North Sea oil and gas pumps Scots GDP per head 11% higher than UK

North Sea oil rigNew figures released today from the Scottish Government show that Scotland would be ranked as the 14th wealthiest nation per head within the OECD, the grouping of the world’s richest countries.

The updated research shows that – including North Sea output – Scotland’s GDP per capita in 2012 was 11% above that of the UK – which is ranked 18th out of the 34 OECD countries. (See chart, below)

Both Scotland and the UK maintain their rankings compared to updated international comparisons for 2011.

The new research complements recent analysis by the Financial Times which ranked Scotland as the 19th wealthiest nation in the world, compared to the UK in 23rd place, and comes after ratings agency Standard and Poor’s confirmed an independent Scotland would qualify for its “highest economic assessment”.

Finance Secretary John Swinney, MSP, commented: “There is no doubt that Scotland can more than afford to be a successful independent nation. With our vast natural resources, skilled work force and broad-based industrial strengths, Scotland performs strongly against international competitors.

“Scotland has five of the world’s top 200 universities, a booming food and drink industry worth over £13bn a year, a huge market for tourism, 25% of Europe’s offshore wind and tidal energy and growing potential in areas like life science, low carbon manufacturing and in our rural and island economies.”

“This analysis shows that an independent Scotland would be the 14th wealthiest nation per head within the OECD compared to that of the UK which is ranked 18th and with the powers of independence we would be able to harness that wealth for the benefit of people in Scotland.

For more information:

http://www.scotland.gov.uk/Topics/Economy/Publications/GDP-Per-Capita

 

 Table 1: Estimate of Scotland’s GDP per Capita Ranking against OECD countries in 2012 with the inclusion of an illustrative geographic share of North Sea output Rank Country 2012 GDP per head ($)
1 Luxembourg $89,417
2 Norway $66,135
3 Switzerland $53,641
4 United States $51,689
5 Australia $44,407
6 Austria $44,141
7 Ireland $43,803
8 Netherlands $43,348
9 Sweden $42,874
10 Denmark $42,787
11 Canada $42,114
12 Germany $41,923
13 Belgium $40,838
14 Scotland (Onshore + geog oil) $39,642
15 Finland $39,160
16 Iceland $39,097
17 France $36,933
18 United Kingdom $35,671
19 Japan $35,482
20 Italy $34,143
21 New Zealand $32,847
22 Spain $32,551
23 Israel $31,364
24 Korea $30,011
25 Slovenia $28,482
26 Czech Republic $27,522
27 Slovak Republic $25,848
28 Portugal $25,802
29 Greece $25,586
30 Estonia $24,260
31 Poland $22,783
32 Hungary $22,635
33 Chile $21,486
34 Turkey $18,315
35 Mexico $17,019

 

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