Economic output from the Welsh maritime sector has increased 16% over a five-year period, a new report by Maritime UK and the Welsh Ports Group has found.
The report, which will be formally launched tonight (12 December) at the Welsh Assembly, found that over five years, the Welsh maritime sector had experienced an increase in turnover to a total £2 billion, supports a total of 31,000 jobs and contributes £900 million in gross value added (GVA) to the economy.
The Welsh Ports Group’s annual reception at the Welsh Assembly is attended by a range of industry representatives and Assembly Members including the Welsh Cabinet Secretary for Economy and Transport, Ken Skates AM. The report includes detailed analysis of the maritime sector and was financed through the Welsh Government’s recent Welsh Ports Development Fund.
It also shows that productivity per worker stood well above the Welsh average at £55,781, as compared with £41,962 across Wales.
The Welsh maritime sector compares favourably with other Welsh sectors: it significantly outperforms the Manufacture of Machinery and Equipment industry across the key economic indicators of turnover, GVA and compensation of employees.
The sector continues to invest in its people, with average pay also well above the Welsh average at £33,378, compared to £19,126.
For every single job created by Welsh maritime, a further five jobs are created across the economy. The report also shows that for every £1 generated, a further £2.70 is generated economy-wide.
Welcoming the report’s publication, the Welsh Ports Group’s Chairman, Callum Couper of ABP South Wales, said:
“Ports in Wales are vital international gateways and hubs of both regional and national employment and this report highlights the economic contribution of the maritime and ports sector in Wales. The report shows that the sector supports over 31,000 Welsh jobs and produces approximately £2 billion in domestic output. The report also finds that the productivity of workers in the sector substantially exceeds productivity across Wales as a whole.”
“The report released today shows the vital role that maritime already plays in Welsh life,” said David Dingle, chairman of Maritime UK.
“Across the United Kingdom, including in Wales, we are seeing fantastic growth and we expect it to continue.”
“As the engine of British trade, the maritime sector supports nearly 1 million jobs, contributes tens of billions to the UK GDP and drives exports as well as inward investment. Half a trillion pounds worth of goods passes through UK ports each year” Mr Dingle said.
“The importance of the sector will only grow post-Brexit. We’re supremely confident that we can play a crucial role in positioning Britain as an outward-looking, global trading maritime nation. Wales and its maritime sector will be critical to that success.”
Source: Maritime UK, 12 December 2017