Heterogeneous Impact Across Industries, Depending on Their Energy Intensity 2

Difference 1: The Current Shock is Likely to be Smaller and Less Persistent than the 2022/23 Energy Crisis 3

Difference 2: The Current Shock is Less Centred on Gas and More on Oil 5

Difference 3: The Current Shock is Less Concentrated on Europe 7

Manufacturing Drag Should be Notably Smaller than in 2022/23, and Less Concentrated in Energy-Intensive Industries 9