 jobs, according to a study by Oxford Economics.

Huawei’s direct contribution to European GDP of €2.5bn in 2018 is more than double what it was back in 2014, representing annual growth of 19 % per year in real terms. Over the same period, the total employment supported by Huawei rose by an average of 13% per year.

“We are making a sizeable contribution to the EU economy, helping Europe improve productive capacity and ensuring its firms and industries are not left behind by the pace of digital transformation. Our aim now is to help the European Commission achieve its goal of making Europe ‘fit for the Digital Age’,� commented Abraham Liu, Huawei’s Chief Representative to the EU Institutions.

Key partner for European firms

Oxford Economics measured Huawei’s total economic impact in terms of its contribution to European GDP, the jobs it supports across the continent, and the tax revenues it generates.

In total, it found that Huawei sustained a €12.8bn contribution to Europe’s GDP in 2018. This includes:

  • A direct €2.5bn contribution stemming from operational expenditure at its sites across the EU, Iceland, Norway and Switzerland;
  • a €5.4bn indirect contribution along the supply chain through Huawei’s procurement of goods and services from suppliers in the 12 European countries from which Huawei purchases the most, and;
  • an induced contribution of €4.9bn, capturing the wider economic benefits arising from payment of wages by Huawei, by the firms in its supply chain, and by these outlets’ supply chains.

Huawei supported a total of 169,700 European jobs in 2018 through these three channels. This includes 13,300 permanent employees and contracted staff at Huawei’s European entities, plus a further 80,300 jobs in European firms within Huawei’s worldwide supply chain.

Download the Oxford Economics report

Source:: EU Reporter Feed



Category: Energy, Uncategorized

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