The   2014  Annual   Economic   Report   (AER)  on  the   European   Union  (EU)   fishing   fleet   provides  a  comprehensive  overview   of  the   latest   information   available   on  the   structure   and   economic   performance  of   EU  Member  States   fishing   fleets.   The  results   show  that   although   revenue  (income  from   seafood  sales   plus   other  income   from   non ‐fishing   activities)   generated by   the   fleet   decreased  compared  to   2011,  costs  decreased  even   more,  making   the   EU  fishing   fleet   generally   profitable  and   more  so   than   in    2011.  The   decrease   in   revenue  is   consistent  with   a  decrease   in   the   total   weight   and   value  of   seafood landed   by   the   EU  fleet.  In   2012,  the   EU  fleet   generated  €6.9   billion  in   revenue,   amounting  to   €3.3   billion  in   Gross  Value Added,   €1.3   billion  in   gross  profit  and   €458  million  in   net  profit.  In   2012,  6.6%   of   the   fleet’s   revenue  was  retained   as   net profit.  In   view   of   the   continued  uncertain   economic   climate   in   many  Member  States   and   high   fuel   prices,   the   economic  performance  of   the   EU  fleet   in   the   near   future   is   unclear.  Projections   for  2013  suggest  decreased  revenue  for  nine   out  of  15  Member  State  fleets  assessed.   However,   GVA   as   a  proportion  of   revenue  is   expected   to   have   increased   or   remained  stable   in   9  out  of   the   15  MS  fleets,   and   gross  profit  and   net  profit  margins  are  expected   to   have   increased   in   about  half   of  the   fleets  assessed.   This   year’s  publication   includes:   (1)  an  extended   (non ‐technical)   summary;  (2)  a  structural   and  economic   overview   of   the   EU  fishing   fleet;  (3)  a  detailed  economic   and   structural   overview   of   the   fishing   fleets  from   each  EU  Member  State;  (4)  qualitative  economic   performance  assessments  for  2012  and   performance  projections   for  2013  for each   EU  Member  State; and  (5)  regional  analyses  of   the  EU  fishing   fleet.