Readers have had their say after a new report predicted Aberdeen to have the least economic growth of any UK city in the next three years.
Aberdeen may see the slowest gross value added (GVA) of just 0.9% according to the EY 2025 regional economic forecast.
It is the only city in the UK which is anticipated to see less than 1% of growth across the next three years.
The report labels the “long-term decline” in North Sea oil production as a “significant economic challenge” for the Granite City.
Our readers have shared their thoughts on the prediction and why it has been made.
‘No oil and gas left in two years’
One reader believes they’ll be no oil and gas left in two years time which will contribute to Aberdeen’s potential economic struggles.
Among several comments reacting to the P&J’s coverage, Jake said: “They’ll be no oil and gas left in two years at this rate.
“Shell has pulled out, don’t let the merger fool you, Apache laid off all of its drilling engineers, CNOOC are selling, Total waiting to leave too.
“All due to incredible policy mismanagement of a critical asset, coupled with a fairy tale desire to be net zero.
“It should’ve been nationalised long ago, now it needs protected.”
Meanwhile, another reader feels its “ridiculous” to suggest oil and gas is behind the drop.
Tricone said: “Successive UK governments and the SNP/Greens axis have done everything they can to nobble the industry, which has rebounded everywhere else since 2022, including across the water in Norway.”
Housing prices impacted by Aberdeen economy, says reader
One reader highlighted the impact the economy has had on Aberdeen house prices in the past 15 years.
Ferretchaser said: “A city centre one bedroom flat was £125,000 in 2011. Now people are struggling to sell them for £60,000.
“If that’s not an indication of a dying city I don’t know what is. The oil crash in 2014, then the SNP declaring their “climate emergency”, was the death knell of the city.”
Reacting to the EY report, Craig Adams claimed: “Commercial property is currently being marketed at an eighth of the price it was a decade ago and significantly less in some cases.
“It won’t be too long before flats and houses are on a fire sale too. The oil boom ended in 2014, and it’s unlikely to come back.
“We should have started dealing with that problem over a decade ago, because it’s going to get much worse before it gets better.”
Andrew Joss decided to move his family out of the Granite City after struggling to see the city’s potential for his children.
He said: “I looked at the oil and gas industry trends in Aberdeen few years ago.
“The highs of Aberdeen were becoming shorter and recessions noticeably more frequent than the wider economy.
“I could see that I might just about be able to see my career out – but couldn’t see the potential in Aberdeen for our children.
“I’m certain the city can have a bright future – but it needs positive, decisive action from various bodies.”
Conversation