The 2018 marine economy outpaced U.S. economy

June 11th, 2020 Posted by Uncategorized 0 comments on “The 2018 marine economy outpaced U.S. economy”

WASHINGTON, D.C.–A report published by the National Oceanic and Atmospheric Association( NOAA) perceived the U.S. marine economy- too denoted as the “blue economy”- contributed an estimated $373 billion to the national gross domestic product in 2018. The same report territory the American off-color economy originated at a faster speed in 2018 “than the nation’s economy as a whole.”

NOAA’s announcement on June 2 was based upon naval economy statistics released after two Department of Commerce agencies.

Ten sectors of the marine economy, representing firms dependent upon our oceans and coasts between 2014 and 2018, were analyzed by NOAA and the Bureau of Economic Analysis( BEA ). The growth rate of marine-related growth domestic product from 2017 to 2018 was 5.8 percentage, according to NOAA staff. The growth rate for the U.S. economy, as a whole, in the same time period was 5.4 percent.

As many as 2.3 million jobs, in 2018, were endorsed by jobs appear in the report, NOAA organization added.

“These statistics are the first-of-its-kind estimate of the U.S. naval economy, a primary driver of jobs, innovation and financial expansion, ” retired Navy Rear Admiral Tim Gallaudet, Ph.D ., assistant secretary of commerce for oceans and atmosphere and lieutenant NOAA administrator, said “Data such as these accommodate a critical baseline to inform, line progress and accelerate America’s economic recovery.”

The 10 sectors has included the Department of Commerce and NOAA study were: tourism and recreation, including recreational net ($ 143 billion ); national defense and public administration ($ 124 billion ); offshore minerals ($ 49 billion ); transportation and warehousing ($ 25 billion ); commercial fishing and aquaculture ($ 13 billion ); send and boat construct ($ 9 billion ); power generation ($ 4 billion ); research and education ($ 3 billion ); interpretation ($ 2.5 billion ); and, professional and technical services ($ 31 million ).

“For the first time, the United Nation has ocean data that can be compared with our official statistics on other U.S. industries and with the ocean economies of other nations, ” Mary Bohman, BEA’s acting director, said. “These prototype statistics volunteer a baseline for understanding the importance of the ocean economy, including recreation, seafood, transportation and ship building. Ventures, policymakers, and coastal societies can use these financial data as a compass as they chart the way forward.”

Read more: fishrapnews.com.

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