Economy and Infrastructure
Scotland has a western style open mixed economy that is closely linked with the rest of Europe and the wider world. Traditionally, the Scottish economy has been dominated by heavy industry underpinned by the shipbuilding in Glasgow, coal mining and steel industries. Petroleum related industries associated with the extraction of North Sea oil have also been important employers from the 1970s, especially in the north east of Scotland.
De-industrialisation during the 1970s and 1980s saw a shift from a manufacturing focus towards a more service-oriented economy. Edinburgh is the financial services centre of Scotland and the sixth largest financial centre in Europe in terms of funds under management, behind London, Paris, Frankfurt, Zurich and Amsterdam, with many large finance firms based there, including: Lloyds Banking Group (owners of the Halifax Bank of Scotland); the Government owned Royal Bank of Scotland and Standard Life.
In 2005, total Scottish exports (excluding intra-UK trade) were provisionally estimated to be £17.5 billion, of which 70% (£12.2 billion) were attributable to manufacturing. Scotland's primary exports include whisky, electronics and financial services. The United States, Netherlands, Germany, France and Spain constitute the country's major export markets. Scotland's Gross Domestic Product (GDP), including oil and gas produced in Scottish waters, was estimated at £137.5 billion for the calendar year 2009. If Scotland became independent, it would hold 90% of the UK's current oil and gas reserves if they were split geographically using a median line from the English-Scottish border. If the reserves were to be split by population, that figure would be reduced to 9%.
Scotland accounts for 9.2% of total UK public spending, but 8.3% of the UK's non-oil tax revenues. When a geographical share of UK Oil and Gas reserves is added, Scotland accounts for 9.4% of UK tax-revenues.
Tourism is widely recognised as a key contributor to the Scottish economy. A briefing published in 2002 by the Scottish Parliament Information Centre, (SPICe), for the Scottish Parliament's Enterprise and Life Long Learning Committee, stated that tourism accounted for up to 5% of GDP and 7.5% of employment.
As of September 2012, the unemployment rate in Scotland stood at 8.1%— slightly above the UK average of 7.8%.
Read more about this topic: Scotland
Other articles related to "economy and infrastructure, economy":
... During its history Quincy has been known as a manufacturing and heavy industry center, with granite quarrying dominating employment in the 19th century and shipbuilding at Fore River Shipyard and Squantum Victory Yard rising to prominence in the 20th century ... The recent decades have seen a shift in focus to several large employers in the financial services, insurance and health care sectors of the economy ...
... The establishment of the Community Hille created the desire to provide more advance schools it was the previous norm that advanced scholars commuted to higher schools in Minden or Lübbecke ... In the 1950 a combined school with high school like upper grades was created from the existing Hille school ...
... The war furthered the decline of the Iranian economy that had begun with the revolution in 1978–79 ...
... Copper mining is an important part of the economy of Katanga province ... Cobalt mining by individual contractors is also prevalent ...
... Because Ommen is a rural municipality, tourism and agriculture are the pillars of the local economy ... The beautiful forests and hilly heathlands of Ommen attract many nature-seeking visitors ...
Famous quotes containing the words economy and and/or economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (18971977)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (18031882)