SCOTLAND’S oil and gas increased measured economic output by almost £1 trillion in today’s prices – but the vast majority of the value took the form of profits and taxes rather than wages
“Thus, understanding the political economy dimension of the composition and dissemination of Scotland’s national accounts is critical to understanding its post-war economic performance.”
Elsewhere, the study reports that Scotland saw a decline in its GVA as a share of the UK as a whole through the 20th century. However, it notes that it did not fare as badly as other post-industrial areas of the UK.
It states: “Interestingly, however, Scotland’s onshore GVA per capita holds relatively steady compared with the UK, in contrast to the other devolved nations and most English regions, whose performance slipped back.
“In most other post-industrial regions, such as the North, Yorkshire and Humberside, Wales, and Northern Ireland, their relative performance declines.”
The report concludes: “It is important to stress that our results do not change the UK’s post-war economic performance or perceptions of it, but we can say with a degree of surety that the exclusion of offshore activities has not enabled a full and complete picture of Scotland’s economic performance.
“In many ways, previous analyses have been akin to looking at a painting up close with one eye closed.