Oil tycoon urges Aberdeen to “stay awake” to maintain economic strengths

Aberdeen has scored above average on a number of economic indicators relative to Europe and has the highest productivity of any city in Scotland, a new report has found.

And while the figures used in the study are derived from a few years ago when the granite city was enjoying the effects of rising oil prices, billionaire industrialist Sir Ian Wood said the area could return to its competitive status if residents “stay awake” and focus on recovery.

Centre for Cities, a think tank, found Aberdeen was above average when compared to European cities with populations over 150,000 on a range of metrics including employment, the number of residents who are skilled, innovation and productivity – a measure based on the value of goods and services produced over the costs of inputs and raw materials.

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