News / Shetland’s worth £1.1 billion
SHETLAND’s economy has been growing by a staggering 3.5 per cent annually over the last eight years, new figures released by the local authority reveal.
Shetland Islands Council said a study carried out by the Hutton Institute has found that the total output of the local economy in 2010/11 was almost £1.1 billion.
The figures come hard on the heels of an upbeat growth forecast published by Lerwick Port Authority earlier this week.
The council study shows that the isles made a net contribution of £82 million to the Exchequer Balance, which measures the difference between central government revenue and expenditure.
These latest growth figures neither include the impact of the ongoing cuts to council budgets worth £26 million, nor the most recent massive investments in the oil and gas industry.
The last study in 2003 calculated the isles’ output at around £860.5 million (at 2010/11 prices).
That equates to an increase of 27 per cent, or a 3.5 per cent annual growth rate in Shetland’s economy over the past eight years.
The study shows that the fish catching, aquaculture and processing sectors remain the most valuable with a total output of just over £300 million.
The construction sector accounted for £77.7 million, and public administration – including public bodies such as the council, the emergency services and local branches of government agencies – totalled £67.6 million.
The average household income is estimated at £38,418 per annum – an increase of 17 per cent on 2003.
Chairman of the SIC’s development committee Alastair Cooper: “This is a tremendous document, covering all sectors of the Shetland economy between 2003 and 2011.
“This was period of great upheaval in the national and global economies, yet the figures in this report demonstrate robust growth in Shetland.
“The importance of this report is that it includes a wealth of information on every aspect of our economy, from the individual householder up to our most important industries.”
The study ‘An Analysis of the Shetland Economy based on Regional Accounts for 2010-11’ can be found at http://www.shetland.gov.uk/coins/Agenda.asp?meetingid=3769
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