Armin Kovači – University of Modern Sciences-CKM, Mostar, Zalik bb, Mostar, Bosnia and Herzegovina

Business indicators;
Stringency measures;
Business policy


Abstract: The global pandemic had a big effect on business and the econ­omy overall. Affected by the fear of the spreading virus, many countries im­plemented stringency measures. These measures additionally affected the level of business activities. The main objective of this study was to research and analyze the business effects of COVID-19 measures at the level of the European Union. Business indicators included business investment rate, the gross profit share of non-financial corporations, assets of non-financial cor­porations as a percentage of GDP, economic sentiment indicator, produc­tion in construction, production in industry, and the volume of retail trade (monthly data, percentage change on previous period). The main indicator used to show the level of stringency measures was the COVID-19 Stringen­cy Index. Results showed a high correlation between stringency measures and business investment rate, assets of non-financial corporations, produc­tion in industry, production in construction and volume of retail trade. Some of these results could be under the influence of the European Union’s long-term budget, coupled with NextGenerationEU.

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7th International Scientific Conference – EMAN 2023 – Economics and Management: How to Cope With Disrupted Times, Ljubljana, Slovenia, March 23, 2023, CONFERENCE PROCEEDINGS, published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-69-1, ISSN 2683-4510, DOI:

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License ( which permits non-commercial use, reproduction and distribution of the work without further permission. 

Suggested citation
Kovači, A. (2023). Effects of COVID-19 Stringency Measures on Business Indicators in the European Union. In V. Bevanda (Ed.), International Scientific Conference – EMAN 2023: Vol 7. Conference Proceedings (pp. 19-25). Association of Economists and Managers of the Balkans.


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Additional reading

Ritchie, H., Mathieu, E., Rodés-Guirao, L., Appel, C., Giattino, C., Ortiz-Ospina, E., Hasell, J., Macdonald, B., Beltekian, D., & Roser, M. (2020). Coronavirus Pandemic (COVID-19). Published online at

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