Economy of the Sea worth nearly €5Bn to Portugal

 In News

Economy of the Sea in Portugal is worth a total of €4.2Bn in gross added value (GAV) according to data from the Annual Economic Report on the EU Blue Economy 2018.

It represents 2.6% of GAV for the Portuguese economy according to Jornal Económico. In terms of GDP it brings in around €4.8Bn.

The figures are based on sectors that are now growing at a faster pace than the average growth in other sectors of the Portuguese economy.

According to PwC the three pillars of the economy of the sea in Portugal are fishing, sea tourism and the ports industry and maritime services.

In 2016, the sector employed around 178,000 people which has increased because of the booming costal tourism sector and contributed to 75% of all jobs in the Blue Economy  and 78% of all profits.

The Annual Report on the EU Blue Economy aims to describe the scope and size of the blue economy in the European Union, creating a baseline to support policymakers and stakeholders in the quest for sustainable development of oceans, seas and coastal resources.

It monitors developments in the EU blue economy annually and examine the drivers behind trends. The report examines not only established sectors, meaning those that have traditionally contributed to the blue economy, but also emerging and innovative sectors, which bring new economic opportunities.

The Blue Economy means all activities related to oceans, seas and coasts and covers a wide range of interlinked established and emerging sectors. These include: aquaculture, fish processing industries, fisheries, ports,  warehousing and water projects, shipbuilding and repairs, coastal tourism, marine extraction of oil and gas, desalination, bioeconomy and biotechnology among others.