Will Scotland be richer than Norway after independence?

Scottish Thistle Coin 1602 by Tropic~7
Scottish Thistle Coin 1602, a photo by Tropic~7 on Flickr.

There was an extremely interesting blog posting on Wings over Scotland about the size of Scotland’s exports.

This made me think about the consequences for the finances of an independent Scotland.

First of all, the figure provided by WoS is $20,886 per capita, but that’s excluding oil. According to STV, Scotland’s oil and gas exports are worth about £7.6bn, which is about half the amount produced. If we assume that half of this is actually exported to England, we get a rough figure of £11.4bn, which is $18bn. Per capita this is $3400, so a very rough estimate of an independent Scotland’s exports including oil would be slightly more than $24,000 per person, which would make us number six in the World rankings, between Norway and Ireland.

Read the rest of this blog posting on Arc of Prosperity.

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