A | B | C | D | E | F | G | H | CH | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9
.jpg) Edinburgh, the financial centre of Scotland | |
| Currency | Pound sterling (£) |
|---|---|
| 1 April to 31 March[a] | |
| Statistics | |
| Population | 5,436,600 (2022)[1] |
| GDP | £198.6 billion (onshore only, 2023) £218.0 billion (incl. oil and gas extraction, 2023)[2] |
GDP per capita | £36,175 (onshore only, 2023) £39,707 (incl. oil and gas extraction, 2023)[2] |
| 33 (2020–2023)[3] | |
Labour force | 2,613,000 / 73.1% in employment (Jan–Mar 2024)[b][4] |
Labour force by occupation | List
|
| Unemployment | 120,000 / 4.4% (Jan–Mar 2024)[d][4] |
Average gross salary | £702.40 per week (2023)[e][4] |
| External | |
| Exports | £50.1 billion (2021)[f][5] |
Export goods | |
Main export partners | List |
| Imports | £29.2 billion (2021)[f][5] |
Import goods | |
Main import partners | |
The economy of Scotland is an open mixed economy, mainly services based, and the second largest economy of the four countries of the United Kingdom. It had an estimated nominal gross domestic product (GDP) of £218.0 billion in 2023, including oil and gas extraction in the country's continental shelf region.[2] 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. Scotland 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 within the UK, £14.9 billion with the European Union (EU), and £17.6 billion with other parts of the world. Scotland’s imports meanwhile totalled £94.4 billion including intra-UK trade leaving Scotland with a trade deficit of £10.4 billion in 2017.
Scotland was one of the industrial powerhouses of Europe from the time of the Industrial Revolution onwards, being a world leader in manufacturing.[7] This left a legacy in the diversity of goods and services which Scotland produces, from textiles, whisky and shortbread to buses, computer software, ships, avionics and microelectronics, as well as banking, insurance, investment management and other related financial services. 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. 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 governments which involve themselves in Scotland's economy are largely the central UK Government (responsible for reserved matters via HM Treasury) and the Scottish Government (responsible for devolved matters). Their respective financial functions are headed by the Chancellor of the Exchequer, and the Cabinet Secretary for Finance. Since 1979, management of the UK economy (including Scotland) has followed a broadly laissez-faire approach.[8][9][10][11][12][13] The Bank of England is Scotland's central bank and its Monetary Policy Committee is responsible for setting interest rates. The currency of Scotland, as part of the United Kingdom, is the Pound sterling, which is also the world's fourth-largest reserve currency after the US dollar, the euro and Japanese yen.[14]
As one of the countries of the United Kingdom, Scotland is a member of the Commonwealth of Nations, the G7, the G20, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank, the World Trade Organization, Asian Infrastructure Investment Bank and the United Nations.
Overview
General overview
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After the Industrial Revolution in Scotland, the Scottish economy concentrated on heavy industry, dominated by the shipbuilding, coal mining and steel industries. Scottish participation in the British Empire also allowed Scotland to export its output throughout much of the world. However heavy industry declined in the late 20th century, leading to a shift in the economy of Scotland towards technology and the service sector. The 1980s saw an economic boom in the Silicon Glen corridor between Edinburgh and Glasgow, with many large technology firms relocating to Scotland.
Data released by the Scottish Government in 2023 found that there were a total of 149,992 establishments (a single site of an organisation), which employed a total of 2.46 million people in Scotland between each organisation.[15] The largest employment industries in Scotland by March 2022 were the primary sector and utilities (5% of employment), manufacturing (7% of employment), construction (6% of employment), wholesale and retail (14% of employment), hotels and restaurants (8% of employment), transport and storage (4% of employment), information and communication (3% of employment), financial services (3% of employment), business services (16% of employment), public administration (6% of employment), the education sector (8% of employment) and health and social work (16% of employment).[15]
Scottish-based companies have strengths in information systems, defence, electronics, instrumentation and semiconductors. There is also a dynamic and fast growing electronics design and development industry, based around links between the universities and indigenous companies. There was a significant presence of global players like National Semiconductor and Motorola. Other major industries include banking and financial services, construction,[16] education, entertainment, biotechnology, transport equipment, oil and gas, whisky, and tourism. The Gross Domestic Product (GDP) of Scotland in 2013 was $248.5 billion including revenue generated from North Sea oil and gas.Edinburgh is the financial services centre of Scotland, with many large financial firms based there. Glasgow is the fourth-largest manufacturing centre in the UK, accounting for well over 60% of Scotland's manufactured exports. Shipbuilding, although significantly diminished from its heights in the early 20th century, is still a large part of the Glasgow economy. 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. Other important industries include textile production, chemicals, distilling, agriculture, brewing and fishing.
Total public expenditure in Scotland in 1999/2000 was £36.4 billion, of which identifiable spending which can be proven to benefit Scotland was £27.4 billion. This increased to a total public expenditure of £100.4 billion in 2020/21 of which £81.1 billion was identifiable spending that can be proven to benefit Scotland.[17][18]
History
When Scotland ratified the 1707 Act of Union, Scotland's national debt was at zero, whereas England had totalled £20,000,000 in debt, taxes were low due to war avoidance, and trade thrived from industries such as tobacco, sugar, cotton and rice which enhanced Scotland's industrialisation through the 18th and 19th centuries.[19] Article 15 of the Treaty of Union Act 1707 stipulated that the Kingdom of England would pay the Kingdom of Scotland a lump sum of £398,085 10s, known as The Equivalent, which served as a means of compensation for Scotland taking on a share of England's debt.[20] As a consequence of the Act of Union, Scotland well–established trade links with France and the Low Countries was cut off abruptly. The economic benefits of Union which had been promised by proponents of the Act were slow to materialise, causing widespread discontent amongst the population. 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. The economic effects of the Union on Scotland were negative until about 1715[21] mainly due to an increase in unpopular forms of taxation which increased the price of Scottish products which benefited manufacturers based in England,[21] such as the Malt Tax in 1712, as well as the introduction of duties on imports, which the Scottish exchequer had previously been neglectful in enforcing on most trade goods.[22] Eventually, the Union gave Scotland access to England's global marketplace, triggering an economic and cultural boom .[23] 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.[24]
Growth was rapid after 1700, as Scottish ports, especially those on the Clyde, began to import tobacco from the American colonies. Scottish industries, especially linen manufacturing, were developed. Scotland embraced the Industrial Revolution, becoming a small commercial and industrial powerhouse of the British Empire. Many young men built careers as imperial administrators. Many Scots became soldiers, returning home after 20 years with their pension and skills.[25]
From 1790 the chief industry in the west of Scotland became textiles, especially the spinning and weaving of cotton. This flourished until the American Civil War in 1861 cut off the supplies of raw cotton; the industry never recovered. However, by that time Scotland had developed heavy industries based on its coal and iron resources. 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. Toward the end of the 19th century steel production largely replaced iron production. Emigrant Andrew Carnegie (1835–1919) built the American steel industry, and spent much of his time and philanthropy in Scotland.[26] Agriculture gained after the union, and standards remained high. However the adoption of free trade in mid-19th century brought cheap American corn which undersold local farmers. The industrial developments, while they brought work and wealth, were so rapid that housing, town planning, and provision for public health did not keep pace with them, and for a time living conditions in some of the towns were notoriously bad.
Shipbuilding reached a peak in the early 20th century, especially during the Great War, but quickly went into a long downward slide when the war ended.[27] The disadvantage of concentration on heavy industry became apparent: other countries were themselves industrialising and were no longer markets for Scottish products. Within Britain itself there was also more centralisation, and industry tended to drift to the south, leaving Scotland as a neglected fringe. 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. The economy revived with munitions production during the Second World War. 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. The economy has thus become more diversified and therefore more stable.
COVID-19 impact
Like other international economies, the economy of Scotland had suffered loses in revenue as a result of temporary business closures resulted by the national lockdown implemented by the Scottish Government in March 2020. The Scottish Government announced that, based on economic predictions in 2020, that Scottish unemployment figures were expected to increase to 8.2% by the end of 2020. Many areas of the Scottish economy, such as production markets, began to operate at reduced capacity in an attempt to slow the spread of the virus, meaning that productions rates were slower than normal levels prior to the outbreak. The Scottish Government cautioned that Scotland's economic output could fall 9.8% in 2020, with global economic uncertainty remaining elevated.[28]
The tourism and hospitality sector has particularly suffered. In October 2020, the Scottish Tourism Alliance made this comment: "The devastating impact of this pandemic will make recovery incredibly challenging, if not questionable, without the assurance of continued targeted support from both the Scottish and UK Governments".[29] In a March 2021 speech, First Minister Nicola Sturgeon acknowledged the "acute challenges our tourism and hospitality sectors have faced".[30]
There have been suggestions that the economic impact as a result of the COVID-19 outbreak could permanently affect the economy of Scotland, similar to the way deindustrialization of Scotland's shipyards and coal production had a major, long-lasting effect on the economy during the 1980s.[31]
Exports of many food and drink products from the UK declined significantly,[32] including Scotch whisky. Distillers were required to close for some time and the hospitality industry worldwide experienced a major slump.[33] According to news reports in February 2021, the Scotch whisky sector had experienced £1.1 billion in lost sales. Exports to the US were also affected by the 25% tariff that had been imposed. Scotch whisky exports to the US during 2020 "fell by 32%" from the previous year. Worldwide exports declined by 70%.[34] A BBC News headline on 12 February 2021 summarized the situation: "Scotch whisky exports slump to 'lowest in a decade'".[35]
Primary industry
Agriculture and forestry
A very small proportion of Scotland's total land mass is classified as arable – circa 10% based on Scottish Government figures[36] Only about one quarter[Figures are inconsistent] of the land is under cultivation – mainly in cereals. Barley, wheat and potatoes are grown in eastern parts of Scotland such as Aberdeenshire, Moray, Highland, Fife and the Scottish Borders. The Tayside and Angus area is a centre of production of soft fruits such as strawberries, raspberries and loganberries, owing to the climate. Sheep-raising is important in the less arable mountainous regions, such as the northwest of Scotland, which are used for rough grazing, due to its geographical isolation, poor climate and acidic soils. Parts of the east of Scotland (areas such as Aberdeenshire, Fife and Angus) are major centres of cereal production and general cropping. In such areas, the land is generally flatter, coastal, and the climate less harsh, and more suited to cultivation. The south-west of Scotland – principally Ayrshire and Dumfries and Galloway – is a centre of dairying. Agriculture, especially cropping in Scotland, is highly mechanised and generally efficient. Farms tend to cover larger areas than their European counterparts. Hill farming is also prominent in the Southern Uplands in the south of Scotland, resulting in the production of wool, lamb and mutton. Cattle rearing, particularly in the east and south of Scotland, results in the production of large amounts of beef. Farming in Scotland was affected by BSE and the European ban on the importation of British beef from 1996. 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.
Because of the persistence of feudalism and the land enclosures of the 19th century the ownership of most land is concentrated in relatively few hands (some 350 people own about half the land). 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.[37]
As of 2019, a century since the founding of the Forestry Commission, about 18.5% of Scotland is forested.[38] The majority of forests are in public ownership, with forestry policy being controlled by Scottish Forestry. The biggest plantations and timber resources are to be found in Dumfries and Galloway, Tayside, Argyll and the Scottish Highlands. 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. Forests, especially those surrounding populated areas in Central Scotland, also provide a recreation resource.
Fishing
The waters surrounding Scotland are some of the richest in Europe. Fishing is an economic mainstay in parts of the North East of Scotland and along the west coast, with important fish markets in places such as Aberdeen and Mallaig. 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. 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.[citation needed] To rebuild stocks the EU's Common Fisheries Policy places restrictions on the total tonnage of catch that can be landed, on the days at sea allowed and on fishing gear that can be deployed.
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. Inland waters are rich in fresh water fish such as salmon and trout although here too there has been an inexorable and so far unexplained decline in abundance over the past decades.[39]
Mineral resources
Scotland has a large abundance of natural resources from fertile land suitable for agriculture, to oil and gas. In terms of mineral resources, Scotland produces coal, zinc, iron and oil shale. 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. The mining of coal – once a major employer in Scotland has declined in importance since the later half of the 20th century, due to cheaper foreign coal and the exhaustion of many seams. The last deep-coal mine was at Longannet on the Firth of Forth which closed in 2016.[40] A modest amount of opencast coal mining continues.
Fracking
"In October 2017 the Scottish Government announced a ban on fracking after a six year struggle that saw massive opposition to the industry across the country."[41] The Scottish Government states that it is taking a cautious, considered and evidenced-based approach to fracking. In January 2015 the Scottish Government placed a moratorium on granting consents for unconventional oil and gas extraction.[42] 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. The Scottish Government has stated that no fracking can or will take place in Scotland while the moratorium remains in place.
Oil and gas
Scottish waters consisting of a large sector of the North Atlantic and the North Sea, containing the largest oil resources in Western Europe – The UK is one of Europe's largest petroleum producers, with the discovery of North Sea oil transforming the Scottish economy. Oil was discovered in the North Sea in 1966, with the first year of full production taking place in 1976.[43] With the growth of oil exploration during that time, as well as the ancillary industries needed to support it, the city of Aberdeen became the UK's centre of the North Sea Oil Industry, with the port and harbour serving many oil fields off shore. Sullom Voe in Shetland is the site of a major oil terminal, where oil is piped in and transferred to tankers. 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.[44] Grangemouth is at the centre of Scotland's petrochemicals industry. The oil related industries are a major source of employment and income in these regions. It is estimated that the industry employs around 100,000 workers (or 6% of the working population) of Scotland.[citation needed]
Although North Sea oil production has been declining since 1999, an estimated 920 million tonnes of recoverable crude oil remained in 2009. 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,[45] with most oil fields being expected to remain economically viable until at least 2020. 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.[46] The North Sea oil and gas industry contributed £35 billion to the UK economy (a little under 1% of GDP) in 2014 and is expected to decline in the coming years.[47]
Secondary sector
Heavy industry
Scotland's heavy industry began to develop in the second half of the 18th century. The Carron Company established its ironworks at Falkirk in 1759, initially using imported ore but later using locally sourced Ironstone. The iron industry expanded tenfold between 1830 and 1844.[48] 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.[49] The heavy industries based around shipbuilding and locomotives went into severe decline after the Second World War.[50]
Light industry
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