Obstacles to economic activity in the EU : a survey-based analysis.
Date: 2025-02-19
Institutions: Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs
Subjects: European Union, economic activity, economic survey, single market, type of business

 
 
 
 
EUROPEAN COMMISSION 

Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs 
Directorate A – Strategy & Economic Analysis 
Unit A1 – Chief Economist Unit 

The opinions expressed in this paper are the author’s alone and cannot be attributed to the European Commission. 

Contact:   Andreas REUTER 

E-mail:  Andreas.REUTER@ec.europa.eu 

Acknowledgements:  The  issue  addressed  in  this  Economics  Brief  was  discussed  by  DG  GROW’s  Expert  Group  ‘Chief 
Economists  Network  with  the  Member  States’  on  5  December  2024,  as  well  as  the  Council  ‘Working  Party  on 
Competitiveness  and  Growth  (High  Level)’  on  13  February  2025.  This  Economics  Brief  factors  in  the  outcomes  of  the 
discussions in both fora.  

The author is grateful to Román Arjona, Julie Delanote and Laurent Maurin for useful comments and suggestions. 

European Commission 
B-1049 Brussels 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obstacles to Economic Activity in 
the EU  
- a survey-based analysis1 

Single Market Economics Briefs 

Andreas REUTER 

1 The issue addressed in this Economics Brief was discussed by DG GROW’s Expert Group ‘Chief Economists Network with 
the  Member  States’  on  5  December  2024,  as  well  as  the  Council  ‘Working  Party  on  Competitiveness  and  Growth  (High 
Level)’ on 13 February 2025. This Economics Brief factors in the outcomes of the discussions in both fora. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEGAL NOTICE 

This document has been prepared for the European Commission however, it reflects the views only of the authors, and the 
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ISBN 978-92-68-25024-2 

ISSN 2811-6925 

doi:10.2873/8215117  ET-01-25-010-EN-N 

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© European Union, 2025 

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Table of Contents 

1. 

Introduction ................................................................................................... 7 

2.  Results ........................................................................................................... 7 

2.1. Main obstacles to economic activity according to EU BCS ........................... 7 

2.2. Economic security ........................................................................................ 8 

2.3. Shortages of labour ..................................................................................... 9 

2.4. Inadequate digital and transport infrastructure ........................................... 11 

2.5. Energy costs .............................................................................................. 12 

2.6. Availability of finance and business regulation ........................................... 13 

2.7. The impact of obstacles on companies’ competitive position ..................... 14 

3.  Conclusions ................................................................................................. 15 

6 

 
 
 
 
 
1. Introduction 

There  is  a  wide-spread  awareness  of  a  lack  of  economic  dynamism  in  the  EU.  As  the 
Draghi-report  puts  it  “Europe  has  been  worrying  about  slowing  growth  since  the  start  of 
this century [and while] various strategies to raise growth rates have come and gone, … 
the trend has remained unchanged”.  

An  important  element  to  fight  economic  inertia  is  to  minimise  obvious  obstacles  to 
economic activity. The number of such possible barriers is extensive, including regulatory 
burden, market fragmentation, scarcity of inputs such as labour, inadequate infrastructure 
and  many  more.  In  the  context  of  the  ongoing  decarbonisation  of  the  EU  economy,  a 
number  of  obstacles  have  gained  increased  relevance  such  as  permitting  procedures, 
access to energy and energy infrastructure, funding and markets.  

While policies aimed at removing obstacles to unlock growth and help companies achieve 
their  decarbonisation targets  are  widely  accepted,  it  is  inherently  intricate  to  quantify  the 
exact significance of the various hurdles and, by extension, their relative importance. This 
note  harnesses  three  high-quality  business  surveys  that  inquire  managers  about  the 
economic  obstacles  faced  by  their  companies,  shedding  light  on  their  significance  from 
the perspective of the economic agents concerned. 

The  first  survey  considered  in  this  note  is  the  ‘Joint  Harmonised  EU  Programme  of 
Business  and  Consumer  Surveys’  (EU  BCS),  which  interrogates  every  month  some 
120,000  company  managers  from  all  across  the  EU  about  various  aspects  of  their 
business  (trend  in  production,  employment,  etc.),  including  the  factors  limiting  their 
production/business. Established in the 1960s, the programme tracks managers’ answers 
over  several  decades.  The  EU  BCS  is  complemented  in  this  note  with  data  from  the 
European  Investment  Bank  Investment  Survey  (EIBIS),  which  targets  every  year  12,000 
EU  and  800  US  enterprises,  inquiring  them  about  various  aspects  related  to  their 
investment  activities  (trend,  investment  areas,  etc.)  and,  importantly,  the  main  obstacles 
they face. Finally, the note also makes use of the special module of the EIBIS dedicated 
to  SUpply  CHains  (SUCH),  which  was  initiated  in  2023.2  It  surveys  around  2,000 
enterprises  across  the  EU  about  the  supply-chain  disruptions  encountered  and  the 
mitigating strategies taken by firms.  

2. Results 

2.1. Main  obstacles  to  economic  activity  according  to  EU 

BCS 

The EU BCS programme asks managers to choose the factors limiting their production / 
business from  the following  list:  “none”, “insufficient  demand”, “shortage of  labour force”, 
“shortage of material and/or equipment (for manufacturing companies) / shortage of space 
and/or  equipment  (for  services  companies)”,  “financial  constraints”  and  “other  factors”. 
Figures  1  and  2  report  the  four  factors  most  often  mentioned,  separately  for  the 
manufacturing and services sector. 

It clearly emerges that today EU firms are facing a set of obstacles. At present, only 
36%  of  manufacturing  and  41%  of  services  companies  report  to  be  unconstrained  by 
obstacles.  When  abstaining  from  the  pandemic-induced  turmoil  in  2020-22,  the  current 

2 A second survey-wave was conducted in 2024 and will be followed by a third one in 2025. The presentation of the 2024-
results is expected in Summer 2025. 

7 

 
 
 
 
score  is  exceptionally  low  compared  to  the  last  twenty  years  and  its  descent  seems  to 
have started in 2017 already. 

Zooming into the different obstacles, the following observations emerge: (i) Shortages of 
material/equipment were the dominating concern of manufacturing companies during the 
pandemic,  but  they  seem  to  have  significantly  decreased  and/or  effective  coping 
strategies  been  adopted  (also  see  next  section  on  ‘economic  security’).  In  services, 
shortages of equipment and space were never as prevalent; (ii) A lack of demand is the 
most  frequent  obstacle  to  economic  activity  at  the  current  juncture;  (iii)  In  both 
manufacturing  and  services,  shortages  of  labour  are  on  a  persistent  upward-trend 
since  2014  and  close  to  historical  highs.  Noting  the  positive  correlation  between 
demand and the need for labour, the recent decline of labour shortages in manufacturing 
can be mostly traced to weak demand and is unlikely to constitute a genuine break of the 
prevailing upward trend. 

Figure 1: Most frequent factors limiting 
production (EU manufacturing) 

Figure 2: Most frequent factors limiting 
business (EU services) 

Source: Joint Harmonised EU Programme of Business and Consumer Surveys (EU BCS Survey) 
Manufacturing Question: “What main factors are currently limiting your production? - none - insufficient demand - shortage 
of labour force - shortage of material and/or equipment - financial constraints - other factors” 
Services Question: “What main factors are currently limiting your business? - none - insufficient demand - shortage of labour 
force - shortage of space and/or equipment - financial constraints - other factors” 

2.2. Economic security 

Figure  3  shows  the  percentage  of  EU  firms3  that  encountered  different  types  of  supply-
chain  bottlenecks  in  2022/23,  according  to  the  first  wave  of  the  EIB/DG  GROW  supply 
chain  survey  (SUCH).  The  bottleneck  most  often  experienced  as  a  major  obstacle 
(37% of all respondents), related to access to commodities and raw materials (steel, 
copper,  fossil  fuels,  lithium,  etc.),  many  of  which  essential  for  the  green  and  digital 
transitions. About a third of EU importers (34%) also highlight disruptions of logistics and 

3 The percentage refers only to companies relying on imported inputs for their production/services. 

8 

 
 
 
 
 
 
transport  as  major  obstacles  to  the  functioning  of  their  business  activities.  Access  to 
semiconductors  and  microchips  (23%),  as  well  as  other  components,  semi-finished 
products, and equipment (27%) was a less frequent nuisance raised by firms.  

In terms of response strategies that were adopted to deal with supply chain distress, the 
most  popular  (see  Figure  4)  were  to  increase  stocks/inventory  (31%),  diversify  suppliers 
(24%)  and  invest  in  digital  tracking  (20%).  The  reduction  of  imports  and  import 
substitution,  by  contrast,  were  less  frequently  applied  by  10%/14%  of  companies 
respectively.  A  likely  reason  is  that  some  products  are  indispensable  for  the  production 
process, but, at the same time, simply cannot be sourced from within the EU. 

Figure 3: Trade disruptions faced by EU 
firms 

Figure 4: EU firms’ response to trade 
disruptions  

Source: EIBIS 
Survey Question: “Since the beginning of 2022, were any of 
the following an obstacle to your business’s activities? Is it a 
major  obstacle,  a  minor  obstacle or  not  an  obstacle  at  all? 
A.  Access  to  commodities  or  raw  materials  (e.g.  steel, 
to 
copper, 
to  other 
semiconductors  and  microchips.  C.  Access 
components, 
or 
equipment.  D.  Disruptions  of  logistics  and  transport.  E. 
Compliance  with  new 
standards,  or 
certifications. F. Recent changes in customs and tariffs.” 

lithium,  etc.).  B.  Access 

semi-finished 

regulations, 

products, 

services, 

fuels, 

fossil 

Source: EIBIS 
Survey  Question:  “Since  the  beginning  of  2022,  has  your 
company  made  or  are  you  planning  to  make  any  of  the 
following  changes  to  your  sourcing  strategy?  A.  Increasing 
stocks  and  inventory.  B.  Investing  in  digital  inventory  and 
inputs  tracking  that  allows  you  to  track  goods  through  the 
supply chain and delivery to your premises. C. Reducing the 
share  of  goods  or  services  imported.  D.  Reducing  imports 
from outside the EU and substituting with imports from within 
the EU. E. Diversifying or increasing the number of countries 
you import from. F. None of the above.” 

2.3. Shortages of labour 

Figure 5 reports, for each Member State, by how much the share of companies suffering 
from  labour  shortages  multiplied  from  the  period  2005-07  to  the  period  2022-244.  The 
multiplier  is  reported  separately  for  manufacturing  (horizontal  axis)  and  services 
companies (vertical axis).  

The  following  observations  stand  out:  (i)  Labour  shortages  increased  in  virtually  all 
Member  States  and  across  both  sectors  (=  values  above  1),  with  the  exception  of 
Romania, Estonia, Latvia and Lithuania; (ii) In Italy, Spain, Hungary, Bulgaria and  

4 As survey data have a significant degree of volatility from month to month (quarter to quarter), the comparison relies on 
averages over the years 2005-07 and 2022-24.  

9 

 
 
 
 
 
 
Figure 5: How many times higher are labour 
shortages in 2022-24 than in 2005-07? 

labour 

shortages 
Denmark, 
intensified  much  more 
in 
services  than  in  manufacturing, 
the  opposite  holding  true  for 
(iii) 
Greece 
Germany, the Netherlands and 
Slovakia 
the 
strongest  tightening  of  the 
in 
labour  market 
manufacturing and services.  

and  Malta; 

experienced 

both 

As  shown  in  Figure  6,  over  the 
period  2022-24,  30%  of  EU 
services  companies  on  average 
reported  to  be  constrained  by 
labour  shortages.  The  headline 
figure  masks  a  high  degree  of 
heterogeneity  across  services 
sub-sectors5, 
from 
companies 
56.3% 
employment 
in 
specialising 
activities  (i.e.  listing  vacancies 
and  placing)  to  6.6%  in  the  field 
of 
and 
programming 
broadcasting activities.  

ranging 

for 

particularly 

A  closer  look  at  the  sub-sectors 
with the highest scores indicates 
that 
pressing 
labour  shortages  are  not 
confined  to  high-skilled  jobs, 
such  as  computer  programming 
(blue areas), but also to lower-
skilled  jobs,  e.g.  land  transport 
or accommodation (red areas).  

Source: EU BCS Survey 
Manufacturing  Question:  “What  main  factors  are  currently  limiting  your 
production? …- shortage of labour force …”. Services Question: “What main 
factors are currently limiting your business? … - shortage of labour force …” 
*  starting  period  2011-13,  **  starting  period  2014-16,  ***  extremely  volatile 
data 

Figure 6: EU Services: Labour as factor limiting 
production (average 2022-24) 

Source: EU BCS Survey 
Survey Question: “What main factors are currently limiting your business? … 
- shortage of labour force …” 

5  For  manufacturing,  the  EU-wide  average  over  the  period  2022-24  is  of  similar  magnitude  (25.0%),  but  there  is  less 
dispersion across sub-sectors.  

10 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.4. Inadequate digital and transport infrastructure 

The  EIBIS  survey  asks  firms  to  indicate,  for  several  items,  whether  these  constitute  a 
major,  minor  or  no  obstacle  at  all  to  their  investment  activities.  Figure  7  reports,  per 
Member State, the percentage of companies considering “access to digital infrastructure” 
(horizontal  axis)  and/or  “adequate  transport  infrastructure”  (vertical  axis)  as  a  major 
investment impediment.  

Figure 7: Share of firms reporting major long-
term investment impediments… 

for 

infrastructure, 

Inadequate 
transport 
infrastructure  seems  a  more 
EU 
issue 
pressing 
to 
than  access 
companies 
as 
digital 
evidenced  by 
the  majority  of 
countries  settling  clearly  above 
In  nine 
the  45-degree 
Member  States,  more  than  20% 
their 
of 
be 
investment 
by 
seriously 
inadequate 
transport 
infrastructure.  

activities 
constrained 

companies 

report 

line. 

to 

At the same time, there seems to 
be a high correlation between the 
to 
ability  of  Member  States 
transport 
provide  digital  and 
line), 
(red 
infrastructure 
suggesting that some overarching 
features of the countries drive the 
results 
budgetary 
resources).  

(e.g. 

Germany, 
Italy,  and  Latvia 
stand  out  with  a  comparatively 
high 
companies 
complaining  about  both  the  state  of  the  digital  and  transport  infrastructure.  By 
contrast,  Finland,  Denmark,  the  Netherlands,  Belgium,  Czechia,  and  Hungary  seem  to 
perform well in both dimensions.  

Source: European Investment Bank Investment Survey (EIBIS) 
Survey  Question:  “Thinking  about  your  investment  activities,  to  what 
extent  is  each  of  the  following  an  obstacle?  Is  it  a  major  obstacle,  a 
minor obstacle or not an obstacle at all? - access to digital infrastructure 
- adequate transport infrastructure …” 

share  of 

As shown in Figures 8 and 9, there seems to be a strong continuity over time in Member 
States’ provision of infrastructure: Countries which scored badly in 2016 continue doing so 
in  2023  and  vice-versa.  Still,  there  are  some  notable  exceptions:  Italy  and  Spain 
managed  to  improve  both  in  terms  of  digital  and  transport  infrastructure,  while 
Ireland  and  Cyprus  only  in  the  digital  and  Poland  in  the  transport  sphere.  Germany,  by 
contrast, declined in both metrics, whereas Luxembourg only in terms of its digital and 
Latvia/Malta in terms of their transport infrastructure.  

11 

 
 
 
 
 
 
 
 
 
 
Figure 8: Share of firms reporting major 
long-term investment impediments 
related to  
digital infrastructure 

Figure 9: Share of firms reporting major 
long-term investment impediments 
related to transport infrastructure 

Source: European Investment Bank Investment Survey (EIBIS) 
Survey Question: “Thinking about your investment activities, to what extent is each of the following an obstacle? Is it a major 
obstacle, a minor obstacle or not an obstacle at all? - access to digital infrastructure - adequate transport infrastructure …” 

2.5. Energy costs 

(pp) 

Figure  10  provides  a  dramatic 
illustration  of  the  extent  to  which 
energy  costs  are  weighing  on 
companies’ investment activity: (i) 
to  20196 
Compared 
(orange 
rectangle), 
the  share  of  EU 
companies  feeling  constrained 
by  energy  costs  in  2023  (blue 
rectangle) 
increased  by  22.8 
percentage  points 
in 
manufacturing  and  29.5  pp  in 
services;  (ii)  In  2023,  the  EU-
wide 
companies 
reporting  energy  costs  as  an 
is  as  high  among 
impediment 
services as among manufacturing 
companies 
rectangle), 
(blue 
indicating that the costs have so 
even 
much 
businesses  with  low  energy-
intensity start suffering; (iii) The 
distribution  of  country  results  is 
much  more  condensed  in  2023 
(blue  dots)  than  in  2019  (orange 

spiralled 

share 

that 

of 

Figure 10: Share of firms reporting energy costs 
as major or minor investment impediment 

Source: European Investment Bank Investment Survey (EIBIS) 
Survey Question: “Thinking about your investment activities, to what extent is 
each  of  the  following  an  obstacle?  Is  it  a  major  obstacle,  a  minor  obstacle  or 
not an obstacle at all? - energy costs…” 

6  Gas  prices  in  Europe  did  not  only  rise  since  the  Russian  war  of  aggression  against  Ukraine  but  saw  already  sharp 
increases during the COVID-19 pandemic, making 2019 an appropriate year of reference.  

12 

 
 
 
 
 
 
 
dots), resulting in a situation where, even in the Member States with the lowest energy 
prices, more than 60% of companies perceive them as an obstacle.  

The  evidence  provides  strong  support  to  policy  actions  that  ensure  access  to  affordable 
and abundant decarbonised energy for Europe’s energy-intensive industries (EII). 

2.6. Availability of finance and business regulation 

to 

related 

As  shown  in  Figures  11  and  12, 
challenges 
the 
availability  of  finance,  as  well 
as  business  regulations  are 
taking  a  toll  on  companies’ 
activities. 
investment 
Depending on the country, access 
to  finance  can  be  an  obstacle  for 
than  a  quarter  of  all 
more 
companies 
Spain, 
Cyprus,  Poland),  lending  support 
facilitate  and 
to 
to 
simplify access to funding.  

the  need 

(Latvia, 

of 

impact 

The 
business 
regulations  seems  even  more 
intense,  being  cited  by 26%  of  all 
EU  companies  as  a  major 
investment impediment. The high 
cross-country dispersion in the 
share  of  affected  firms  (more 
than  45%  in  Spain/Portugal  vs. 
less  than  5%  in  Czechia  and 
Denmark) 
the 
potential  role  of  national,  on 
top of EU regulation, as well as 
the  degree  of  digitisation  of 
public institutions. 

highlights 

Figure 11: Share of firms reporting availability of 
finance as a major investment impediment 

Source: European Investment Bank Investment Survey (EIBIS) 
Survey  Question:  “Thinking  about  your  investment  activities,  to  what 
extent  is  each  of  the  following  an  obstacle?  Is  it  a  major  obstacle,  a 
minor obstacle or not an obstacle at all? - availability of finance…” 

Figure 12: Share of firms reporting business 
regulations as a major investment impediment 

Source: European Investment Bank Investment Survey (EIBIS) 
Survey  Question:  “Thinking  about  your  investment  activities,  to  what 
extent  is  each  of  the  following  an  obstacle?  Is  it  a  major  obstacle,  a 
minor obstacle or not an obstacle at all? – business regulations…” 

13 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.7. The  impact  of  obstacles  on  companies’  competitive 

position 

The  many  challenges  discussed 
previously  have  a  potential 
bearing 
global 
on 
competitiveness of EU firms.  

the 

Figure 13: Manufacturing firms' competitive 
position outside EU: change from 2005-07 to 
2022-24 (by MS) 

edge 

assess  whether 

these 
To 
the 
obstacles  have  eroded 
competitive 
EU 
of 
companies,  we  harness  a  survey 
the  EU  BCS 
question 
programme, 
queries 
manufacturing  executives  about 
changes in their firms' competitive 
position  outside  the  EU  over  the 
last three months.  

which 

from 

Figures  13  and  14  illustrate  the 
shifts  in  managerial  perceptions, 
reporting 
their 
the  change 
average  assessments  from  the 
period 2005-07 to 2022-24. 

in 

in  Figure  13, 
As  highlighted 
companies  in  eleven  Member 
States highlighted a significant 
their 
deterioration 
international  competitiveness. 
Germany and Austria stand out 
with  particularly  pronounced 
losses.  

of 

for 

A  look  at  the  underlying  time-
series 
the  EU  aggregate  
suggests  that  about  60%  of  the 
competitive  erosion  occurred 
as  a  result  of  the  2022  energy-
shock,  which  emphasises 
the 
relevance  of  strengthening  EU 
inter  alia  via 
competitiveness, 
affordable 
abundant 
decarbonised energy.  

and 

Source: EU BCS Survey 
Survey Question: “How has your competitive position on foreign markets 
outside the EU developed over the past 3 months? It has... - improved  
- remained unchanged - deteriorated” 
Figures report the change between the periods 2005-07 and 2022-24 in 
respect  of  the  average  quarterly  balance  scores  (=%  of  positive  replies 
minus % of negative replies).  

Figure 14: Manufacturing firms' competitive 
position outside EU: change from 2005-07 to 
2022-24 (by sub-sector) 

Zooming  in  on  the  manufacturing 
sub-sectors 
(see  Figure  14), 
declining  competitiveness  seems 
to be a widespread phenomenon. 
The  four  most  battered  sub-
sectors  do  not  only  include 
industries 
energy-intensive 
(basic  metals,  chemicals),  but 
also  others  (manufacturing  of 
electrical  equipment,  automotive 
industry),  illustrating  that  faltering 
competitiveness  appears  as  a 
multi-faceted phenomenon which can only be partly attributed to higher energy prices. 

Source: EU BCS Survey 
Survey Question: “How has your competitive position on foreign markets 
outside the EU developed over the past 3 months? It has... - improved  
- remained unchanged - deteriorated” 
Figures report the change between the periods 2005-07 and 2022-24 in 
respect  of  the  average  quarterly  balance  scores  (=%  of  positive  replies 
minus % of negative replies). 

14 

 
 
 
 
 
3. Conclusions 

This  note  harnesses  three  high-quality  business  surveys  to  get  a  sense  of  the 
prevalence  of  the  various  obstacles  to  economic  activity  and  their  significance  from  the 
perspective of the economic agents concerned. It clearly emerges that EU firms are facing 
several  barriers  to  their  economic  activity,  with  only  36%  of  manufacturing  and  41%  of 
services companies reporting to be unconstrained by obstacles. 

Shortages  of  material/equipment  were  the  dominating  concern  of  manufacturing 
companies during the pandemic, but they seem to have significantly decreased. The most 
popular  response  strategies  of  EU  firms  were  to  increase  stocks/inventory,  diversify 
suppliers  and  invest  in  digital  tracking,  while  reduction  of  imports  and  import  substitution 
were less frequent responses. 

Labour  shortages  increased  in  virtually  all  Member  States.  Germany,  the  Netherlands, 
and  Slovakia  experienced  the  strongest  tightening  of  the  labour  market  both  in 
manufacturing  and  services.  A  closer  look  at  developments  across  services  sub-sectors 
shows  that  particularly  pressing  labour  shortages  are  not  confined  to  highly-skilled  jobs, 
such as computer programming, but also to lower-skilled jobs, including land transport or 
accommodation.   

Inadequate  transport  infrastructure  seems  a  more  pressing  issue  for  EU  companies 
than  access  to  digital  infrastructure.  Germany,  Italy,  and  Latvia  stand  out  with  a 
comparatively high share of companies complaining about both the state of the digital and 
transport  infrastructure.  Compared  to  2016,  Germany  deteriorated  in  both  metrics,  while 
Italy and Spain improved. 

From  2019  to  2023,  the  share  of  EU  companies  feeling  constrained  by  energy  costs 
increased by 22.8 percentage points (pp) in manufacturing and 29.5 pp in services. These 
costs have spiralled greatly and thus (i) services companies, which have a comparatively 
low  energy-intensity,  are  as  concerned  as  manufacturing  companies  and  (ii)  even  in  the 
Member States with the lowest energy prices, more than 60% of companies report being 
affected. The evidence provides strong support to the goal to ensure access to affordable 
and abundant decarbonised energy for Europe’s energy-intensive industries (EII).  

Depending on the country, access to finance can be a relevant obstacle for more than a 
quarter  of  all  companies,  lending  support  to  the  need  to  facilitate  and  simplify  access  to 
funding.  The  high  cross-country  dispersion  in  the  share  of  firms  reporting  business 
regulations  as  investment  obstacle  stresses  the  potential  role  of  national,  on  top  of  EU 
regulation, as well as the degree of digitisation of public institutions. 

There  is  also  some  evidence  that  the  various  obstacles  had  a  negative  impact  on  EU 
companies’ competitive edge. Manufacturing firms in eleven Member States witnessed a 
significant deterioration of their competitiveness over the last 20 years, with the list being 
topped  by  Germany  and  Austria.  At  EU-level,  60%  of  the  erosion  of  competitiveness 
occurred as a result of the 2022 energy-shock, highlighting the relevance of policy action 
to  strengthen  EU  competitiveness  (inter  alia  via  affordable  and  abundant  decarbonised 
energy).  At  the  same  time,  the  four  most  battered  sub-sectors  include  non-energy 
intensive 
industry), 
industries  (manufacturing  of  electrical  equipment,  automotive 
illustrating  that  faltering  competitiveness  is  a  multi-faceted  phenomenon  which  cannot 
solely be attributed to the price of energy. 

15 

 
 
 
GETTING IN TOUCH WITH THE EU 

In person 

All over the European Union there are hundreds of Europe Direct centres. You can find the address of 
the centre nearest you online (european-union.europa.eu/contact-eu/meet-us_en) 

On the phone or in writing 

Europe  Direct  is  a  service  that  answers  your  questions  about  the  European  Union. 
You can contact this service:  

—  by freephone: 00 800 6 7 8 9 10 11 (certain operators may charge for these calls), 

—  at the following standard number: +32 22999696,  

—  via the following form: european-union.europa.eu/contact-eu/write-us_en 

FINDING INFORMATION ABOUT THE EU 

Online 

Information about the European Union in all the official languages of the EU is available on the Europa 
website (european-union.europa.eu) 

EU publications 

You  can  view  or  order  EU  publications  at  op.europa.eu/en/publications.  Multiple  copies  of  free 
publications  can  be  obtained  by  contacting  Europe  Direct  or  your  local  documentation  centre 
(european-union.europa.eu/contact-eu/meet-us_en). 

EU law and related documents 

For access to legal information from the EU, including all EU law since 1951 in all the official language 
versions, go to EUR-Lex (eur-lex.europa.eu) 

EU open data 

The  portal  data.europa.eu  provides  access  to  open  datasets  from  the  EU  institutions,  bodies  and 
agencies.  These  can  be  downloaded  and  reused  for  free,  for  both  commercial  and  non-commercial 
purposes. The portal also provides access to a wealth of datasets from European countries. 

 
 
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DOI: 10.2873/8215117 
ISBN 978-92-68-25024-2