Economy
Modern commercial activities centre on tourism, crofting, fishing, and weaving including the manufacture of Harris tweed. Some of the larger islands have development trusts that support the local economy and, in striking contrast to the 19th and 20th century domination by absentee landlords, more than two thirds of the Western Isles population now lives on community-owned estates. However the economic position of the islands remains relatively precarious. The Western Isles, including Stornoway, are defined by Highlands and Islands Enterprise as an economically "Fragile Area" and they have an estimated trade deficit of some £163.4 million. Overall, the area is relatively reliant on primary industries and the public sector, and fishing and fish farming in particular are vulnerable to environmental impacts, changing market pressures and European legislation.
There is some optimism about the possibility of future developments in for example, renewable energy generation, tourism, and education, and after declines in the 20th century the population has stabilised since 2003, although it is ageing.
Read more about this topic: Outer Hebrides
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)