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scottish gdp by sector

The Carron Company established its ironworks at Falkirk in 1759, initially using imported ore but later using locally sourced Ironstone. In 2007 the industry[which?] 'Public' schools in England offered their services openly (to the public) rather than under running under the patronage of the Church. Business conditions by sector. The invention of the hot blast for smelting iron (1828) had revolutionised the iron industry, and Scotland became a centre for engineering, shipbuilding, and locomotive construction. Unlike in England, water infrastructure remains property of Scottish Water, however metering and billing of business customers is now undertaken by water supply companies. The 1980s saw an economic boom in the Silicon Glen corridor between Glasgow and Edinburgh, with many large technology firms relocating to Scotland. Another major component of public expenditure in Scotland is on medical and social care services delivered by the devolved National Health Service (NHS), which delivers the majority of medical services in Scotland, and Local Authorities responsible for social care services. In 2003, as a result, the Scottish Parliament passed a Land Reform Act that empowered tenant farmers and communities to purchase land even if the landlord did not want to sell.[26]. The decline of heavy industry resulted in a sectoral shift of labour. The Scottish Legal system draws from the civil law tradition, and has more in common with civil law traditions such as in France, than the Common-Law of England and Wales. Gas infrastructure in Scotland is owned and operated by SGN. There are major deep-water port facilities at Aberdeen, Grangemouth, Greenock, Peterhead, Scapa Flow and Sullom Voe. [42], In modern times, knitwear and tweed are seen as traditional cottage industries but names like Pringle have given Scottish knitwear and apparel a presence on the international market. Sullom Voe in Shetland is the site of a major oil terminal, where oil is piped in and transferred to tankers. Currently renewable energy sources provide Scotland with 35% of its electricity production,[74] with onshore wind generation making the largest contribution, and supporting several thousand jobs. [citation needed], Although North Sea oil production has been declining since 1999, an estimated 920 million tonnes of recoverable crude oil remained in 2009. Gross Expenditure on Research and Development (GERD) in Scotland was £2,706 million 2018, 4.4% higher than 2017. Latest facts on the Scottish economy including information on employment levels, industry sectors, business growth, levels of innovation and exports. How Scottish gig economy workers are fighting back as sector grows in pandemic. National Insurance rates and bands are reserved as is the National Insurance Fund. Analysis using the Scottish Government’s Input-Output model [30] indicates that, after adjusting for the imports purchased by the sector, and including an estimate of capital expenditure undertaken by the sector, this directly supported £4.3 billion of GDP (in basic prices) in the Scottish Economy, including around £3 billion in the hotels, distribution and catering sector. Council-run schools in Scotland were traditionally referred to as 'public schools' and many Victorian-era schoolhouses to this day have 'public' inscribed on their exterior. Edinburgh, the capital city of Scotland, is a powerhouse of the Scottish economy, as well as the wider UK economy.Edinburgh has been consistently one of the most prosperous parts of the country and has the strongest economy of any city in the UK outside London. Over two and a half billion tonnes were recovered from UK offshore oil fields between the first North Sea crude coming ashore in 1975 and 2002,[78] with most oil fields being expected to remain economically viable until at least 2020. The UK deficit is equivalent to 1.1% of its GDP. [34], Historically Scotland's export trade was based around animal hides and wool. "In October 2017 the Scottish Government announced a ban on fracking after a 6 year struggle that saw massive opposition to the industry across the country. HMRC are also responsible for calculating and paying Child Benefit and Working Tax Credit in addition to collecting Scottish income taxes. The Scottish Parliament has the power to legislate in all areas that are not explicitly reserved to Westminster. [62] This will allow health and environmental impact tests to be carried out as well as a full public consultation to allow every interested organisation and any member of the public to input their views. This map shows Scotland's international exports by region (£bn) and is supplied by the Scottish Government. It should also be noted that the Scottish figures exclude offshore oil revenue. The economy has thus become more diversified and therefore stabler. Prestwick Airport also has large air freight operations and cargo handling facilities. Despite their new status as citizens of the United Kingdom, it took many decades for Scottish traders to gain a noticeable foothold in the colonial markets which had long been dominated by English merchants and concerns. [citation needed] The net value of new building and repairs, maintenance and improvements combined is just under £11.6 billion, which is about 4.5% of Scottish GDP.[44]. In tandem with the decline of sea-fishing, commercial fish farms, especially in salmon, have increased in prominence in the rivers and lochs of the north and west of Scotland. [10] This left a legacy in the diversity of goods and services which Scotland produces, from textiles, whisky and shortbread to jet engines, buses, computer software, ships, avionics and microelectronics, as well as banking, insurance, investment management and other related financial services. [82], The public sector, in Scotland, has a significant impact upon the economy and comprises central government departments, local government, and public corporations. The civil justice system also has many differences from England and Wales with many differences in Contract Law, Property Law, and Family Law. About 13,340 km² of land (about 15% of the total) is forested. Nowadays Scotland is one of the world's biggest fund management centres with over £300bn worth of assets directly serviced or managed in the country. The Department for Work and Pensions are responsible for determining eligibility criteria, processing and paying benefits and the development of Universal Credit. The shutdown in the economy is having an impact across all major sectors of the Scottish economy. The tourism economy and tourism related industries in Scotland support c. 196,000 in 2014 mainly in the service sector accounting for around 7.7% of employment in Scotland. [clarification needed][Less mild than the west coast.] [96] A further 150,000 WTE staff work in social care and services. Infrastructure in Scotland is varied in its provision and its quality. In 2019 there were 21,805 new homes built according to the 'Housing Statistcs for Scotland Quarterly Update', published on 10th March 2020. Scotland - Scotland - Resources and power: Mining and power generation account for less than one-tenth of Scotland’s annual GDP. [29] The shipbuilding industry on the River Clyde increased greatly from the 1840s and by 1870 the Clyde was producing more than half of Britain's tonnage of shipping. In common with many industrialised countries, the manufacturing sector has declined and the service sector has grown. Prescribed drugs were made free at the point of use in 2011, leaving England as the only UK-nation with prescription charges in place (a flat fee of £9.15 per item[102]). [19][citation needed] (For the purpose of balance to this perspective, see Darien scheme.) Similarly asset servicing on behalf of fund managers has become an increasingly important component of the financial services industry in Scotland, with Scottish-based companies providing expertise in securities servicing, investment accounting, performance measurement, trustee and depositary services and treasury services. The Cabinet Secretary for Justice is responsible for policy matters affecting these systems such as legal aid, prison governance, drugs rehabilitation, reoffending, victims and witnesses, sentencing guidelines, and anti-social behaviour, but has a legal duty to uphold the independence of the courts and the legal profession. The M74 and A1, in the west and east of the country, respectively, provide the main road corridors from Scotland to England. Cattle rearing, particularly in the east and south of Scotland, results in the production of large amounts of beef. The south-west of Scotland – principally Ayrshire and Dumfries and Galloway – is a centre of dairying. Council tax bills in Scotland still include water rates if the property has a water mains connection - it is important to note that some properties in rural areas are not connected to the mains network and have their own private water supply. GDP First Quarterly Estimate for 2020 Q3, due to be published on 16 December 2020 GDP often features in the news, for example in the current climate, where both the UK and Scotland have officially entered a recession following two consecutive quarters of negative GDP growth.But GDP isn’t just one simple figure. Many Scots became soldiers, returning home after 20 years with their pension and skills.[22]. The State pension age is also reserved, as is the rate and eligibility of the UK State pensions system. Almost all of these enterprises (98.2%) were small (0 to 49 employees); 3,920 (1.1%) were medium-sized (50 to 249 employees) and 2,365(0.7%) were large (250 or more employees). In 2018, the most influential industry sector was manufacturing, with output increasing by 3.2% in total. Around 80,000 Scots held foreign investment assets in the early 20th century.[58]. The motorway and trunk road network is principally centred on the cities of Edinburgh and Glasgow and connecting them to other major concentrations of population, and is vitally important to the economy of Scotland. There has been a large scale decrease in employment in the fishing industry within Scotland, due initially to the sacrifice of national fishing rights to the EEC on the UK's accession to the Common Market in the 1970s, and latterly to the historically low abundances of commercially valuable fish in the North Sea and parts of the North Atlantic. This statistic shows public sector expenditure in Scotland in 2018/19, by sector. In 2006, Scotland produced 28% of Europe's PCs; more than seven per cent of the world's PCs; and 29% of Europe's notebooks.[63]. It closed in 2016. *Part for Tay Cities Region Partnership. [21], Growth was rapid after 1700, as Scottish ports, especially those on the Clyde, began to import tobacco from the American colonies. Public education in Scotland is more standardised than in England - Scotland has no equivalents of publicly funded grammar schools, free schools, nor academies except for Jordanhill School which is maintained by the Scottish Government through direct Grant-in-Aid. [55] Standard Life, based in Edinburgh, demutualised and has remained independent. The figures below, noting the economic position of Scottish regions in terms of GDP and GDP per capita, come from Eurostat (2013) and are denoted in Euros. In January 2015 the Scottish Government placed a moratorium on granting consents for unconventional oil and gas extraction. The aim is to help those without the time, skills or knowledge to easily find and cross-check information that is often used in political debates. [35] The trade expanded towards long-established maritime bases for Scottish trade at Bruges and then Veere[36][37] in the Low Countries and at Elbląg and Gdańsk in the Baltic. When Scotland ratified the 1707 Act of Union, despite Scotland's national debt, taxes were low due to war avoidance and trade thrived from the Baltic to the Caribbean. The total value of exports from Scotland to the rest of the UK in 2014 (excluding oil and gas) was estimated at £48.5 billion.[68]. According to Eurostat figures (2013) there are huge regional disparities in the UK with GDP per capita ranging from €15,000 in West Wales to €179,800 in Inner-London West. © Scottish Enterprise 2020. Financial and business services sector employs 247,000 people in Scotland, making it the top sector for employment. The Scottish Parliament has full control of Income tax, land taxes, property tax and local taxation and some fiscal policy. In 2019, agriculture contributed around 0.61 percent to the United Kingdom’s GDP, 17.41 percent came from the manufacturing industry, and 71.26 percent from the services sector. Scotland's public education system mostly follows comprehensive education principles, with two major types of public school; non-denominational schools, and denominational schools. [47] The financial services sector employs around 95,000 people and generates £7bn or 7% of Scotland's GDP. National Grid plc is the transmission system operator for the whole of the UK. [citation needed] In contrast, overseas residents made 2.7 million visits to Scotland, staying 21.5 million nights and spending £1.8 billion. Figure 5: Production industry performance in Q1 2017. Responding to publication of a review of Industry Leadership Groups, carried out by the Enterprise and Skills Strategic Board, Business Minister Jamie Hepburn said: “Industry Leadership Groups are a crucial way for the Scottish Government and our agencies to interact with businesses and make sure we are responding properly to their needs and concerns. Dairy and cattle farmers in south-west Scotland were affected by the 2001 UK Foot and Mouth outbreak, which resulted in the destruction of much of their livestock as part of the biosecurity effort to control the spread of the disease. Scotland is endowed with some of the best energy resources in Europe,[71] and is a net exporter of electricity, with a generating capacity of 10.1GW primarily from oil, gas and nuclear generation.[72]. Many roads in the Highlands are single track, with passing places. Scotland embraced the Industrial Revolution, becoming a small commercial and industrial powerhouse of the British Empire. GDP Quarterly National Accounts for 2020 Q2, published on 28 October 2020. Scotland’s research and development spend in the higher education sector, as a percentage of GDP, is the 5th highest in the developed world. Retail banking services to individuals followed in the 19th century, on the trustee savings bank model pioneered by Rev. With a nominal gross domestic product (GDP) of up to £152 billion in 2015, total public sector non-North Sea current revenue in Scotland was estimated to be £53.7 billion in 2015‑16 approx. Main points. The economic activities generated by forestry in Scotland include planting and harvesting as well as sawmilling, the production of pulp and paper and the manufacture of higher value goods. The entire period between the world wars was one of economic depression, of which the worldwide Great Depression of 1929–1939 was the most acute phase. Topics covered include: business base profile, turnover, employment, GVA, trade, and … [11][12][13][14][15][16] The Bank of England is Scotland's central bank and its Monetary Policy Committee is responsible for setting interest rates. The Scottish Government has complete control over Scottish taxes collected by Revenue Scotland and has complete power to set tax rates and bands (but not the personal allowance) for income tax in Scotland which is collected by HMRC. SMEs accounted for 99.3% of all private sector enterprises and for 54.6% of private sector employment and 40.5% of private sector turnover. In the 21st century, with the high rates of growth in many emerging economies of southeast Asia such as China, Thailand and Singapore, there was a drive towards marketing Scottish products and manufactured goods in these countries.[67]. The Royal Bank of Scotland expanded internationally to be the second-largest bank in Europe, the fourth largest in the world by market capitalisation in 2008[citation needed], but collapsed in the 2008 financial crisis and had to be bailed out by the UK Government at a cost of £76 billion;[51] its new global headquarters in Edinburgh augmented the city's position as a major financial centre. Need help? Confusion over the terminology can occur between Scotland and England as 'public schools' in England charge fees for educating pupils, whereas public schools in Scotland refer to local authority run schools. Similarly the Flotta Oil Terminal in Orkney is linked by a 230 km long pipeline to the Piper and Occidental oil fields in the North Sea. Scottish Water and Caledonian MacBrayne. The densest network of roads and railways is concentrated in the Central Lowlands of the country where around 70% of the population live. [48], By 2020, Edinburgh was ranked 17th in the world for its financial services sector, and 6th in Western Europe, according to the Global Financial Services Centres Index. In 2004, 22.6 million passengers used Scotland's airports, with there being 514,000 aircraft movements[70] with Scottish airports being amongst the fastest growing in the United Kingdom in terms of passenger numbers. [81] Current non-North Sea revenue in Scotland is estimated to have grown by 13.4% between 2011–12 and 2015-16 in nominal terms. Scottish waters consisting of a large sector of the North Atlantic and the North Sea, containing the largest oil resources in the European Union – Scotland’s GDP (Gross Domestic Product) is estimated at £180.4 billion, or £33,200 per person, growing 1.3% year on year. Since the Acts of Union 1707, Scotland's economy has been closely aligned with the economy of the rest of the United Kingdom (UK) and England has historically been its main trading partner. The Scottish Government has full control over how Scotland's annual block grant is spent, such as healthcare, education and on state-owned enterprises, e.g. Solicitors in Scotland are regulated by the Law Society of Scotland, rather than through the Solicitors Regulation Authority. Since 1979, management of the UK economy (including Scotland) has followed a broadly laissez-faire approach. Many former council houses are now run by Housing Associations while others were sold to the tenant under the right-to-buy at a heavy discount. Our roundup of global, UK and Scottish economic trends and performance and what it means for Scottish businesses. 343,535 were small and medium-sized enterprises (SMEs) providing 1.2 million jobs. Scotland’s GDP is provisionally estimated to have increased by 1.5% in real terms during May, after falling by 18.9% in April and 5.5% in March. Scotland is the EU's largest petroleum producer, with the discovery of North Sea oil transforming the Scottish economy. [40], Cotton began to replace linen in economic importance during the 1770s, with the first mill opening in Penicuik in 1778. Scottish Water's retail company Business stream competes in the water retail market. Published October 2019. Per capital spending on medical and social care is the highest in Great Britain due to a more dispersed population and worse health inequalities with higher rates of alcoholism, alienation, drug use, suicide, and violence, which was dubbed 'the Glasgow effect' by the media. Exclusive by Greg Russell @National_Greg Journalist. The Scottish Government plans to decarbonise the gas supply by 2030 by substituting hydrogen[76] obtained by electrolysis powered by renewable energy. [81], As of March 2016, there were 348,045 Small and Medium-sized Enterprises (SMEs) operating in Scotland, providing an estimated 1.2 million jobs. [66], Excluding intra UK trade, the European Union and the United States constitute the largest markets for Scotland's exports. The two largest sectors were professional, scientific and technical activities (48,155 enterprises) and construction (47,500 enterprises), together accounting for 27.7% of all private sector enterprises. The first revenues which have been devolved are landfill tax and property transaction taxes, with Scottish revenue collected for these taxes from 2015‑16 onwards. Chart showing top 5 employment sectors in Scotland (000's). After the Industrial Revolution in Scotland, the Scottish economy concentrated on heavy industry, dominated by the shipbuilding, coal mining and steel industries. [73] Scotland has been identified as having significant potential for the development of wind power. Following its creation from the merger of eight regional fire & rescue services, the Cabinet Secretary for Justice is also responsible for the Scottish Fire and Rescue Service. All countries in the UK had positive quarter-on-quarter growth in Quarter 4 2018. Scotland still conducts the majority of its trade within the UK: in 2017, Scotland's exports totalled £81.4 billion, of which £48.9 billion (60%) was with constituent nations of the UK, £14.9 billion with the rest of the European Union (EU), and £17.6 billion with other parts of the world. The economy of Scotland had an estimated nominal gross domestic product (GDP) of up to £170 billion in 2018. Glasgow is the fourth-largest manufacturing centre in the UK, accounting for well over 60% of Scotland's manufactured exports. Excluding trade with the rest of the United Kingdom. Scotland's primary public broadcaster is BBC Scotland and operates a substantial number of television channels, including satellite channels, and numerous radio stations. 1. Introduction. Scotland's GERD in 2018 represented 1.65% of Gross Domestic Product (GDP), just below that of the UK (1.71%), the EU (2.03%) and OECD (2.38%). Whisky is probably the best known of Scotland's manufactured products. Prior to the 2008 financial crisis Scotland ranked second only to London in the European league of headquarters locations of the 30 largest banks in Europe as measured by market value.[52][53]. Government expenditure was highest on social protection and health, with over 24 … [97] The NHS in Scotland began in 1948 under a separate Act from England and Wales and was the responsibility of the Secretary of State for Scotland rather than the Health Secretary before devolution. Scottish industries, especially linen manufacturing, were developed. [81] Total public sector expenditure for Scotland has been declining, as a share of GDP, since 2011-12, and in 2015-16 is estimated to be £68.6 billion which is around 46.6% FY2015-16. However, the decline in heavy industry in Scotland has been supplanted with the rise in the manufacture of lighter, less labour-intensive products such as optoelectronics, software, chemical products and derivatives as well as life sciences. It also provides the majority of local authority funding and can exert control over Council Tax - such as capping rates. Scotland was[clarification needed] connected to mainland Europe by a dedicated ferry service between Rosyth (near Edinburgh) and Zeebrugge. It is estimated that the industry employs around 100,000 workers (or 6% of the working population) of Scotland. The North Sea energy sector has been at the heart of the Scottish independence debate since the SNP declared 'It's Scotland's Oil' in a famous advertising campaign of the early 1970s. Dental[103] and optometry[104] examinations are also free at the point of use, however charges for procedures and appliances apply for adults over 18, except in certain circumstances. Hill farming is also prominent in the Southern Uplands in the south of Scotland, resulting in the production of wool, lamb and mutton. The Scottish Government recently established the Scottish National Investment Bank whose aim is to provide finance to small and medium sized enterprises to grow and develop. Scotland's brewing and distilling sectors play a vital role in the Scottish economy, permeating many facets of Scottish society. HM Treasury retains responsibility for the Welfare State. Aberdeen is the centre of North Sea offshore oil and gas production, with giants such as Shell and BP housing their European exploration and production HQs in the city. Public sector spending in Scotland was reported in 2017 to be more than £1,400 per head more than the UK average. Advocates are regulated by the Faculty of Advocates whereas in England and Wales; barristers are regulated by their Inn. Electricity Transmission infrastructure is split between two Distribution network operators; Scottish Power, and Scottish and Southern Energy, which also generate electricity along with EDF Energy. After a large rationalisation of routes in the 1960s which was undertaken by the Beeching cuts, which led to station and line closures, the rail network is being expanded, to cope with ever-increasing levels of passenger demand. Skills Development Scotland was also established to focus on workforce training, apprenticeships and industrial skills. Although the Bank of England remains the central bank for the UK Government, three Scottish clearing banks still issue their own banknotes: the Bank of Scotland, the Royal Bank of Scotland and the Clydesdale Bank. [41] The trade brought urbanisation of the population, including large numbers of migrants from the Highlands and from Ireland. The densest network of roads and railways is concentrated in the Central Lowlands of the country where around 70% of the population live. You can change your cookie settings in your browser at any time. The rail-operator Abellio ScotRail operates most routes within Scotland, with long-distance connections to London operated by Avanti West Coast and London North Eastern Railway. The Scottish Government has introduced the Scottish Welfare Fund[85] to lessen the impact of cuts to social security benefits. [32] It is also one of the UK's overall top five manufacturing export earners and it supports around 35,000 jobs. The majority of public sector revenue payable by Scottish residents and enterprises is collected at the UK level. In 2018, Scottish GDP per person is estimated at £32,800 including a geographical share of oil … RAF Lossiemouth, RAF Kirknewton, RAF West Freugh, Kinloss Barracks, Redford Barracks, Dreghorn Barracks, Glencourse Barracks, Cameron Barracks, Forthside Barracks, Gordon Barracks, Walcheren Barracks. Growth sector statistics. A national statistics publication for Scotland. The coal seams beneath central Scotland, in particular in Ayrshire and Fife contributed significantly to the industrialisation of Scotland during the 19th and 20th centuries. This was abolished in 2020 and non-domestic rates are now entirely controlled by councils. The Scottish Government has several economic development agencies, with Highlands and Islands' Enterprise, Scottish Enterprise, and Scottish Development International. [60] A modest amount of opencast coal mining continues. Local government in Scotland currently consists of 32 Councils, which govern many aspects of daily life in Scotland, including: Non-domestic rates in Scotland were previously collected by councils, pooled and redistributed to councils according to a set formula without any passing through central government funds with nationally set exemptions, rebates and other measures. Medical care is provided free at the point of use to patients registered with a GP Practice in Scotland. Several universities are playing an important role by producing research in Computing Science, including the University of Edinburgh's School of Informatics. With over 90,000 people working in its financial services and 100,000 in digital technology, Scotland is the perfect place to expand your fintech firm. Scotland is a well-developed tourist destination with attractions ranging from unspoilt countryside, mountains and abundant history. The chart below shows the split in our survey responses by sector in response to questions asked about staffing levels. The right to buy council housing was abolished in Scotland in 2017.[90][91]. Scotland's economy has adapted in recent decades to the forces of globalisation, and the structure of Scotland's economy has changed significantly. The criminal justice system is almost entirely devolved; including the Procurator Fiscal (the Scottish public prosecutor), the police force employing ~17,000 Full-Time Equivalent (FTE) staff in 2019,[106] and HM prisons in Scotland which collectively imprison 8,500 people. Scotland's international exports (excluding oil and gas) increased in 2018 by £1.1 billion (3.4%) to £33.8 billion, Exports to the rest of the UK also increased, up £1.2 billion (2.5%) to £51.2 billion. Water for residential properties is not metered in Scotland. [108] Equally, there are 21 areas in the rest of the UK where the GDP per person is under €20,000: 4.5 million (8.5% of English) live in these deprived English districts. It has been confirmed that Scotland was in recession in the first half of 2020, and indications for the start of the second half of the year show things improving, but still below pre-Covid baselines in many cases. Both have been rising – in the main since 1998 – but growth has been slower the past few years. Care worker Gemma has felt isolated and had shifts cancelled. Key routes include the M8 motorway, which is one of the busiest and most important major ro… This collection is a directory of statistical publications relating to Scotland's economy organised by subject. The majority of these exports will be consumed or remain within the rest of the UK, for example electricity or service exports such as financial services. There is also a dynamic and fast growing electronics design and development industry, based around links between the universities and indigenous companies. This represents about 4.5% of total Scottish GDP. The iron industry expanded tenfold between 1830 and 1844. After 1945, however, the older heavy industries continued to decline and the government provided financial encouragement to many new industries, ranging from atomic power and petrochemical production to light engineering. Scotland is well-served by many airlines and has an expanding international route network, with long-haul services to Dubai, New York, Atlanta and Canada. What is particularly interesting are the industry-by-industry results for the production sector. Plans have been published by the major airport operator BAA plc to facilitate the expansion of capacity at the major international airports of Aberdeen, Edinburgh and Glasgow, including new terminals and runways to cope with a large forecast rise in passenger use. We’re building a skilled and educated workforce. Fish and shellfish such as herring, crab, lobster, haddock and cod are landed at ports such as Peterhead, the biggest white fish port in Europe, Fraserburgh, the biggest shellfish port in Europe, Stornoway, Lerwick and Oban. Find a full summary of Scotland's economic statistics on the Scottish Enterprise website The economic history of Scotland charts economic development in the history of Scotland from earliest times, through seven centuries as an independent state and following Union with England, three centuries as a country of the United Kingdom.Before 1700 Scotland was a poor rural area, with few natural resources or advantages, remotely located on the periphery of the European world. Growth in Scotland’s retail, wholesale and motor trades sectors contributed 1.5 percentage points to Scotland’s GDP growth in June, compared … Most universities are linked with a research and development sector; the University of Dundee is at the heart of a biotechnology and medical research cluster;[94] the University of Edinburgh is a centre of excellence in the field of Artificial Intelligence and the University of Aberdeen is a world-leader in the study of offshore technology in the oil and gas industry.[95]. As part of the United Kingdom and the European Union, Scotland fully participates in the single market and free trade area which exists across all EU member states and regions. Following the implementation of the Scotland Act 2012 and Scotland Act 2016, an increasing amount of revenue is set to be devolved to the Scottish Parliament, whereby direct Scottish measures of these revenues will be available. This led to smaller firms strengthening links with the academic community and substantial, industry-specific retraining programmes for the workforce. Figures used for comparing GDP performance between Scotland and the UK refer to GDP at basic prices, also known as Gross Value Added (GVA). Manufacturing in Scotland has shifted its focus, with heavy industries such as shipbuilding and iron and steel declining in their importance and contribution to the economy. This has, however, been combined with a rise in the service sector of the economy, which has grown to be the largest sector in Scotland. The economic benefits of Union which had been promised by proponents of the Act were slow to materialise, causing widespread discontent amongst the population. There are many windfarms along the coast and hills, with plans to create one of the world's largest onshore windfarms at Barvas Moor on the Hebridean Isle of Lewis.[75]. [98] The Cabinet Secretary for Health and Sport is now responsible for the NHS in Scotland. 45,000 people are employed by electronics and electronics-related firms, accounting for 12% of manufacturing output. The economic effects of the Union on Scotland were negative in the short term[citation needed][Scotland's debts were taken over by England], due to an increase in unpopular forms of taxation (such as the Malt Tax in 1712) and the introduction of duties on imports, which the Scottish exchequer had previously been neglectful in enforcing on most trade goods. In Scotland, GDP per capita varies from €16,200 in North & East Ayrshire to €50,400 in Edinburgh city. In 2014, for example, UK visitors made 12.5 million visits to Scotland, staying 41.6 million nights and spending £2.9 billion. 36.5% Overall, Scottish and UK GDP per person are very similar. [66] In 2014, over 15.5 million overnight tourism trips[clarification needed] were taken in Scotland, for which visitor expenditure totalled £4.8 billion. Industry, which accounts for 46% of GDP and about 80% of exports, has replaced agriculture as the country's leading sector. In 1782, George Houston built what was then one of the largest cotton mills in the country in Johnstone. The Gross Domestic Product (GDP) of Scotland in 2013 was $248.5 billion including revenue generated from North Sea oil and gas. There was a significant presence of global players like National Semiconductor and Motorola. High oil prices have resulted in a resurgence of oil exploration, specifically in the North East Atlantic basin to the west of Shetland and the Outer Hebrides, in areas that were previously considered marginal and unprofitable. In common with most other advanced industrialised economies, Scotland has seen a decline in the importance of both manufacturing industries and primary-based extractive industries. "[61] The Scottish Government states that it is taking a cautious, considered and evidenced-based approach to fracking. The Scottish Government does not control macroeconomic policy, however it does use public procurement to influence private sector behaviour on reserved matters such as requiring the Real Living Wage[86] to be paid to all its contractors and sub-contractors. Parts of the east of Scotland (areas such as Aberdeenshire, Fife and Angus) are major centres of cereal production and general cropping. 0 comment. 0300 013 3385. This was a slowing in the UK growth rate following a relatively strong Quarter 3 (July to Sept). The software sector in Scotland developed rapidly and in 2016 there were an estimated 40,226[64] people working in the digital economy across Edinburgh, Glasgow and Dundee. In 2019 the gross domestic product of Scotland was around 168 billion British pounds, compared with 162 billion pounds in 2018. [39] Production remained in cottage industry units but the trading conditions were locked into the modern economy and gave rise to institutions such as the British Linen Bank. The thread manufacturers Coats plc had its origin in that trade. Other aspects of economic and fiscal policies remain a matter for Westminster - including currency, corporate tax, energy policy, foreign policy. Shipbuilding, although significantly diminished from its heights in the early 20th century, is still a large part of the Glasgow economy. All rights reserved. The top five exporting industries in 2014 were food and drink (£4.8 billion), legal, accounting, management, architecture, engineering, technical testing and analysis activities (£2.3 billion), manufacture of refined petroleum and chemical products (£2.1 billion), mining and quarrying (£1.9 billion) and wholesale and retail trade (£1.8 billion). THIS IS NOT THE LATEST GDP RELEASE. This flourished until the American Civil War in 1861 cut off the supplies of raw cotton; the industry never recovered. Infrastructure in Scotland is varied in its provision and its quality. [54] The full range of Scottish bank notes commonly accepted are £5, £10, £20, £50 and £100. Scottish Business Enterprise R&D expenditure (BERD) in 2018 was £1,356 million, representing 5.4% of the UK total. Forests, especially those surrounding populated areas in Central Scotland, also provide a recreation resource. Other major industries include banking and financial services, construction,[18] education, entertainment, biotechnology, transport equipment, oil and gas, whisky, and tourism. The NHS and social care services are funded from Scottish taxation and the UK block grant and is an almost entirely devolved matter - with procurement of prescription medicines done on a UK-wide basis. Generally it is not possible to identify separately the proportion of revenue receivable from Scotland. of GDP. This update provides a snapshot of new data on the Scottish economy and households based on data released in the last fortnight. [citation needed] German sociologist Max Weber credited the Calvinist "Protestant Ethic", involving hard work and a sense of divine predestination and duty, for the entrepreneurial spirit of the Scots.

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