According to the statistics, United States’ marine economy contributed about $373 billion to the nation’s gross domestic product during 2018 and grew faster than the nation’s economy as a whole.

Credit: NOAA

In fact, the initiative calculated the contribution to gross domestic product from commercial fishing, shipbuilding, seaports, beachfront hotels, and other economic activity related with 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. Data such as these provide a critical baseline to inform, track progress and accelerate America’s economic recovery.

...Navy Rear Admiral Tim Gallaudet, Ph.D., assistant secretary of commerce for oceans and atmosphere and deputy NOAA administrator noted.

Credit: NOAA

What is more, marine-related gross domestic product increased by 5.8% from 2017 to 2018, faster than the 5.4% growth of the total U.S. gross domestic product as measured in current dollars. Businesses included in the report also supported 2.3 million jobs in 2018.

These prototype statistics offer a baseline for understanding the importance of the ocean economy, including recreation, seafood, transportation and ship building. Businesses, policymakers, and coastal communities can use these economic data as a compass as they chart the way forward.

....Mary Bohman, BEA’s acting director noted.

Overall, in light of the blue economy issue the European Commission recently announced partnership with the European Investment Fund, part of the European Investment Bank (EIB), to launch the BlueInvest Fund, a €75 million equity investment fund for the blue economy.