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There is an ever-widening gap in the indexed growth rates of the tech (software) and non-tech parts of the European economy. Over the past 15 years, tech (software) has grown to hit 194% of its relative value in 2002.
Chain linked volumes of tech and non-tech GVA (indexed 2002-2016)
- Source:
Eurostat
Legend
- Tech
- Non-tech
- Note:
- 2016 is the most recent year for which full NACE breakdowns of European GVA are available. Tech refers to the European software industry, or NACE J62-63. Non-tech is everything else.
Europe's software industry growth dramatically outpaces the rest of the European economy.
Economic growth
Eurostat
- 5x
- Latest figures show Europe's software industry Gross Value Added is growing 5x faster than the rest of the European economy
While the long-term historical trend in relative growth rates has been impressive, more recently the speed of growth between tech and non-tech has diverged even further. Today, the European tech (software) industry is now growing 5x faster than the rest of the economy.
% Growth YoY of tech and non-tech contribution to European economy by GVA (2016 versus 2015)
- Source:
Eurostat
Legend
- YoY growth (%)
- Note:
- *Tech refers to the European software industry, or NACE J62-63
Over the last 10 years, many of these traditional industries upon which the European economy is so dependent have either stagnated or declined, undermining the overall rate of growth in European Gross Value Added.
Chain linked volumes of tech and selected traditional industries GVA (indexed 2007-2016)
- Source:
Eurostat
Legend
- Tech
- Real estate activities
- Wholesale and retail trade, transport, accommodation and food service activities
- Industry
- Financial and insurance activities
- Construction
- Telecommunications
- Note:
- 2016 is the most recent year for which full NACE breakdowns of European GVA are available. Tech refers to the European software industry, or NACE J62-63.
Yet the European economy today remains heavily dependent on traditional industries, such as industrial manufacturing, construction, retail and transportation.
Share of total gross value added in Europe
- Source:
Eurostat
Legend
- % of total GVA (2002)
- % of total GVA (2016)
- Note:
- Europe is based on EU-28. 2016 is the most recent year for which full NACE breakdowns of European GVA are available. Tech refers to the European software industry, or NACE J62-63
The rapid growth of Ireland's tech (software) industry over the past 5 years is reflective of a broader trend that has seen compounded annual growth rates in Europe's smaller countries significantly outpace the European average.
5-Year CAGR of software industry by country and EU-28 average
- Source:
Eurostat
Legend
- 5-Year CAGR (%)
- EU-28 Average (%)
- Note:
- 5-Year CAGR calculated for period 2011 to 2016. 2016 is the most recent year for which full NACE breakdowns of country-level GVA are available. Tech = European software industry, or NACE J62-63. PL, Portugal, Serbia and Switzerland, data =2010-15
The European tech (software) industry contributes around $400 billion to the European economy today, though it remains just a fraction of total European Gross Value Added, accounting for just 2.5% of total European GVA.
Tech industry contribution to the European economy by total Gross Value Added ($B) and % of total (2002-2016)
- Source:
Eurostat
Legend
- Tech
- Tech as % of total GVA
- Note:
- 2016 is the most recent year for which full NACE breakdowns of European GVA are available. Tech refers to the European software industry, or NACE J62-63
At around $400 billion, Europe's software industry is still just a fraction of overall European Gross Value Added.
Economic growth
Eurostat
- 2.50%
- Latest data shows Europe's software industry accounts for 2.5% of total Gross Value Added in Europe, up from 1.9% 10 years ago