Economy of Scotland Economy of Scotland The economy of Scotland had an estimated nominal gross domestic product (GDP) of up to £152 billion in 2015. Since the Acts of Union 1707, Scotland's economy has been closely aligned with the economy of the rest of the United Kingdom (UK) and England has historically been its main trading partner. Scotland still conducts the majority of its trade within the UK: in 2014, Scotland's exports totalled £76 billion, of which £48.5 billion (64%) was with constituent nations of the UK, £11.6 billion with the rest of the European Union (EU), and £15.2 billion with other parts
Acts of Union 1707 30 representatives each from Scotland and Ireland added to the existing English members. While it established free trade within the Commonwealth, the economic benefits were diminished by the heavy taxation needed to fund the army. In Scotland, Union was associated with military occupation, in England with heavy taxes and had little popular support in either country. It was dissolved by the 1660 Restoration of Charles II despite a petition by Scottish members of the Commonwealth Parliament for its continuance. The Scottish economy was badly damaged by the English Navigation Acts of 1660 and 1663 and wars with the Dutch Republic,