The Scotch whisky industry is said to be going through a second golden age, with recent analysis showing revenues of over £4bn a year. The findings come courtesy of a study by the Scotch Whisky Association (SWA).
The report, which was completed to mark the SWA’s Centenary year, showed that productivity in the distilling trade is 50 per cent above that of workers in London. It also found that more than 35,000 jobs are supported directly and indirectly by the industry.
The total calculated value of the industry each year is £4.2bn.
Over recent years, the demand for Scotch whisky has soared, similar to the huge growth experienced in the 1970s.
Discussing the findings, the association’s chief executive, Gavin Hewitt said:
“This new research is further evidence of the key role Scotch whisky plays in the Scottish economy. In comparison with other Scottish industries, Scotch whisky already enjoys an enviable export position across a wide spread of emerging economies.”
The demand from the world’s growing markets eclipses the demand seen for other Scottish products. It is this demand which is seeing the creation of many more independent distilleries in the country.
Moving away from regular forms of commercial finance in Scotland such as loans and further debts, a number of these new businesses are instead looking at invoice factoring. Through this, the £2.9bn value to Scotch industry added directly could be set to rise further.
With a further £1.3bn going into the supply chain too, indirect revenues could also rise.