Scottish North Sea Revenue Hits $1.6B
Scottish public sector revenue was estimated as $76.7 billion (GBP 59.6 billion) in 2017-18, of which $1.6 billion (GBP 1.3 billion) was North Sea revenue.
That’s according to the latest Government Expenditure and Revenue Scotland (GERS) publication, which highlighted that non-North Sea revenue jumped 3.6 percent in 2017-18 compared to 2015-16.
Scotland’s share of North Sea revenue increased from $342 million (GBP 266 million) in 2016-17, the latest GERS report highlighted.
Including North Sea revenue, Scotland’s 2017-18 public sector revenue is equivalent to $14,242 (GBP 11,052) per person, $394 (GBP 306) less than the UK average, the GERS figures revealed. Excluding North Sea revenue, it is $13,928 (GBP 10,808) per person, $686 (GBP 533) less than the UK average.
Total expenditure for the benefit of Scotland by the Scottish Government, UK Government, and all other parts of the public sector was $94.5 billion (GBP 73.4 billion) in 2017-18, according to the GERS report.
"On the back of continued economic growth and rising revenue, Scotland's deficit fell again in 2017-18,” Scottish First Minister Nicola Sturgeon said in a government statement.
"With the limited economic powers currently at our disposal, the actions we are taking to promote sustainable economic development are helping to ensure that the key economic indicators are moving in the right direction,” Sturgeon added.
The aim of GERS is to enhance public understanding of fiscal issues in Scotland. The primary objective is to estimate a set of public sector accounts for Scotland through detailed analysis of official UK and Scottish Government finance statistics.
GERS is a National Statistics publication, which means that it is produced independently of Scottish Ministers and has been assessed by the UK Statistics Authority as being produced in line with the Code of Practice for Official Statistics.
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