Economy and infrastructure of Scotland

Scotland has a western style open mixed economy closely linked with the rest of Europe and the wider world. Traditionally, the Scottish economy has been dominated by heavy industry underpinned by shipbuilding in Glasgow, coal mining and steel industries. Petroleum related industries associated with the extraction of North Sea oil have also been important employers from the 1970s, especially in the north east of Scotland.

De-industrialisation during the 1970s and 1980s saw a shift from a manufacturing focus towards a more service-oriented economy. Edinburgh is the financial services centre of Scotland and the sixth largest financial centre in Europe in terms of funds under management, behind London, Paris, Frankfurt, Zurich and Amsterdam, with many large finance firms based there, including: Lloyds Banking Group (owners of the Halifax Bank of Scotland); the Government owned Royal Bank of Scotland and Standard Life.

In 2005, total Scottish exports (excluding intra-UK trade) were provisionally estimated to be £17.5 billion, of which 70 % (£12.2 billion) were attributable to manufacturing. Scotland's primary exports include whisky, electronics and financial services. The United States, Netherlands, Germany, France and Spain constitute the country's major export markets. Scotland's Gross Domestic Product (GDP), including oil and gas produced in Scottish waters, was estimated at £137.5 billion for the calendar year 2009. Despite only making up 8.4 % of the UK population, Scotland generates 9.6 % of UK revenues and only receives 9.3% back from Westminster.

Tourism is widely recognised as a key contributor to the Scottish economy. A briefing published in 2002 by the Scottish Parliament Information Centre stated that tourism accounted for up to 5 % of GDP and 7.5 % of employment.

As of December 2012, the unemployment rate in Scotland stood at 7.6 %, below the UK average of 7.8 %.

Although the Bank of England is the central bank for the UK, three Scottish clearing banks still issue their own Sterling banknotes: the Bank of Scotland; the Royal Bank of Scotland; and the Clydesdale Bank. The current value of the Scottish banknotes in circulation is £3.5 billion.

Ответьте письменно на следующие вопросы по-русски или по-английски:

1). What is the Scottish economy based on?

2). What does the term de-industrialisation mean?

3). How many banks in the UK have the right to issue money and what are they?

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