Scotland drops to ninth most prosperous region, with a prosperity score of 0.22.
|Household expenditure||£482 per week|
Scotland has dropped from the seventh to the ninth most prosperous UK region. It has, however, seen positive increases in several macroeconomic indicators: GDP per capita saw a 1.8% rise to £23,685 – the fourth-highest in the UK. A 1.5% increase in household expenditure reflected the rise in average earnings – up 2.5% to £27,032 – resulting in the third-highest earnings in the UK after London and the South East.
Scotland has also seen a drop in unemployment, down to 4.8% in 2016 from 5.8% in 2015. Only Wales saw a larger drop in those out of work, at -1.4%.
Other measures have impacted overall prosperity. House prices lag behind the rest of the UK, rising just 2% in the last year, while Scotland’s business birth-to-death ration dropped 0.03% year on year to 1.33, the lowest in the UK.
The number of millionaires in Scotland has remained constant at 30,500. This represents a 4.9% share of all millionaires living in the UK.