Economy
Today, the main revenue producers in Shetland are agriculture, aquaculture, fishing, renewable energy, the petroleum industry (crude oil and natural gas production), the creative industries and tourism.
Fishing remains central to the islands' economy today, with the total catch being 75,767 tonnes (74,570 long tons; 83,519 short tons) in 2009, valued at over £73.2 million. In addition Mackerel, which makes up more than half of the catch in Shetland by weight and value, there are significant landings of Haddock, Cod, Herring, Whiting, Monkfish and shellfish. Farming is mostly concerned with the raising of Shetland sheep, known for their unusually fine wool. Crops raised include oats and barley; however, the cold, windswept islands make for a harsh environment for most plants. Crofting, the farming of small plots of land on a legally restricted tenancy basis, is still practiced and viewed as a key Shetland tradition as well as important source of income.
Oil and gas was first landed at Sullom Voe in 1978, and it has subsequently become one of the largest terminals in Europe. Taxes from the oil have increased public sector spending on social welfare, art, sport, environmental measures and financial development. Three quarters of the islands work force is employed in the service sector and Shetland Islands Council alone accounted for 27.9% of output in 2003. Shetland's access to oil revenues has funded the Shetland Charitable Trust which in turn funds a wide variety of local programmes. The balance of the fund in 2011 was £217million i.e., about £9,500 per head.
In January 2007, the Shetland Islands Council signed a partnership agreement with Scottish and Southern Energy for a 200-turbine wind farm and subsea cable. This renewable energy project would produce about 600 megawatts and contribute about £20 million to the Shetland economy per year. The plan is meeting significant opposition within the islands, primarily resulting from the anticipated visual impact of the development. The PURE project on Unst is a research centre which uses a combination of wind power and fuel cells to create a wind hydrogen system. The project is run by the Unst Partnership, the local community's development trust.
Knitwear is important both to the economy and culture of Shetland and the Fair Isle design is well-known. However, the industry faces challenges due to plagiarism of the word "Shetland" by manufacturers operating elsewhere and a certification trademark, "The Shetland Lady", has been registered. Shetland is served by a weekly local newspaper, The Shetland Times and the online Shetland News with radio service being provided by BBC Radio Shetland and the commercial radio station SIBC.
Shetland is a popular destination for cruise ships and in 2010 the Lonely Planet guide named Shetland as the sixth best region in the world for tourists seeking unspoilt destinations. The islands were described as “beautiful and rewarding" and the Shetlanders as "a fiercely independent and self-reliant bunch". Overall visitor expenditure was worth £16.4 million in 2006, in which year just under 26,000 cruise liner passengers arrived at Lerwick Harbour. In 2009, the most popular visitor attractions were the Shetland Museum, the RSPB reserve at Sumburgh Head, Bonhoga Gallery at Weisdale Mill and Jarlshof.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)