Scotland has a western style open mixed economy which is closely linked with that of the rest of Europe and the wider world. Traditionally, the Scottish economy has been dominated by heavy industry underpinned by the shipbuilding in Glasgow, coal mining and steel industries. Petroleum related industries associated with the extraction of North Sea oil have also been important employers from the 1970s, especially in the north east of Scotland. De-industrialisation during the 1970s and 1980s saw a shift from a manufacturing focus towards a more service-oriented economy. Edinburgh is the financial services centre of Scotland and the sixth largest financial centre in Europe in terms of funds under management, behind London, Paris, Frankfurt, Zurich and Amsterdam,[89 with many large finance firms based there, including: the Royal Bank of Scotland (the second largest bank in Europe); HBOS (owners of the Bank of Scotland); and Standard Life.
In 2005, total Scottish exports were provisionally estimated to be £17.5 billion, of which 70% (£12.2 billion) were attributable to manufacturing. Scotland's primary exports include whiskey, electronics and financial services. The United States, The Netherlands, Germany, France and Spain constitute the country's major export markets. In 2006, the Gross Domestic Product (GDP) of Scotland (excluding oil and gas production from 'Scottish' waters) was just over £86 billion, giving a per capita GDP of £16,900.
Tourism is widely recognised as a key contributor to the Scottish economy. A briefing published in 2002 by the Scottish Parliament Information Centre, (SPICe), for the Scottish Parliament's Enterprise and Life Long Learning Committee, stated that tourism accounted for up to 5% of GDP and 7.5% of employment
The unemployment rate in Scotland stood at 4.9%—lower than the UK average and that of the majority of EU countries. The most recent government figures (for 2006/7) suggest that Scotland would be in budget surplus to the tune of more than £800m if it received its geographical share of North Sea revenues. The net fiscal balance, which is the budget balance plus capital investment, reported a deficit of £2.7 billion (2.1% of GDP) including Scotland's full geographical share of North Sea revenue, or a £10.2bn deficit if the North Sea share is excluded.
With Scottish waters consisting of a large sector of the North Atlantic and the North Sea, containing the largest oil resources in the European Union - Scotland is the EU's largest petroleum producer, with the discovery of North Sea oil transforming the Scottish economy. Oil was discovered in the North Sea in 1966, with the first year of full production taking place in 1976. With the growth of oil exploration during that time, as well as the ancillary industries needed to support it, the city of Aberdeen became centre of the North Sea Oil Industry, which it still is today, with the port and harbour serving many oil fields off shore. Sullom Voe in Shetland is the site of a major oil terminal, where oil is piped in and transferred to tankers. Similarly the Flotta Oil Terminal in Orkney is linked by a 230 km long pipeline to the Piper and Occidental oil fields in the North Sea. Grangemouth is at the center of Scotland's petrochemicals industry. The oil related industries are a major source of employment and income in these regions. It is estimated that the industry employs around 100,000 workers (or 6% of the working population) of Scotland.