Fish farms increased their gross output by a massive 30 per cent last year, new figures released by the National Statistics Office show. 

The €30.4 million increase meant that the aquaculture industry's gross output reached €131.6 million last year, from €101.2 million in 2014.

It was not just gross output that rose, with the industry's gross value amounting to €20.5 million, up by 16.4 per cent from €17.6 million in the preceding year.

Taking fixed capital consumption and exchange rate differences into consideration, the factor income amounted to €18.7 million. Compensation of employees amounted to €4.0 million, while entrepreneurial income stood at €13.6 million.

In 2015, the volume of fresh fish sold amounted to 10,800 tonnes, an increase of 25.5 per cent over the preceding year. This was mainly due to an increase in sales of tuna by 47.7 per cent, while sea bass and sea bream decreased by 85.7 and 13.5 per cent respectively, the NSO said.

When compared to 2014, intermediate consumption which takes into account the costs incurred in the production of tuna farming and closed cycle species, increased by 33.0 per cent. This resulted from increases in purchases of live tuna and other fish, variable production costs and overheads by 49.8, 21.7 and 18.8 per cent respectively.

The NSO said that data was collected by means of an exhaustive survey where all the fish farms were obliged to submit information concrning their structures and economic activity.

Each fish farm was asked to list the number, surface area and volume of cages utilised; purchases and sales of fish in weight and in value; opening and closing valuation of stocks at a particular point in time; and the expenses incurred in the production of farmed fish. All fish farms responded to the enquiry.