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Concept
Economy of Scotland
Summary
The economy of Scotland is an open mixed economy which, in 2020, had an estimated nominal gross domestic product (GDP) of $205 billion including oil and gas extraction in Scottish waters. 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 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 the countries of the United Kingdom, £14.9 billion with the rest of 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. 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) and the Scottish Government (responsible for devolved matters) via HM Treasury. Their respective financial functions are headed by the Chancellor of the Exchequer, and the Cabinet Secretary for Finance, Constitution and Economy. Since 1979, management of the UK economy (including Scotland) has followed a broadly laissez-faire approach.
Official source
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