Shetland Economic Accounts 2017

Black, James and Connolly, Kevin and Spowage, Mairi (2021) Shetland Economic Accounts 2017. University of Strathclyde, Glasgow.

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Abstract

The purpose of this report is to present the findings from the economic analysis of Shetland for 2017, commissioned by Shetland Islands Council. Shetland GRDP in 2017 was £584.4 million, amounting to £25,443 per person which is 0.48% higher than the Scottish average Between 2011 and 2017 there was a £47.8 million increase in GRPD in real terms. The five sectors which account for most employment in Shetland (in descending order) are: Schools, Construction, Retail, Social Work and Public Administration. The five sectors which account for most value added (in descending order) are: Aquaculture, Retail, Public Administration, Construction and Schools. The five sectors which account for most output (in descending order) are: Aquaculture, Fish processing, Public Administration, Retail and Construction. There were various changes in the sectoral contributions to value added and output between 2011 and 2017. There was a significant increase in Aquaculture and reduction in the Oil sector (driven by reclassification of the oil terminal) Wages and salaries are the largest source of income of Shetland households, accounting for 70% of average income. On average household expenditure in Shetland in 2017 was £36,374 per annum with £22,030 of this spend within the Shetland region. The value of exports from Shetland in 2017 was £597.6 million and the value of imports £422.7 million, a trade surplus of £175 million. Over the 6 year period between 2011 and 2017 exports have grown, in real terms, at a rate of 1.75% while imports have grown 0.75%. The two largest export industries are aquaculture and fishing, which between them account for nearly 40% of total exports. The total value of tourism in 2017 was £23.2 million, up from £15.2 million in 2011 (in real terms). The IO table was used to calculate a range of multipliers, with the two largest for output being Fish processing and Agriculture, indicating their importance to the Shetland economy. The IO table was used to estimate the impacts of COVID on the Shetland economy using the Hypothetical extraction method.

ORCID iDs

Black, James ORCID logoORCID: https://orcid.org/0000-0002-7796-0910, Connolly, Kevin ORCID logoORCID: https://orcid.org/0000-0003-2333-2211 and Spowage, Mairi;
CORE (COnnecting REpositories)