ABSTRACT
The Scottish financial sector encompasses a whole range of banking and other financial service activities including insurance and pension activities with their associated investment arms, independent investment houses and a whole tranche of smaller auxiliary financial services activities. The sector directly contributed £8.2 billion to the Scottish economy in 2012 or 7.2% of Scotland's total gross domestic product. In 2012 the sector directly contributed £8.2 billion to the Scottish economy while the total direct, indirect and induced contribution in that year is estimated to be around £13.1 billion. The financial sector also represents an important industrial cluster. It contributes to the economic base activities of many Scottish cities, from which derive other more consumptive/retail and housing demands. In 2012 the Scottish financial sector exported 15.4 per cent of its output overseas and 34.8 per cent to the rest of the UK.
