Shetland - economic profile

Shetland is currently one of the most prosperous parts of the Highlands and Islands. In 2009 the Gross Value Added (GVA) per head for Shetland was £18,977, significantly higher than the figure for the Highlands and Islands (£14,837) and close to the figure for Scotland as a whole (£19,267).

In 2009, the population of Shetland was 22,210. This represents an increase of just over 1% since 2001 and compares to a 3.1% increase overall in the Highlands and Islands and a 2.5% increase in Scotland.

Unemployment in Shetland has been consistently below the rate for the Highlands and Islands.

The most recent GVA figures for 2007 state that Gross Value Added (GVA) per full-time equivalent employee was higher in Shetland than in the Highlands and Islands for construction, but lower in manufacturing and services.

The female dominated sector of public administration, education and health is the largest employment sector, accounting for over 40% of female employment in 2008. Agriculture and fishing, construction, transport and communications and other services account for a higher proportion of employees in Shetland than in the Highlands and Islands.

The majority of workers were employed by companies with fewer than 50 employees in 2007. This demonstrates the dominance of employment within small businesses in Shetland.

Self employment in Shetland was nearly 12% of the working population, higher than the Highlands and Islands (10%) and Scotland (8%).

Business start-ups in Shetland were slightly lower than in the Highlands and Islands in 2008.

There were 3.8 new start-ups per 1,000 of the population compared to 4.0 in the Highlands and Islands.

The educational attainment level in Shetland secondary schools is extremely high and was well above the Scottish level in 2007/08.

House prices have been rising rapidly in recent years. In 2008, the median house price in Shetland was £91,250 compared to £117,750 in the Highlands and Islands and £114,500 in Scotland.

Further information on the economy of Shetland is available in our area profile report.