ECSA issued an updated report concerning the economic contribution of the European shipping industry, in addition to the previously presented in Oxford Economics’ 2014, 2015 and 2018 studies, focusing on two measures of the industry’s contribution.
Specifically, the report analyses how the European shipping industry economically contributed to:
- the gross value-added contribution to GDP (referred to as the ‘contribution to GDP’ on the following pages).
- employment, on a head count basis.
According to the latest information from 2018, European shipping directly contributed €54 billion to the EU’s GDP. Taking into account the spillover effects onto other sectors such as supply chain and worker spending impacts, the total contribution stands at €149 billion. The industry directly employs 685,000 people, and it supports up to 2 million jobs when including the impact on other sectors.
In this update of the study on the economic value of the EU shipping industry, some sources of information used by some of the national shipping associations had changed. Accordingly, the 2018 and the 2015 results are not directly comparable. However, it is still possible to highlight the general trends in GVA and employment over the period. For reference, ECSA found an average annual decrease in GVA of 1.8% between 2015 and 2018, and an average annual employment increase of 2.5 % over the same period. Concluding, to learn more you may click on the report herebelow
