The first official Marine Economy Satellite Account statistics released today by the U.S. Bureau of Economic Analysis show that the marine economy accounted for 1.9 percent, or $397 billion, of current-dollar U.S. gross domestic product in 2019.
The new statistics show that inflation-adjusted (real) GDP for the marine economy grew 4.2 percent in 2019, faster than the 2.2 percent growth for the overall U.S. economy. Real gross output, compensation, and employment also all grew faster in the marine economy than in the overall economy in 2019.
This official release updates BEA’s prototype estimates of current-dollar gross output, value added, employment, and compensation for the marine economy from 2014-2018, released last year. It also introduces inflation-adjusted (real) estimates of gross output and value added (GDP) by both industry and activity for the marine economy.
In the Marine Economy Satellite Account, gross output—principally a measure of sales or receipts associated with the marine economy—is presented both by industry and by marine economy activity. Marine economy activities fall into ten general categories. In 2019, tourism and recreation (including activities such as coastal trips and travel, offshore boating, and offshore recreational fishing) accounted for 35.3 percent of marine economy gross output; national defense and public administration accounted for 27.1 percent; and minerals, offshore (including offshore oil and gas), accounted for 14.0 percent.
- Tourism and recreation was the largest marine economy activity in 2019, accounting for $234.9 billion of gross output.
- Nonrecreational ship and boat building accounted for $31.2 billion of gross output in 2019. This activity increased $8.5 billion (37.2 percent) from the previous year, making it one of the fastest growing marine economy activities.
- Marine transportation and warehousing accounted for $63.8 billion, or 9.6 percent, of gross output in 2019.
For more information, read the full release.