The gin renaissance may be a long way from fizzling out, but the spirit is unlikely to match the economic contribution of Scotch whisky any time soon.
Record exports and the opening of new distilleries have increased the contribution of the Scotch whisky industry to Britain’s economy by 10 per cent since 2016 to £5.5 billion.
According to the Scotch Whisky Economic Impact Report, the direct impact of Scotch whisky in the economy is estimated at £3.8 billion, with an additional indirect impact of a further £1.7 billion. For every £100 of added value the industry produces, another £45 is generated in the broader economy.
The report by the Scotch Whisky Association, based on research by the Centre for Economic and Business Research, says that it supports 42,000 jobs in the UK, of which 10,500 are directly employed across Scotland and 7,000 in rural communities.
Scotch whisky accounted for 70 per cent of the value of all Scottish food and drink exports, 21 per cent of all UK food and drink exports and 1.3 per cent of the value of all UK goods exported last year.
Exports grew by 7.8 per cent to a record £4.7 billion last year. In terms of the balance of trade, Scotch whisky is the second biggest positive contributor, just behind aircraft parts.