One element is capital deepening, that is, the rate at which the stock of equipment, software, and so forth is expanding relative to the number of workers, or - to put it even more simply, how fast workers are getting more of the tools they need.
Chart 17 illustrates this for the trade balance. Whereas the euro area goods trade balance generally registered a surplus of around two per cent before the pandemic, the goods trade balance has gradually deteriorated over 2021. This deterioration reflects the steady worsening of the energy and food trade balance, which was largely driven by the rising bill for energy imports.