Scotland’s geographical share of North Sea oil revenues was negative for the first calendar year on record in 2016

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Source: scotsman.com 10th May 2017

Analysis by economist John McLaren said the decline in North Sea revenues contrasted with a period of relative stability between 2005-2012 when Scottish offshore oil revenues did not fall below £6 billion in any single year.

Mr McLaren said: “The latest national accounts data shows that 2016 was a disappointing year for the Scottish economy.

“Much of this was connected to a further decline in the contribution of the North Sea.

“Furthermore, the Scottish trade balance for 2016 has worsened by £1.6 billion from 2015 and the savings ratio is at a record low.

“As a result, worries persist over the (Scottish) economy’s future growth potential and over the self-financed element of the Scottish budget.”

Source article here

 

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