32
my by the banks has generated half a per cent
of economic growth, or In other words, that
the financial sector accounted for one fifth of
the total economic growth that took place in
Belgium in 2011.
Another important factor when calculating
the added value of the financial sector is its
number of staff. In 2012, the sector represents
100,000
direct jobs, and indirectly about an-
other 120,000.
It is striking that the gross added value per
employee increased between 2007 and 2010
by 23.3% to reach €160,000. This indicates that
the sector pays great attention to the improve-
ment of its efficiency. It is no coincidence that
since 2008 improvement is noticeable in the
relationship between the costs and the in-
come of the sector. The financial crisis and the
pressure on profitability has resulted in more
efficient use by the financial sector of its re-
sources, which also means that this has some-
times resulted in a decrease in the number of
available jobs and greater work pressure.
tween the market value of a product and the
purchasing price of the raw materials. In the
financial sector, the added value in accounting
is the difference between the revenues from
services and interests on loans, on the one
hand, and the interest on deposits and funding
via the financial markets, on the other hand.
In a broader sense, the added value of the
financial sector consists in the extent to which
it automatically converts savings into loans
that promote economic growth.
In 2011, the added value of the financial sector
in the entire economy was 5.8%. The share of
the financial sector was even larger if we take
the tradable services sector (all commercial
services suppliers) as a benchmark.
Since the end of 2007, the financial sector has
granted €87.3 billion in additional loans to
companies, families and governmental bod-
ies. That means that for each extra euro in
savings, an additional euro has been invested
in the economy. Research at the KU Leuven
showed in 2011 that the funding of the econo-
“
From now on the financial sector
will have to focus on its core
tasks. That way it will secure its
indispensable link in economic life.”
Luc Coene, NBB, September 2012
2.
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PROSPERITY