BRITISH Marine, the trade association leading the UK leisure, superyacht and small commercial marine industry, highlight a 1.7% growth in industry revenue, marking seven years of consecutive progress.

The new figures also show that direct revenue from the marine industry trade has contributed over £1.1bn of Gross Value Added (GVA) to the UK economy, supporting over 33,000 direct employees in marine businesses across the UK.

The UK’s strong export performance continues to drive this industry growth. In 2018 leisure marine exports surpassed £1bn for the first time since 2013, representing an increase of 16% compared to the previous year. This has been attributed to the strong global economic growth during 2018 and a weakened sterling as a consequence of Brexit, making British products stand out as being price competitive compared to their international rivals.

The UK domestic market remains flat, with Brexit related uncertainty making consumers reluctant to splash their cash on leisure items, says the BM report.