6 consecutive years of growth
On the occasion of the opening of the London Boat Show which is held in the British capital from 10 to 14 January 2018, the British Marine Boat Trade Union presented the annual statistics of the British Marine sector. For the sixth consecutive year, the UK boating industry is growing. Recreation revenues rose 3.4% in 2017 to £3.12 billion, their highest level since the 2008 financial crisis. Boating companies generate over 33,000 full-time equivalent jobs in the UK. British Marine insists on the productivity of the sector, above the average of British industry. Gross value added per boating worker is estimated at £39,000.
Strong exports and increase in nautical tourism
The British boating industry has benefited from the devaluation of the pound sterling. Exports, thanks to the weak currency, increased by 4.7% to £924m.
British boaters preferred to stay in the archipelago, as the cost of holidays abroad increased. As a result, 60% of water tourism operators and 40% of marinas and yards saw an increase in their revenues.
Concern about the consequences of Brexit
British Marine CEO Howard Pridding is pleased with the trend, while wary of the consequences of Brexit. "Confidence in the sector is at its highest level since the crisis and we expect growth again in 2018. The British boating industry is in good health, but a bad agreement with the European Union risks capsizing our success."
