SOME KEY ECONOMIC FACTS ABOUT SCOTLAND

1) Scotland has a rich and diverse economy

Scotland’s economy includes £ 21.4 billion in construction which employs 170,000 people, £ 11.6 billion in tourism which supports 292,000 jobs, £ 39 billion yearly turnover in manufacturing with a value added of £ 12.7 billion and 127,000 people employed. Scotland also has world leading expertise in life science, world class universities (5 in the world’s top 200), a multi-billion pound creative sector and vast energy (oil, gas, tidal, wave, wind and solar), fishing and agricultural resources.

 2) Scotland has a lower deficit and lower public spending than the UK

Over the past 5 years Scotland had lower deficits than the UK. Scotland’s average deficit has been 7.2%, while the UK deficit has been 8.4%. Scotland only spends 42.7% of Scotland’s GDP on public spending. The UK spends 45.4%. (also over the past 5 years). Scotland’s public finances are in a stronger position than the UK as a whole.

 3) Scotland has strong exports

Scotland’s top export markets are USA, Netherlands, France and Germany, which are worth a combined total worth of £ 9.6 billion. Scottish whisky exports are valued at £ 4.27 billion last year. The food and drink market is key to Scotland’s exports across the world. Other key industries include chemical manufacturing, computer products, finance and insurance and other forms of equipment.

 4) Scotland’s oil fields remain a massive financial asset

The oil in the North Sea is worth over £ 1 trillion. There are at least 15-24 billion barrels of oil remaining which will continue long into the 21st century.

 5) Scotland has huge potential in renewable energy

Scotland has 25% of Europe’s total tidal energy potential, 25% of total wind energy potential and 10% of total wave energy potential.

 6) Scotland is one of the top UK locations for inward investment

Inward investment into Scotland’s economy has hit a 15 year high. Last year Ernst & Young ranked Scotland as the most popular UK destination for global investment outside of London. Scotland secured 11% of all UK Foreign and Direct Investment despite being only 8.4% of the UK population.