The United States’ marine economy contributed about $373 billion to the nation’s gross domestic product in 2018 and grew faster than the nation’s economy as a whole, according to new statistics released today by two U.S. Department of Commerce agencies.
The Bureau of Economic Analysis (BEA) partnered with the National Oceanic and Atmospheric Administration (NOAA) in measuring the economic force of the nation’s oceans. Specifically, the “ocean economy’s” contribution to gross domestic product from commercial fishing, ship and boat building, ports, offshore oil and gas, tourism and recreational fishing, and other economic activity dependent on the oceans.
“These statistics are the first-of-its-kind estimate of the U.S. marine economy, a primary driver of jobs, innovation and economic growth,” said retired Navy Rear Admiral Tim Gallaudet, Ph.D., assistant secretary of commerce for oceans and atmosphere and deputy NOAA administrator. “Data such as these provide a critical baseline to inform, track progress and accelerate America’s economic recovery.”
The study considered 10 sectors representing businesses dependent on the nation’s oceans, coasts and Great Lakes between the years 2014 and 2018. It found marine-related gross domestic product grew 5.8% from 2017 to 2018, faster than the 5.4% growth of the total U.S. gross domestic product as measured […]
read more here —> gcaptain.com