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

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.