Blue economy study
The sea is the basis of the the islands’ prosperity, contributing enormous benefits to the economy and to society. Knowing the economic contribution of the sea to our lives is essential to improve its management and to aid decision-making. The term “Blue economy” has been coined to describe businesses that are not only directly linked to the sea but which also maintain or have adopted environmentally sustainable practice. Such organisations play a key role in conservation, because they recognise the role of a well-preserved sea habitat in their economic success.
We have worked with the Impulsa Balears Foundation to find out more about the scope of Blue Economy on the islands. The results show that sectors linked to the sea, such as tourism, nautical or leisure, generate an added value of 5.124 million euros per year in the Balearics, via a network of 6.511 companies, which employ 88.441 workers. However, not every business included in this study complied with the true definition of Blue Economy: all relied on the sea, but some did not yet demonstrate sustainable practice. An important next step for encouraging genuinely sustainable business practice would be to ascertain from within this wider group those that sustain the true Blue Economy of the islands.