Fake brands cost economy €60 billion annually, EU study shows

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Recent findings published in a report by the European Union Intellectual Property Office (EUIPO) shows that €60 billion are lost annually as a result of counterfeiting products in 13 economic sectors. A total of 464,000 jobs are lost in these sectors.

In Malta, the textile, cosmetic, medicinal, wine and spirits, jewellery industries are negatively impacted by counterfeiting, where some that €82 million are lost annually, according to the same study.

The research was carried out over five years. For every European citizen €116 are lost  yearly.