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Universities Scotland. Grow, Export, Attract, Support. Universities‘ contribution to Scotland’s economic growth. 2013. Pages: 28.
Higher education is sometimes more than just science, knowledge and research. Sometimes it is big business. A recently published report by Universities Scotland reveals the importance of the higher education sector to the region’s economy – and the figures are, indeed, impressive. Universities in Scotland contribute to GBP 6.67 billion of the gross value added (GVA). In contrast to the more frequently used gross domestic product (GDP) in economics, GVA does not include taxes and subsidies on products, as they are often only available at the overall economy level, making it a more commonly used measure for regions or entities within whole economies (such as the United Kingdom as a whole). The report gives information and figures with regard to the importance of Scottish universities for the overall regional economy. In only one year, from 2011/12 to 2012/13, Scottish universities accumulated an increase in annual growth of GBP 373 million demonstrating thus a 6.3 % growth rate. And Scotland knows how to make use of this with the highest amount and strongest growth of spin-out companies in the whole United Kingdom (28 %). The most outstanding information of the report is probably that the Scottish universities’ contribution to direct foreign investment (FDI) with almost 45 % due to their pull factor in attracting investment. The report consists of a mixture of figures and data concerning the importance of growth to Scotland’s economy and various testimonials major investors in the region. An interesting report, demonstrating how the higher education sector can be an efficient and important contributor to the economy of a region.
The report can be found here.