The Economy of Culture in Europe

KEA European Affairs ,
01 November 2006, Belgium

This major study shows the importance of the culture sector for the European Union (EU) economy Prepared by Global Alliance member KEA European Affairs in collaboration with Media Group (Finland) and MKW GmbH (Germany), The Economy of Culture in Europe underlines the culture sector's potential for creating more and better jobs in the future. It shows how culture drives economic and social development, as well as innovation and cohesion. According to the study, the sector employed at least 5.8 million people in 2004, which is more than the total working population in Greece and Ireland put together. Furthermore, it accounted for 2.6% of the gross domestic product (GDP) of the EU in 2003 and is developing at a faster pace than the rest of the economy. Proving that spending money on culture is a sound investment, the study calls for a coherent strategy for the creative sector and includes a set of policy recommendations intended to unleash the potential of Europe's cultural economy.