EIB Group Survey on Investment and Investment Finance 2020: EU overview
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This brochure provides an overview of 2020 results for EU.
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EIB Group Survey on Investment and Investment Finance 2020 - European Investment Bank
EIB.
EIBIS 2020 – EU Overview
KEY RESULTS
Investment Dynamics
With COVID-19 abruptly hitting the economy, investment dynamics are negative in the European Union. Comparing investment between the last quarter of 2019 and the second quarter of 2020 shows a negative pattern for all member states, nevertheless with a significant spread across countries. Adding to this, EIBIS 2020 shows that EU firms are more likely to expect to reduce investment in the coming year than to increase it. This represents a substantial negative shift from EIBIS 2019.
Almost half of EU firms (45%) say that coronavirus has had a negative impact on their investment plans, leading them to delay or abandon plans and/or continue with plans on a reduced scale.
Investment Focus
On average, businesses across the EU spent almost half (47%) of their investment on replacement in 2019, in line with EIBIS 2019.
The largest share of investment in the last financial year went into machinery and equipment (49%), followed by land, business buildings and infrastructure (16%) and software, data and IT activities (13%).
Investment Needs and Priorities
Eight in ten firms say they invested about the right amount over the last three years (80%), while 15% report investing too little and 4% too much. These proportions are in line with EIBIS 2019. Three in five firms report that they were operating at or above full capacity in 2019 (61%, the same as in 2019).
Investment in replacement is the most commonly cited priority for the next three years (34%), followed by investment in new products or services (28%).
Innovation Activities
Around four in ten firms (42%) developed or introduced new products, processes or services as part of their investment activities, higher than in EIBIS 2019 (33%). Twenty per cent of EU firms can be classified as active innovators, in line with EIBIS 2019 but below the US (25%).
In total, 63% of firms have either fully or partially implemented a digital technology. While this is higher than in EIBIS 2019 (58%), it remains lower than the proportion in the US, specifically due to a lower use of IOT applications and drones.
Drivers and Constraints
Firms are on balance pessimistic about the political and regulatory climate, and expectations for the overall economic climate have also become more negative, continuing the increasingly pessimistic trend seen since 2018.
Uncertainty about the future is cited as the main long term barrier to investment (81%), followed by the availability of skilled staff (73%).
Investment Finance
The overall pattern of sources and types of finance used remains in line with EIBIS 2019. EU firms continued to fund the majority of their investment through internal financing (62%), while bank loans made up the largest share of external finance used for investment activities (59%). One in six firms (17%) did not seek any external finance because they are happy to use internal funds or do not need the finance.
Access to Finance
Firms that used external finance in