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Economic Profile

Our situation...

The Perth and Kinross economy witnessed pre recession growth of around 2.6% per annum. This was above the Scottish average of 2.1%. This has declined since the beginning of the economic downturn but we have been maintaining a steady economy and most negative trends are below the Scottish average. The key challenges for the future will be in maintaining and growing existing businesses, supporting the start up of local businesses and attracting new businesses to the area.

  • Perth & Kinross economy is in the Top 10 enterprising demographics in Scotland - there is an average of 42.6 registered enterprises per 10,000 residents in our area, above the Scottish average of 30.1.
  • Locally registered companies turn over £10 billion which is the 9th highest figure in Scotland and 4% of Scotland's economy.

Tourism revenue graphs
Source: STEAM Report     

  • The total tourism revenue generated for Perth & Kinross in 2011 was £448,200,000. The highest grossing area for tourism is Highland Perthshire with 39% of the revenue followed by Strathearn (23%) and then Perth City (21%).
  • Perth & Kinross had 1,889,800 visitors in 2011 with 4,891,020 tourist days being generated.

Survival rate graph
Source: Business Demography

  • Business survival rates are just above the Scottish average.
  • Local area thrives on small-scale economy: 69.5% of local companies employ less than 5 people and 84.2% are micro-businesses employing less than 10, both figures above the Scottish average.
  • Wholesale, retail trade and repair of motor vehicles and motorcycles is a very dominant sector with £1,883,000,000 turnover which is an 18.8% share in the total turnover.
  • Over 65% of our new businesses have survived three years of business under difficult economic circumstances which is above the national average.
  • Records from the four main Scottish banks show that the number of new business bank accounts remains stable following the recession and there were 462 new accounts opened in 2011/12.

Gross domestic product (GDP) graph
Source: Business Demography

  • The Gross Domestic Product in Perth & Kinross has been rising since 2010.

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