Abstract
The bio-based economy will be crucial in achieving a sustainable development, covering all ranges of natural resources. In this sense, it is very relevant to analyze the economic links between the bioeconomic sectors and the rest of the economy, determining their total and decomposed impact on economic growth. One of the major problems in carrying out this analysis is the lack of information and complete databases that allow analysis of the bioeconomy and its effects on other economic activities. To overcome this issue, disaggregated social accounting matrices have been obtained for the highly bio-based sectors of the 28 European Union member states. Using this complex database, a linear multiplier analysis shows the future key role of bio-based sectors in boosting economic development in the EU. Results show that the bioeconomy has not yet unleashed its full potential in terms of output and job creation. Thus, output and employment multipliers show that many sectors related to the bioeconomy are still underperforming compared to the EU average, particularly those with higher value added; although, they are still crucial sectors for the wealth creation.
Highlights
The bioeconomy comprises several economic sectors, academic disciplines, and areas of policy
The first phase consists of designing a standard social accounting matrices (SAMs), distinguishing the activities and commodities according to the classification of activities and products in Eurostat NACE2 Rev. 2 (Nomenclature statistique des Activités économiques dans la Communauté Européenne Rev. 2—Statistical classification of Economic Activities in the European Community, revised version 2) and CPA (Classification of Products by Activity), respectively
In order to analyze the results more clearly, the productive sectors considered in the BioSAMs have been aggregated, first into coherent sectors of activity and in subsectors related to the broad groups of activities included in the bioeconomy
Summary
The bioeconomy comprises several economic sectors, academic disciplines, and areas of policy It encompasses the production of renewable biological resources and the conversion of these resources and waste streams into value-added products such as food, feed, bio-based products, and bioenergy. The objective is to integrate economic activities with natural resources, because are the natural resources not always in line with the markets, but because its own intrinsic potential may be a decisive factor in growth. In this way, the economy is defined more widely and is allowing the development of a new bioeconomic model to reconcile public and private interests with the common interest. The work of Georgescu-Roegen [2,3] discusses when economic development is included in the energy flow of the biosphere
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