Representing 3% of the total Scottish economy, the sector supports 75,900 jobs.

While the longer-term trend shows a 10% decline in overall economic contribution since 2014, recent figures suggest a recovery, with a 4% increase in value between 2022 and 2023. The data reveals a shifting landscape where traditional sectors like oil and gas support are gradually yielding ground to high-growth industries like aquaculture and offshore wind.

The performance of individual sectors varied significantly over the last decade (2014–2023). Oil and gas remains the largest contributor at £2.4bn, despite a 13% long-term decrease.

Aquaculture, has performed the strongest, with GVA rising 37% since 2014. Offshore wind, while excluded from GVA totals due to estimation limitations, has recorded an estimated turnover of £2.6bn in 2023 – a 2,024% increase since 2014.

Fishing, increased value by 10% to £394 million, while shipbuilding experienced a 19% long-term decline, though it saw a sharp 22% recovery between 2022 and 2023. Construction & water transport both saw significant decreases of nearly 30%.

A significant portion of the recent growth is driven by the aquaculture sector, primarily Scottish salmon. Government statistics reveal that the sector’s direct economic contribution jumped by nearly a third (30%) in just one year, rising from £361m in 2022 to £468m in 2023.

Aquaculture is now the fourth largest component of the marine economy and ranks among the most productive, generating over £212,545 GVA per employee.

Tavish Scott, chief executive of Salmon Scotland, welcomed the figures but noted they only tell part of the story.

“These figures confirm that Scottish salmon continues to generate vital wealth for the country, and especially for our Highland and islands communities,” said Mr Scott. “However, they only tell part of our economic success story, given that the sector also supports a nationwide supply chain and is attracting record exports and rising consumer demand.”

Supporting this view, a recent independent analysis by BiGGAR Economics suggests the sector’s true impact – including its wider supply chain – adds up to £1bn annually to the Scottish economy.