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Scotland posts 97pct drop in oil profits
(MENAFN) Scotland oil revenues have declines by 97 percent to reach 71mn euros, 79mn euros in the 2015-2016 financial years from 1.8bn in the last 12 months.
On the other hand, the country public deficit also increased to 14.8bn, up from 14.3bn in the 2014-2015 financial years.
Accordingly, the lower oil price reduced offshore revenues, with a corresponding influence on its fiscal position.
However, the country warned of the heavy financial burden from Britain exiting the European Union, exposing an annual cost to the economy of up to 11.2bn.
On the other hand, the country public deficit also increased to 14.8bn, up from 14.3bn in the 2014-2015 financial years.
Accordingly, the lower oil price reduced offshore revenues, with a corresponding influence on its fiscal position.
However, the country warned of the heavy financial burden from Britain exiting the European Union, exposing an annual cost to the economy of up to 11.2bn.
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