New report reveals the maritime sector clustered around the Mersey directly drove just under £2bn in domestic output through business turnover in 2017. Tony McDonough reports
Liverpool city region’s maritime sector could be a major driving force for the UK economy post-Brexit as a new report shows just what a powerhouse it has become.
Industry body Mersey Maritime, working with Maritime UK and the Centre for Economics and Business Research (CEBR), commissioned the report to determine how important the region’s maritime industry is to the national economy and the Liverpool city region.
It found that the maritime sector clustered around the Mersey directly drove just under £2bn in domestic output through business turnover in 2017.
Compared to 2010, Liverpool city region’s domestic output levels across the sector have grown by 118% – approximately £1bn. It also produced £650m in GVA and 7,899 new jobs in the the city region in 2017.
Merseyside also outperformed the UK average GVA per employee. In 2017, LCR maritime productivity stood at £81,461, while the UK average sat at £54,330.
The new report, The Economic Contribution of the Maritime Sector in the Liverpool City Region, also found that:
- For every £1 generated by the maritime sector in the LCR, the wider economy benefits by £2.64.
- The maritime sector is a growing one for the LCR, with a growth forecast for 2019-2023 of 16% cumulative.
- 52,000 jobs across the region are related to the maritime supply chain, while 7,900 are direct jobs supported by the sector.
- Marine engineering and scientific industry grew the most (158 per cent between 2010 and 2017).
The maritime sector supports other major sectors of the economy, such as offshore oil, gas and renewable energy, as well as automotive exports. For the purposes of the report the maritime sector has been defined as consisting of the ports, shipping, leisure marine, marine engineering, and scientific and maritime business services industries.
Chris Shirling-Rooke, chief executive of Mersey Maritime, said: “The national report showed the industry to be a massive contributor to the economic wellbeing of the UK and the findings of this new report have confirmed how significant the LCR contribution is within that. . . . . .
. . . . continue reading the article on the Liverpool Business News website here