The Single Market accounts for 56 million jobs across the EU

A new Danish study demonstrates that trade in goods and services within the Single Market is imperative to economic activity in all EU member states and accounts for 56 million jobs across the EU. The study also illustrates how SMEs gain access to world markets by participating in the Single Market value chains.
News
Thursday, September 27, 2018

A study prepared by Højbjerre Brauer Schultz for the Danish Ministry of Business, Industry and Financial Affairs was presented today at a confer-ence in Brussels co-organised with the think tank European Policy Centre. 

The study demonstrates that the Danish GDP is 13 billion Euros higher a year than it would have been had Denmark not been a member of the Single Market. Thanks to the Single Market, real wages in Denmark are 10 per cent higher corresponding to an annual income increase of 8,500 Euros for an average family. 

Furthermore, the study concludes that all EU countries gain from their membership of the Single Market – although in different ways. Trade in goods and services within the Single Market is imperative to economic activity in all EU member states giving rise to 56 million jobs across the EU. The Single Market accounts for more than 80 per cent of international investments in the member states which have joined most recently. And labour mobility has served as a remedy to prevent bottle necks on labour markets.

The Single Market also facilitates SMEs participation in European and global value chains. Thanks to the Single Market, small businesses may easily export intermediates to other companies engaged in international trade. 

Minister for Industry, Business and Financial Affairs Rasmus Jarlov:
“When debating the Single Market, I believe we tend to take its benefits for granted. The fact that the European economies are deeply dependent on access to the Single Market serves as a powerful reminder that we must continue the work to futureproof the Single Market“.

This year, the EU is celebrating the establishment of the Single Market 25 years ago. The Single Market encompasses the EU's 28 member states as well as Iceland, Liechtenstein and Norway. The Single Market is designed to allow for the free movement of goods, capital, services and labour between the member countries. 

The study has been prepared by Højbjerre Brauer Schultz and can be accessed in an English version here.

Press contact: Head of Press, René Gyldensten, rgy@em.dk, telephone: +45 91 33 70 15.