Scottish Salmon deliver £1bn Boost to economy as new report reveals growing impact
Scottish Salmon Farming now adds £1 billion a year to Scotland’s economy, according to a major new independent study highlighting the growing sector’s importance to rural communities, National Supply Chain World Production.
The report, produced by Biggar Economics of salmon Scotland, reveals that the total contribution to the economy of the economy has risen by 25 percent in four years, showing sales of exports and recording records. It describes salmon farming as one of Scotland’s most important economic drivers, supporting 11,000 jobs across the country, including around 2,500 people directly employed on the farm on the west coast and islands.
Average wages in the sector are now around £44,500, above the Scottish average, and the industry generated at least £37 million in tax last year before the wider buy-out offering. Analysts say that salmon farming continues to play an important role for all economic communities in this country, attracting people for years and attracting money from faraway places.
Deputy First Minister Kate Forbel, who met with industry leaders in Edinburgh this week, said the findings underscored not just the huge economic contribution but “resilience, adaptability and commitment to the industry. She praised the industry for paying moderate wages, strengthening and supporting rural communities, adding that the Scottish Government will “continue to take bold steps” to ensure it is a national success puzzle “to ensure it is a national success puzzle” to ensure it remains a path to success national.
The report shows that salmon farming will contribute £231.2 million to gross value added directly by 2024, while a further £589.9 million will be generated by businesses supplying the sector. A further impact came from the ongoing investment activity and spending by employees in local communities, bringing the total economic value to £766 million from the $766 annual estimates included, the industry wide value rising to more than £1 billion.
Tavish Scott, Chief Executive of Salmon Scotland, said the continued growth of the sector reflects the hard work of farmers across Scotland in the west and the islands, where salmon farming remains a central pillar of local economies. He said farm-raised salmon was “the backbone of the economy in some remote areas of Scotland”, supporting thousands of well-paid jobs and the network of Scottish businesses that depended on their success. Scott added that high environmental standards and social welfare, combined with strong Global demand, have helped to position Scottish salmon as one of the best food products in the world.
The economic impact is widely felt in the five days that produce salmon. The Highlands help the most, with more than £300 million produced locally, followed by Argyll and Bute, Shetland, each, each receiving important economic activities in salmon-related activities, investment.
Nikki Keddie, director at Biggar Economics, said the report shows how salmon farming provides resilience and opportunity to communities that could otherwise support long-term employment. He described the sector as a “Vital Anchor of the economy” in rural Scotland, noting that production levels in Salmon Farming break the benchmarks of Outpace adparaling and play a major role in supporting the resilience of the Scottish coast.
With increasing demand, expanding export markets and continued investment in removals, Scotland’s salmon sector looks set to boost the national economy, supporting jobs, strengthening chains and supporting chains on the west coast of Scotland.
