Marine Economy Pours Billions Into America’s GDP, Reports Show
Economic reports compiled by two Commerce Department agencies confirm that America’s marine economy continues to pour billions of dollars into the nation’s gross domestic product, albeit tempered by a general economic decline during the first year of the global coronavirus pandemic.
Results of the annual Marine Economy Satellite Account released in June by NOAA and the Bureau of Economic Analysis show that amounted to some $361 billion in 2020, the first year of the COVID-19 pandemic. That total represents a 5.8% or $23 billion reduction in real terms, adjusted for inflation, from 2019, outpacing the general economic decline of 3.4%.
The data, report and other materials are available at https://coast.noaa.gov/digitalcoast/data/marine-economy.html and on the BEA Marine Economy web...