ECSA: Shipping Is EU’s Cash Cow

first_imgzoom The overall contribution of the European shipping industry to the European Union’s GDP in 2013 is estimated to have been EUR 147 billion (USD 163.7bn), according to the recently updated Oxford Economics study, European Community Shipowners’ Associations (ECSA) reports.Moreover, for every EUR 1 million the European shipping industry contributes to GDP itself, it creates another EUR 1.6 million elsewhere in the European economy, according to the results of the study revealed during European Shipping Week.In terms of employment, the industry provided jobs to an estimated 2.2 million people both on board vessels and ashore in the wider maritime cluster. The industry recorded a direct employment growth of 25% between 2004 and 2013.”Europe controls the world’s largest and most innovative fleet of ships,” said Patrick Verhoeven, ECSA Secretary General. ”This very important fact is often overlooked despite the fact that it plays a key role in the economic impact of our industry on the European economy.”The study also shows that the ultimate ownership or control of 40% of the world’s gross tonnage lies in an EU country. Between the start of 2005 and the start of 2014, the EU controlled fleet expanded by more than 74% in tonnage, and by 72% in terms of deadweight tonnage.last_img

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