SCOTTISH DEFICIT: 9.7% GDP
The Scottish economy has taken a severe hit on the back of falling North Sea oil and gas revenues, taking the country's deficit to £14.9bn (€19.3bn). The deficit is equivalent to about 9.7% of GDP in 2014-2015, almost double the deficit of the UK overall, which is at a deficit of 4.9% of GDP.
The data was revealed with the release of the Government Expenditure & Revenue Scotland (GERS) on March 9. According to that data, North Sea oil and gas revenue fell by 55% between the fiscal years 2013-2014 and 2014-2015. The revenue for 2014-2015 was just £2.25bn, less than half of the £4.8bn recorded in 2013-2014, and less than a quarter of the £10.9bn recorded in 2011-12.
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