Scotch whisky industry more productive than City of London
Scotch whisky is now worth more than £4 billion to the Scottish economy and is more productive than the City of London, according to a report commissioned by the Scotch Whisky Association (SWA).
The research; Scotch Whisky & Scotland’s Economy - A 100 Year Blend, which was undertaken to mark the industry’s centenary, reveals the industry is experiencing a second “golden age”, with inward investment and the development of international markets helping deliver a “spectacular” performance last seen in the 1970s.
Generating more productivity than the City of London, with employees adding 57% more value per head, the total impact of Scotch Whisky on Scotland’s economy is £4.2 billion, with £2.9 billion from the industry itself and £1.3 billion through the industry’s supply chain.
It also supports around 36,000 jobs in the industry and across the supply chain in Scotland, outperforming most other industries and underpins the expansion of Scotland’s total international export markets, accounting for 55% of the growth since 2002 with rising export value contributing to its success.
Gavin Hewitt, SWA chief executive, said: “This new research is further evidence of the key role Scotch whisky plays in the Scottish economy. The demand for Scotch Whisky is coming increasingly from the world’s fastest growing markets. In comparison with other Scottish industries, Scotch whisky already enjoys an enviable export position across a wide spread of emerging economies.
He added: “The report shows Scotch whisky is likely to play an increasingly important role in Scotland’s export markets. The momentum of growth needs to be better nurtured by both the UK and Scottish Governments. Scotch Whisky underpins their ambitions for export-led recovery.”
A further investment of £2 billion in Scotland in the next few years has been committed by Scotch whisky producers.