Economy of Scotland

Description

The economy of Scotland is closely linked with the rest of the United Kingdom and the wider European Economic Area. Scotland has the second largest GVA per capita of countries in the United Kingdom after England, though it is still lower than the average of the United Kingdom as a whole. Revenue from North Sea oil and gas is not included in these figures, if it were it would reveal Scotland with a budget surplus or small deficit. Scotland was one of the industrial powerhouses of Europe from the time of the Industrial Revolution onwards, being a world leader in manufacturing industries, at the time, which today has left a legacy in the diversity of goods and services which the Scottish economy produces, from textiles, whisky and shortbread to aeroengines, buses, computer software, ships, avionics and microelectronics to banking, insurance, fund management and other related financial services. In common with most other advanced industrialised economies, Scotland has seen a decline in the importance of the manufacturing industries and primary-based extractive industries. This has, however, been combined with a rise in the service sector of the economy which is now the largest sector in Scotland, with significant rates of growth over the last decade. The British Pound Sterling is the official currency in Scotland, and the central bank of the UK is the Bank of England which retains responsibility for the monetary policy of the whole of the United Kingdom. Scotland has vast potential to capitalise on renewable energies. A key policy of the Scottish Government is to harness wind, tidal and wave power and sell this environmentally friendly energy to European Union partners. (via DBpedia)