The latest publication of Eurochambres Chief Economists Group, “The effects of AI on Europe’s productivity” found that a 1 percentage point increase in sectoral AI adoption could lead to a 0.33 percentage point increase in labour productivity.
Results point to an overall increase in AI adoption in Europe in recent years, still marked by significant heterogeneity across countries, firms and economic sectors. Small companies adopt AI less than medium companies, which in turn adopt AI less than large companies. This result is near-universal, common to all 32 countries considered, highlighting the need to provide SMEs with targeted support.
are lagging behind. (Note that North Macedonia is not represented in Eurochambers)
The econometric analysis identifies a positive and significant association between AI adoption and labor productivity. AI-based image recognition and process automation show the strongest association with productivity gains, and marketing and sales stands out as the business activity with the strongest relation with productivity increases.
Realising AI’s potential, however, also depends on complementary investments in skills, organisational capabilities, infrastructure and data availability, alongside a predictable regulatory environment.
Chambers of commerce play a key role in helping businesses, particularly SMEs, turn AI’s potential into practice. Drawing on best practices from eight European chambers, the study highlights how chambers can help companies overcome barriers to AI adoption and make the most of the opportunities it offers.
The paper, developed in collaboration with the Hungarian Chamber of Commerce and Industry (HCCI), was published on the 12 October.
More information here.
BMBC has held several events on the use of AI. Contact us for any question or suggestion to promote solutions you may have.
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