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EU industrial structure 2011 — Trends and Performance is formal educational attainment. This has the advantage of being easily available information, although it is a rough approximation of human capital that does not take account of the post‑schooling accumulation from training at the workplace and experience (learning by doing). 47 In this section the indicator used is the distribution of 47 For a discussion of proxies for human capital in empirical studies, see Greiner, Semmler, and Gong (2005). On different ways of measuring the stock of human capital, including a discussion on the limitations of educational attainment as a proxy for human capital, see OECD (1998). 72 employment in each sector by educational attainment. The International Standard Classification of Education (ISCED) classification identifies levels of education from 0 to 6 and was used to measure, in each sector, the proportion of low‑skilled, medium‑skilled and high‑skilled people, cf. Box III.4. box III.4: Using International Standard Classification of Education to define skill categories The International Standard Classification of Education (ISCED) differentiates seven levels of education. ‑ Level 0: pre‑primary ‑ Level 1: primary education ‑ Level 2: lower secondary ‑ Level 3: upper secondary ‑ Level 4: post‑secondary non‑tertiary ‑ Level 5: first stage of tertiary education ‑ Level 6: second stage of tertiary education. The publication has aggregated the levels in three categories so that total employment in each sector can be broken down in three skill categories instead of seven: ‑ Low skilled: Level 0, Level 1 and level 2 ‑ Medium skilled: Level 3 and level 4 ‑ High‑skilled: Level 5 and level 6. The skill intensity of sectors in the EU‑27, according to NACE Rev. 2, reveals a contrasting picture as far as manufacturing sectors are concerned. The pharmaceutical industry is the manufacturing sector that stands out most in the EU, with about half the employed having a tertiary level of education (high skill). The educational sector has the highest proportion of highly qualified staff. Two thirds of people working in this sector are highly qualified. This sector is followed by the professional, scientific and technical activities (60 % of high skilled) and the information and communication sector (54 % of high skilled). It is closely followed by certain services industries: the financial and insurance activities, human health and social work as well as art and entertainment and creation. Financial and insurance activities is also the sector where the proportion of low‑skilled is the smallest compared to any other. Coke and refined petroleum, computer, electronic and optical products, other transport equipment, the chemical and the machinery industry all have at least one quarter highly skilled employees. At the other end of the scale are the sectors where low levels of education prevail, defined as more than 30 % of the workforce: leather, textiles, wood, and wearing apparel. Other sectors — from other transport equipment to paper products — are in an intermediate position, with a similar share of high and low education attainment. In interpreting these figures the meaningful indicator should be the flow of services from the human capital stock, which is related to the utilisation rate of the human capital stock, rather than the capital stock itself, cf. Figure III.15.
FIgURE III.15: Employment by educational attainment in the EU-27 in 2009 Agriculture and forestry Leather and footwear Clothing Wood and wood products Furniture Accomodation & food Textiles Food Metal products Construction Transportation & storage Non-metallic mineral products Paper Basic metals Rubber and plasticss Wholesale and retail trade Mining and quarrying Printing Administration Repair of machinery Other manufacturing Electrical eq. Tobacco Motor vehicles Beverages Machinery n.e.c. Other services activities Chemicals and chemical products Other transport eq Real Estate activities Electricity and gas Cmputer, electronic and optical Rened petroleum Arts & entertainment Human health and social work Financial & insurance activities Pharmaceuticals Information Extraterritorial organisations and bodies Professional, Scientic and Technical activities Education Source: calculated using Eurostat’s labour force survey data. Apart from the relevance of human capital when analysing growth and growth‑related issues, the educational level of the labour force is important for assessing competitiveness, particularly in an international context. By encouraging the adoption and development of technology and ideas, human capital makes enterprises and sectors competitive labour‑intensive sectors, characterised by low‑education employment, may be particularly sensitive to competition from low‑wage developing countries Examples of manufacturing sectors in this situation are wearing apparel, textiles, furniture and other manufacturing, and fabricated Chapter III — Drivers of Sector Growth and Competitiveness High Medium Low 0 10 20 30 40 50 60 70 metal products, which also exhibit poor performance in external trade in terms of the revealed comparative advantage index (see Chapter V). In contrast, chemicals, the manufacturing sector with the highest component of high‑education employment (33 %), and also characterised as capital‑intensive, ranks highly in revealed comparative advantage. It is worth emphasising that unit labour costs, and not merely wage differences, is the relevant indicator for assessing cost competitiveness, and that gains from trade, for both high‑ and low‑wage countries, are determined by comparative, rather than absolute, advantages. 73
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EU industrial structure 2011 Trends
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