Economy of the sea in Portugal worth nearly €5 billion

05 Sep 2018

SwimmingThe Economy of the Sea in Portugal is now worth nearly €5 billion, totalling to €4.2 billion in gross added value (GAV), according to data from the Annual Economic Report on the EU Blue Economy 2018 – as reported on portugalresident.

It represents 2.6% of GAV for the Portuguese Economy and brings in around €4.8 billion in GDP, according to Jornal Económico.

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.

The ever-growing coastal tourism sector had led to the employment of around 178,000 people in 2016 – and this figure only keeps increasing, having contributed to 75% of all jobs in the blue economy and 78% of all profits.

Portugalresident described the goal of the annual report on the EU blue economy as one which “aims to describe the scope and size of this particular 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 looks into 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 covers all activities related to oceans, seas and coasts as well as a wide range of established and emerging sectors, including aquaculture, fish processing industries, fisheries, ports, warehousing and water projects, shipbuilding and repairs, coastal tourism, marine extraction of oil and gas, and more.