A STUDY carried out by the Centre for Economics and Business Research (CEBR), and commissioned by Maritime UK, showed that the British maritime sector contributed GBP116 billion (US$144.9 billion) in total revenue to the UK economy in pre-Covid 2019, a 35 per increase over the contribution to the 2010 economy
For every pound of turnover generated directly by the sector, a further GBP1.09 was generated indirectly across the supply chain, underscoring the far-reaching impact of an industry that carries 95 per cent of Britain's global trade.
The sector's direct turnover stood at GBP55 billion in 2019, which outstrips the economic contribution of rail and aviation combined, and puts the industry ahead of road transport. And in 2019, UK maritime supported GBP48.9 billion in gross value added (GVA), an increase of 39 per cent on 2010.
According to the CEBR, the sector's ambitious investment pipeline and a quick recovery in global transport patterns, will lead to growth exceeding pre-pandemic levels by the end of 2022. Between 2021 and 2025, the CEBR predicts UK maritime will grow by 16 per cent.
Said Maritime UK chairwoman Sarah Kenny: "As an island nation, maritime surrounds all of us, and its impact is felt in every community across the UK."