rss icon Subscribe
desktop mobile

Maritime Contributes $56.8B To UK Economy

The UK maritime sector makes a major contribution to the country’s economy. (Photo© Adobe Stock / harlequin9)

Tom Mulligan

A new report commissioned by Maritime UK and the UK's Center for Economics and Business Research (CEBR) has recognized the contribution of the UK maritime sector to the country's economy. The report notes that the sector facilitates 95 percent of all UK trade and that it is larger than both the automotive and aerospace transportation sectors, contributing a total of £46.1 billion ($56.8 billion) to the UK's GVA in 2017, an £8.3 billion increase over 2010. The sector's direct GVA contribution in 2017 was £17 billion ($21 billion), a 25 percent increase on 2010 (£13.6 billion or $16.8 billion). The sector was also found to be a valuable contributor to the Exchequer, having directly generated an estimated £5.3 billion ($6.53 billion) in tax revenues for the UK in 2017, 20 percent higher than the figure for 2010.

The report found that direct employment is concentrated in Scotland, London and South East England, Scotland and London each accounting for 19 percent of the maritime workforce, while the highest concentrations of business turnover directly generated in 2017 were also in London, the South East and Scotland. Combined, the three regions contribute 68 percent of total maritime economic impact to the UK's GVA.

The report also found that the maritime sector directly supports 220,100 jobs in the UK, an increase of 24,000 jobs from 2010, and that the total employment impact of the maritime sector was 1.07 million jobs in 2017, an increase of 13 percent on 2010.

Sep 12, 2019

 

Finance

Dynagas LNG Secures $675Mln Loan

Pic: Dynagas LNG Partners LP

Dynagas LNG Partners LP, an international owner and operator of liquefied natural gas (LNG)

Global Ship Lease Bags Refinancing Deal

Pic: Global Ship Lease

Global Ship Lease (GSL), UK-based holding company and containership charter owner

Siemens Gamesa Ups 'Green' Credit to $1.4Bln

Pic: Siemens Gamesa

Wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE) has increased the amount of

Government Update

UK Launches Offshore Wind Leasing Round

Image: The Crown Estate

The Crown Estate has launched its Round 4 offshore wind leasing competition for the rights to

UK Invests in ‘Maritime and Me’ Diversity Program

UK Maritime Minister Nusrat Ghani has pledged £730,000 (about $910,000) in Government funding to increase diversity, well being and skills in the maritime sector, including £100

India Opens Second Multi-Modal Terminal

The Sahibganj multi-modal terminal on the River Ganges is now open for business. Indian Prime Minister Shri Narendra Modi inaugurated the new terminal yesterday (September 12, 2019). Also pictured are the Governor of Jharkhand State,Smt. Draupadi Murmu; the Union Minister for Tribal Affairs, Shri Arjun Munda; the Chief Minister of Jharkhand State, Shri Raghubar Das; and the Ministers of State for Agriculture and Farmers Welfare, Shri Parshottam Rupala and Shri Kailash Choudhary, plus other digni

The Government of India opened its second multi-modal terminal (MMT) yesterday, September 12, 2019.

Maritime Apps