Economy/Investments
Autos, the Economy and Investments
The automotive industry is key to the strength and competitiveness of the global economy. While auto manufacturing has been one of the industries hit hardest by tight credit availability, automakers continue to invest in the future in many ways.
- Economic Output: The global auto industry is a key sector of the economy for every major country in the world. In fact, if auto manufacturing were a country, it would be the sixth largest economy. Auto manufacturing has contributed a level of output that is equivalent to a global turnover (gross revenue) of more than EUR 1.5 trillion….even during the recession.
- Jobs, Jobs, Jobs: Globally, auto manufacturing requires the direct employment of about 9 million people, who represent 5 percent of the world’s manufacturing jobs. Autos are built using the goods of many industries, including steel, iron, aluminum, glass, plastics, carpeting, textiles, computer chips and more, so economists estimate that each direct auto job supports another 5 indirect jobs in the community.
- Government Revenue: Vehicle manufacturing and use are also major contributors to government revenues around the world, contributing over €400 billion in 26 countries alone, according to the International Organization of Motor Vehicle Manufacturers (www.oica.net).
