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This note sets out the recent economic performance of Scotland, in particular its relationship with the rest of the UK’s economy, in terms of its growth, economic sectors, labour market, trade and fiscal position.

If Scotland were to become independent, there would be a number of economic questions that would arise including:

• The division of the UK continental shelf (oil and gas reserves);

• its currency;

• Scotland’s share of UK debt.

Other issues would include the relatively small and open nature of the Scottish economy, and, in terms of the longer-term economic outlook, its demography.

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