page_title: Edinburgh
section_title: Economy
hierarchical_section_title: Edinburgh / Economy
caption_attribution_description: BT building at Edinburgh Park, designed by Bennetts Associates Image taken by Maccoinnich October 2006
context_page_description: Edinburgh is the capital of Scotland and one of its 32 council areas. Historically part of the county of Midlothian, it is located in Lothian on the Firth of Forth's southern shore.
  Recognised as the capital of Scotland since at least the 15th century, Edinburgh is the seat of the Scottish Government, the Scottish Parliament and the supreme courts of Scotland. The city's Palace of Holyroodhouse is the official residence of the monarch in Scotland. The city has long been a centre of education, particularly in the fields of medicine, Scots law, literature, philosophy, the sciences and engineering. It is the second largest financial centre in the United Kingdom and the city's historical and cultural attractions have made it the United Kingdom's second most visited tourist destination attracting 4.9 million visits including 2.4 million from overseas in 2018.
  Edinburgh is Scotland's second most populous city and the seventh most populous in the United Kingdom. The official population estimates are 488,050 for the Locality of Edinburgh, 518,500 for the City of Edinburgh, and 1,339,380 for the city region.
context_section_description: Edinburgh has the strongest economy of any city in the United Kingdom outside London and the highest percentage of professionals in the UK with 43% of the population holding a degree-level or professional qualification. According to the Centre for International Competitiveness, it is the most competitive large city in the United Kingdom. It also has the highest gross value added per employee of any city in the UK outside London, measuring £57,594 in 2010. It was named European Best Large City of the Future for Foreign Direct Investment and Best Large City for Foreign Direct Investment Strategy in the Financial Times fDi magazine awards 2012/13.
  In the 19th century, Edinburgh's economy was known for banking, publishing and brewing. Today, its economy is based mainly on financial services, scientific research, higher education, and tourism. In March 2010, unemployment in Edinburgh was comparatively low at 3.6%, and it remains consistently below the Scottish average of 4.5%. Edinburgh is the second most visited city by foreign visitors in the UK after London.
  Banking has been a mainstay of the Edinburgh economy for over 300 years, since the Bank of Scotland was established by an act of the Scottish Parliament in 1695. Today, the financial services industry, with its particularly strong insurance and investment sectors, and underpinned by Edinburgh-based firms such as Scottish Widows and Standard Life Aberdeen, accounts for the city being the UK's second financial centre after London and Europe's fourth in terms of equity assets. The NatWest Group (formerly Royal Bank of Scotland Group) opened new global headquarters at Gogarburn in the west of the city in October 2005. The city is home to the headquarters of Bank of Scotland, Sainsbury's Bank, Tesco Bank, and TSB Bank.
  Tourism is also an important element in the city's economy. As a World Heritage Site, tourists visit historical sites such as Edinburgh Castle, the Palace of Holyroodhouse and the Old and New Towns. Their numbers are augmented in August each year during the Edinburgh Festivals, which attracts 4.4 million visitors, and generates over £100m for the local economy.
  As the centre of Scotland's government and legal system, the public sector plays a central role in Edinburgh's economy. Many departments of the Scottish Government are in the city. Other major employers include NHS Scotland and local government administration. When the £1.3bn Edinburgh & South East Scotland City Region Deal was signed in 2018, the region's Gross Value Added (GVA) contribution to the Scottish economy was cited as £33bn, or 33% of the country's output. But the Deal's partners noted that prosperity was not evenly spread across the city region, citing 22.4% of children living in poverty and a shortage of affordable housing.
caption: Edinburgh Park
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