Shadow Mrs. Buckwheat
Posts:12,777 Threads:1,182 Joined:Feb 2011
Quote:Scotland's total GDP was $240 billion in the year to first quarter of 2014, around 8% of total UK GDP. Scotland's economic output per head is also the highest in the UK outside London and the South East of England, according to national statistics.
Scotland has certain unique industries which are incredibly important to it, but from Westminster point of view are lower down the agenda.
Beyond oil, a global taste for Scottish whisky boosts its economy, with food and drink making up nearly a fifth of its $40 billion exports internationally, government figures show. Scotland exports a further $75 billion worth of goods and services into the UK -- which, the pro-independence camp says, means an independent country could claim to be a significant global exporter.
Quote:The Government Pension Fund – Global (Norwegian: Statens pensjonsfond – Utland, SPU) is a fund into which the surplus wealth produced by Norwegian petroleum income is deposited. The fund changed name in January 2006 from its previous name, The Petroleum Fund of Norway. The fund is commonly referred to as The Oil Fund (Norwegian: Oljefondet). As of the valuation in June 2011, it was the largest pension fund in the world, although it is not actually a pension fund as it derives its financial backing from oil profits and not pension contributions. As of June 30, 2014 its total value is NOK 5.478 trillion ($889.1 billion), holding one percent of global equity markets. With 1.78 percent of European stocks, it is said to be the largest stock owner in Europe.
The purpose of the petroleum fund is to invest parts of the large surplus generated by the Norwegian petroleum sector, generated mainly from taxes of companies, but also payment for license to explore as well as the State's Direct Financial Interest and dividends from partly state-owned Statoil. Current revenue from the petroleum sector is estimated to be at its peak period and to decline over the next decades. The Petroleum Fund was established in 1990 after a decision by the country's legislature to counter the effects of the forthcoming decline in income and to smooth out the disruptive effects of highly fluctuating oil prices.
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