The latest Government Expenditure and Revenue Scotland (GERS) figures show Scotland’s fiscal position improved in 2016-17.
Overall, onshore revenues increased by £3,300 million (6.1%) between 2015-16 and 2016-17 – the fastest increase since records began in 1998-99 – while North Sea revenue also grew.
First Minister Nicola Sturgeon MSP said:
“Scotland’s economy remains strong. In the last quarter, our economy grew nearly four times faster than the UK and the number of people in employment is at a record high.
“These figures show that our investment in key industries – such as the life-science sector – is providing a real boost to our onshore economy. By continuing to invest in key sectors, we will ensure Scotland remains a productive and competitive country.
“The lower oil price had an impact on North Sea revenues and the wider economy last year. However, it is encouraging to see an improvement in the overall fiscal balance and that onshore revenues grew at their fastest rate in nearly twenty years.”
Kenneth Gibson MSP added:
“It is encouraging that our fiscal balance significantly last year. It is important to also recognise that Scotland performs ahead of Wales, Northern Ireland and most of England’s regions. Meanwhile, investment is again increasing in the North Sea, with the sector set to remain an important part of Scotland’s economy for years to come.
“With employment in Scotland at a record high and unemployment having fallen to below UK levels, Scotland can look forward with confidence.”
View the Government Expenditure and Revenue Scotland report here.