America’s “blue economy” accounted for nearly $397 billion or 1.9 percent of GDP during 2019, with tourism and recreation – including fishing – the top contributor.
America’s marine economy contributed about $397 billion to the nation’s gross domestic product in 2019 and grew faster than the nation’s economy as a whole, according to the most current results of the first official Marine Economy Satellite Account from two Department of Commerce agencies.
“America’s strong marine economy is absolutely vital for building back better,” said Secretary of Commerce Gina M. Raimondo. “President Biden sees the immense value and potential of strengthening America’s blue economy, and this administration will continue to take actions to combat the climate crisis, conserve our oceans, and protect our coastal communities.”
Experts from The National Oceanographic and Atmospheric Administration and the Bureau of Economic Analysis made the findings when describing 10 sectors representing businesses dependent on the nation’s oceans, coasts and Great Lakes between the years 2014 and 2019.
The statistics offer national estimates for ocean, coastal and Great Lakes-related economic activity by major sector, accounting for inflation, according to the report.
Marine-related gross domestic product grew 4.2 percent from 2018 to 2019, faster than the 2.2 percent growth of the total U.S. gross domestic product as measured in inflation-adjusted dollars.
Click here for the full report from Joseph Healy at Trade Only Today.
