SCOTLAND continues to “punch above its weight” in terms of its economic contribution to the UK, the SNP leadership has insisted, following publication of the latest output figures for 2014.
The Office for National Statistics (ONS) showed that Scotland at £23,102 had, outside of London and the south east of England, the highest Gross Value Added (GVA) per head of population of any region or nation in the UK.
GVA is calculated by adding up the income generated by resident individuals or corporations in the production of goods and services.
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Stewart Hosie, the SNP’s deputy leader and economic spokesman, said: “Today’s ONS figures show, once again, that Scotland continues to punch above its weight in its contribution to the UK economy.
“The strong showing for Scotland is testament to the successful economic policies of the SNP Government from crucial infrastructure investment to vital support for small businesses.
“This has resulted in record numbers of registered businesses in Scotland, increased productivity, growing value of international exports, and record employment.”
The Dundee MP added: “These figures also provide more evidence of Scotland’s ability to successfully adapt to changing economic conditions and is a credit to the people who live, work, and run businesses across the country.”
London’s GVA per person was £42,666, the south east of England £27,012 while the south west was £22,324, the west Midlands £20,086 and the north east £18,216.
Wales had the lowest GVA per person at just £17,573, Northern Ireland’s was £18,682 and England’s was £25,367. The UK’s overall figure was £24,616.
However, when total GVA was calculated per nation and region, Scotland was behind not only London and the south east of England but also the East of England and the north west.
These figures were: London £364bn; south east £240bn; north west £150bn; east of England £139bn and Scotland £124bn. The region/nation with the lowest total GVA was Northern Ireland at £34bn. The UK’s overall GVA was £1.6tr.
In 2014, GVA per head of population increased in all regions with the highest annual growth in London at 5.3 per cent and the lowest annual growth in Northern Ireland at 1.9 per cent. Along with the East of England, Scotland had the highest growth per person at 4.2 per cent outside of the UK capital.
In terms of total GVA growth, Scotland at 4.6 per cent was behind London at 6.8 and the East of England at 5.3. The lowest was Wales at 2.4.