The new edition of the EU Blue Economy Report is out, offering an in-depth analysis of European blue economy sectors and their performances based on the latest available data.
The blue economy encompasses all economic activities based on or related to the ocean, seas and coasts. This includes a large variety of economic sectors such as fisheries and aquaculture, coastal tourism, shipping, ports, and marine renewable energy.
The EU blue economy is in good shape overall
The EU blue economy is in good shape, with emerging sectors like ocean energy, blue biotechnology, and desalination leading the way and creating new business opportunities.
The latest data released by Eurostat and referring to 2021, show that the EU blue economy at large
- employs 3.6 million people (+17% compared to 2020)
- has a turnover of nearly €624 billion (+ 21% compared to 2020)
- accounts for €171 billion in Gross Value Added (+35% compared to 2020)
Key trends
The report highlights the evolution of the blue economy sectors since 2009, with a special focus on key socio-economic trends between 2020 and 2021.
Despite the negative impact of the COVID-19 pandemic and the spike in energy prices caused by the unprovoked Russian invasion of Ukraine, most of the EU blue economy sectors improved their economic performance, except for coastal tourism, still in recovery in 2021.
Between 2015 and 2021 there has been a significant increase in nominal GVA in
- Offshore wind energy: + 326%
- Shipbuilding and repair: + 54%
- Maritime transport: + 29%
- Marine living resources: +27%
- Port activities: + 11%
Leading sectors
More in detail, coastal tourism remained the largest blue economy sector generating 29% of the EU blue economy GVA in 2021.
In terms of employment, coastal tourism was also by far the largest blue economy sector (54%). But, it was also the most affected sector by the COVID19 crisis and did not fully recover in 2021.
Maritime transport is the second largest blue economy sector in turnover, generating nearly a quarter of the EU blue economy GVA in 2021.
The marine renewable energy sector (mainly offshore wind) also experienced growing trends, with gross profits estimated at €2.4 billion and GVA of €3.3 billion in 2021, marking a 45% increase compared to 2020.
The marine living resources sector (fisheries, aquaculture, processing and distribution of fish products), saw a 24% rise compared to 2020, with gross profits valued at €9.7 billion in 2021.
Energy transition in the spotlight
This year’s edition delves into the contribution of all blue economy sectors to energy transition . The report shows the significant economic importance of sectors like blue biotechnologies and desalination and shows a significant growth in marine renewable energy. The EU is leading the way in developing energy from waves, tides, and offshore wind. A step forward towards meeting the EU’s renewable energy targets and climate objectives.
Less positive news for the EU fishing fleet as the report shows that, despite a 25% decrease in fuel consumption and CO2 emissions registered between 2009 and 2021, fuel efficiency has worsened in most recent years due to rising fuel prices. Since 2023, the Energy Transition Partnership for EU fisheries and aquaculture sector, an EU-led initiative, supports the transition of the sector to cleaner energy sources, thus helping to reduce the sector’s current dependence on fossil fuels, which is not only environmentally unsustainable, but also makes it vulnerable to energy price increases.
The impact of climate change: a costly outcome
The new edition of the report illustrates the potential impacts of climate change on the blue economy along the EU coastline.
The analysis shows that if current levels of coastal protection are not raised, the annual economic damages from coastal flooding could reach between €137 billion and €814 billion by 2100 under alternative emissions and mitigation scenarios, highlighting the vulnerability of coastal communities living in the EU Outermost Regions in particular.
Background
The EU Blue Economy report is the annual flagship publication of the Directorate-General for Maritime Affairs and Fisheries and the Joint Research Centre of the European Commission. It offers an in-depth analysis of the scope and size of the blue economy in the European Union. This year we publish its seventh edition, which presents the latest available data (2021).
Combined with the EU Blue Economy Observatory platform, the report provides an overview of key socio-economic performance indicators per sector, activity, and country. In addition to providing more regular updates, the observatory sheds further light on the potential for economic growth, sustainability transition, and job creation of the blue economy sectors.
More details about the analytical methodologies are available via the blue economy observatory website. Further analysis will be published throughout the year, along with the most recent data once it becomes available.