The British Marine Federation (BMF) has estimated that the UK marine industry, along with other expenditure associated with boating, contributed £6.2bn to the national economy in 2012-13.
According to BMF’s ‘Economic Benefits of the UK Boating Industry’ report, the expenditures supported approximately 141,000 full-time jobs and contributed more than £5.3bn to the gross value added.
BMF CEO Howard Pridding said: “This economic benefits report now completes the picture and we can appreciate the full economic impact of the marine industry; £6.2 billion is a significant total.
“It’s also great news that latest indicators from our members really do show that the industry is moving forward.
“We’ve seen the sector experience two consecutive years of positive growth and BMF membership numbers recently reach 1,601, the highest since pre-recession.”
According to another study by the association, ‘Industry Trends Report (November 2013 – May 2014)’, the business activities in the sector have improved compared with the previous year and the trend is expected to continue.
Around 50% of the 353 BMF members who participated in the trends survey reported growth in marine business activities over the past six months, with profit levels on positive trend since pre-recession.
BMF said in a statement: “Hit hard by the downturn, the leisure market is now improving steadily and new build activity is seeing uplift over the last six months compared with last year.
“In the superyacht and small commercial sectors, both of which are still performing ahead of the leisure sector overall, the most significant improvement is being seen in the aftermarket / refit markets.”
BMF is the trade association for the leisure, superyacht and small commercial marine industry in Britain.