In the Euro Area, almost 170 thousand jobs exist thanks to coins (iwi, 2019)

July 10, 2019 Share Source
The statistic comes from the Institute for Industrial Research study, Mints in Europe EU28 from an Economist’s View, published in 2019.

The report gives a more complete picture of the role of coins in the European economy, using a model to quantify the economic impacts beyond the input-output model. To do this, the report delves into four dimensions: direct, indirect, induced and associated effects.

Key findings include

  • For every Euro coin produced by a Mint in Europe, the supply industry produces additional goods worth €4.95, with the added value for the economy amounting to €5.30 for every Euro minted.
  • For each one of the 3,586 people employed at Mints, there are another 10 in the whole economy that have a job only because of the production of coins.
  • Coin minting in the European Union generates more than €13 billion of production.
  • The employment of 16,858 people is directly or indirectly linked to coin production.
  • A total of €13,797 million of production are generated by the macroeconomic and associated effects of mints or coins in the economy.
  • Employment for 169,858 persons in the EU28 are generated by the macroeconomic and associated effects of mints or coins in the economy.
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The document is a pocket edition of the Global Findex database, presenting its third round of data collection since the Global Findex database was launched in 2011. Indicators are organized by country, region and income group, and delve into the use of formal and informal financial services.

Download the report here

Read more about the report here

Last Updated: July 10, 2019