GERS figures published
23 August 2017
Scotland's fiscal position improves and tax revenue grows.
The latest Government Expenditure and Revenue Scotland
(GERS) figures show Scotland's fiscal position improved in
Overall, the notional deficit fell by £1.3 billion in 2016-17 to
stand at 8.3% of GDP. Onshore revenues increased by £3.3 billion
(6.1%) between 2015-16 and 2016-17 - the fastest increase since
current records began in 1998-99 - while North Sea revenue also
Speaking while visiting business start-up Aquila Biomedical,
based at Edinburgh BioQuarter, First Minister Nicola Sturgeon
"Scotland's economy remains strong. In the last quarter, our
economy grew nearly four times faster than the UK and the number of
people in employment is at a record high.
"These figures reflect Scotland's finances under current
constitutional arrangements. However, they show that our investment
in key industries - such as the life-science sector - is providing
a real boost to our onshore economy. By continuing to invest in key
sectors, we will ensure Scotland remains a productive and
"The lower oil price had an impact on North Sea revenues and the
wider economy last year. However, it is encouraging to see an
improvement in the overall fiscal balance and that onshore revenues
grew at their fastest rate in nearly twenty years.
"However, our long-term economic success is now threatened by
Brexit, which risks reducing household incomes, employment and
funding for public services. That is why we continue to press for
the Scottish Government to have a direct role in Brexit
Finance Secretary Derek Mackay added:
"It is encouraging that our fiscal balance improved by nearly
10% last year. It is important to also recognise that ONS analysis
shows that Scotland performs ahead of Wales, Northern Ireland and
several English regions, and in line with the UK average outside of
London and the south-east.
"Meanwhile, evidence also points to signs that confidence is
increasing among North Sea operators, with the sector set to remain
an important part of Scotland's economy for years to come.
"An extreme Brexit outcome would do significant damage to
Scotland's public finances and would cost our economy up
Government Expenditure and Revenue Scotland report.
BioQuarter includes the Royal Infirmary of Edinburgh and a
number of life-science companies, alongside academic research
institutes. Nine at the BioQuarter, which includes Aquila
Biomedical, has 20 rapidly growing life-sciences businesses in one
multiple occupancy building. Aquila provides clients with
immuno-oncology research expertise, a new area of medicine focused
on manipulating the immune response to target cancer tumours.
Source - The Scottish Goverment Website