||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.