FDBusiness.com

The economic performance of the EU fleet improved significantly again in 2014, according to the latest Annual Economic Report. Between 2008 and 2014, the EU fleet moved from a loss-making position in 2008 to registering record-high net profits of €770 million in 2014 – up from €500 million in 2013. The EU fleet’s gross value added, i.e. the contribution of the fish catching sector to the economy through wages and gross profit, amounted to €3.7 billion in 2014. This represents an 11% increase on the previous year. Forecasts for 2016 remain positive.

Commissioner Karmenu Vella, responsible for fisheries and maritime affairs, says:“The positive trend of the last years has resulted in higher salaries for fishermen, bigger profits for the fishing sector, and more value added for the EU’s fishing and coastal communities. And it shows that sustainable fishing pays off. As we have seen in last month’s Council on fishing opportunities, many quotas can grow if we fish sustainably – motivation for the future.”

Average salaries in the EU fleet also increased during the period 2008-2014. The improved economic situation is evident as more and more fish stocks are being fished sustainably. That is, in line with Maximum Sustainable Yield, allowing the fishing industry to take the highest amount of fish from the sea while keeping fish stocks healthy.