Domestic production accounted for €33.71 trillion (91.5 per cent of the total supply of goods and services in the EU) in 2023, while imports contributed €3.14 trillion (8.5 per cent), according to Eurostat.

This marked an increase in domestic production of €1.25 trillion (up from €32.45 trillion, 90.3 per cent of total supply) compared with 2022, while imports fell by €330 billion (down from €3.47 trillion, 9.7 per cent).

The data suggest that the spike in energy prices led to a higher share of imports in 2022.

In 2023, however, the EU’s import and domestic production shares returned to their 2021 levels, reflecting a return to levels before the energy crisis.

The highest import dependency ratio was recorded for industrial products, with a 15.4 per cent share of imports (€1.82 trillion in imports value and €10.03 trillion in domestic production) in 2023.

When it came to the use of goods and services, nearly half (48.1 per cent) of the products supplied in the EU were used for intermediate consumption, i.e. to produce other goods and services, in 2023.

Final consumption, primarily by households and governments, accounted for 32.1 per cent, while exports and gross capital formation, including investments, made up around 10 per cent of product use each.

The EU supply and use pattern reveals a notable shift in the external trade balance from 2022 to 2023.

While imports decreased €330 billion in 2023, partly due to decreasing global energy prices, exports decreased by only €16 billion.

As a result, the EU’s trade surplus more than doubled, rising from €228 billion in 2022 to €542 billion in 2023.

Strong growth in domestic production, combined with moderate growth in intermediate consumption, led to a €1.04 trillion increase in gross value added, reaching a level of €15.54 trillion in 2023.