Scotland is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the south-west. In addition to the mainland, Scotland is made up of more than 790 islands including the Northern Isles and the Hebrides. Edinburgh, the country’s capital and second-largest city, is one of Europe’s largest financial centres. Edinburgh was the hub of the Scottish Enlightenment of the 18th century, which transformed Scotland into one of the commercial, intellectual and industrial powerhouses of Europe. Glasgow, Scotland’s largest city, was once one of the world’s leading industrial cities and now lies at the centre of the Greater Glasgow conurbation. Scottish waters consist of a large sector of the North Atlantic and the North Sea, containing the largest oil reserves in the European Union. This has given Aberdeen, the third-largest city in Scotland, the title of Europe’s oil capital.
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.
Whisky is probably the best known of Scotland’s manufactured products. Exports have increased by 87% in the past decade and it contributes over £4.25billion to the UK economy, making up a quarter of all its food and drink revenues. Tourism is also widely recognised as a key contributor to the Scottish economy and account for up to 5% of GDP and 7.5% of employment.
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