Scottish Public Finance Gap Rises to 9.5 Percent of GDP

Scotland’s fiscal deficit stood at about a tenth of its economy in the year to March 2016, hammered by a slump in oil and gas revenues and potentially dampening arguments for Scottish independence.

Scotland’s share of North Sea oil revenues crashed 97 percent to 60 million pounds in the year to March from 1.8 billion pounds a year ago and 8.2 billion ten years earlier.

Data released by the Scottish government on Wednesday showed lower oil prices — which reduce government tax revenues — and higher public spending mean that the country still needs to address how to expand its economy beyond oil, First Minister Nicola Sturgeon said.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.