Scots growth slump hits individual wealth

The oil and gas slump has hit Scottish growth
The oil and gas slump has hit Scottish growth
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The personal living standards of Scots have taken a tumble against other global nations, new research indicates.

Scotland has fallen three places to 18th in the rankings of developed countries in recent years as a result of the North Sea oil and gas slump.

Although the Scottish Government has not updated its international ranking of GDP per capita - a snapshot of individual citizens' wealth - figures have been compiled by leading economist John McLaren of the Scottish Trends website.

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It shows that Scotland has the fourth slowest rate of growth of other OECD nations and has fallen behind the broader UK rate.

"Scotland has fared relatively badly since 2014, dropping 3 places to 18th, now just behind the UK in 17th," Prof McLaren states..

"The main reason for this relative fall is the decline in the contribution of the North Sea, in turn a combination

of a falling oil price and falling North Sea output."

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Scotland's GDP per capita has grown 0.9% between 2014 and 2017. the figures show. This compares with 3.2% across the rest of the UK and lower than other small European nations like Finland (3.7%), Denmark (2.7%) and Sweden (3.6%) which all rank above Scotland.

More recent figures indicate that Scotland's economy is recovering after an improvement in the North Sea industry which has seen the global oil price increase.