You are using an older browser version. Please use a supported version for the best MSN experience.

Scotland's deficit hits $25.7b

Press AssociationPress Association 24/08/2016

Scotland's deficit was PS14.8 billion ($A25.7 billion) for 2015/16 amid plummeting oil and gas revenues, new figures show.

The Government Expenditure and Revenue Scotland (GERS) statistics show a deficit of PS14.8 billion ($A25.7 billion) when a geographic share of North Sea revenues is allocated to Scotland.

That amounts to 9.5 per cent of Scottish GDP, compared with the overall UK deficit of PS75.3 billion ($A130.6 billion) - four per cent of UK GDP.

North Sea revenue fell from PS1.8 billion ($A3.1 billion) in 2014/15 to PS60 million ($A104 million), reflecting a decline in total UK oil and gas revenues.

The figures also show Scotland's onshore revenues grew by PS1.9 billion ($A3.3 billion).

According to the latest report, Scotland's deficit in 2014/15 stood at PS14.3 billion ($A24.8 billion), 9.1 per cent of Scottish GDP.

The figures also show that Scottish public sector revenue, including an illustrative geographic share of North Sea revenues, was estimated as PS53.7 billion ($A93.1 billion) - the equivalent of PS10,000 ($A17,342) per person and about PS400 ($A694) per person lower than the UK average.

Meanwhile, public spending in Scotland totalled PS68.6 billion ($A119.0 billion).

This is equivalent to 9.1 per cent of total UK public sector expenditure, and PS12,800 ($A22,198) per person, which is PS1,200 ($A2081) per person greater than the UK average.

image beaconimage beaconimage beacon