We all know Scotch is delicious – but did you know it’s also thoroughly good for the UK economy? The Scotch Whisky Association (SWA) has crunched the numbers, and discovered that it now adds a whopping £5.5 billion pounds each year!
The amount the Scotch industry adds has climbed by 10% year-on-year, as exports reach record highs (£4.7bn in 2018) and new distilleries come online. We reckon that’s as good a reason as any to raise a dram.
“This research shows the Scotch whisky industry’s huge contribution to both the Scottish and UK economies,” said Karen Betts, the SWA’s chief exec. She also praised the “consistent investment” from whisky companies, with over £500 million going into production, distribution, marketing and tourism in the last five years.
“Despite the challenges of Brexit, this investment continues to flow, with further projects planned and more distilleries set to open – a sign that the Scotch whisky industry remains confident about the future,” she continued. This is great news for our many employees, our investors, our supply chain and, of course, for consumers all over the world who love Scotch.”
What does this mean for Scotch? According to the SWA, the industry contributes more than the life sciences sector does to Scotland’s finances (£1.5bn), meaning it is a vital part of the economy. It also supports more than 42,000 jobs throughout the UK, including 10,500 people directly in Scotland, and 7,000 across rural communities.
Scotch is a super-productive business to be in, too. Apparently, the sector generates about £210,505 GVA per employee, more than the energy sector at £173,511 per person. In comparison, life sciences contributes £93,735 per head, while the creative industries stands at £60,712 per person.
Some more fun stats (we know you like them): for every £100 of added value Scotch produces, another £45 is generated in the broader economy. Plus, Scotch accounted for an enormous 21% of all UK food and drink exports in 2018, and 1.3% of the value of total exports.
Hurrah for Scotch!