SCOTLAND’S economy has stagnated for more than a decade, new analysis has found – sparking calls for politicians and policymakers to “get their act together” before the country’s long-term health is put at risk.

Research by the David Hume Institute found Scotland has consistently underperformed compared to many other European countries, with its productivity lagging 20 per cent behind Denmark.

It comes as independent forecasters revealed income tax raised £550 million less than expected last year, with opposition figures urging the SNP to rethink its “high-tax agenda”.

Meanwhile, Finance Secretary Derek Mackay announced a consultation on plans to create a Scottish National Investment Bank to boost the economy by investing in businesses that would otherwise struggle.

A new report by the David Hume Institute said there had been "no progress" towards a target set by ministers in 2007 to improve Scotland's productivity rankings to take it into the top-performing 25% of nations in the OECD.

It raised concerns over a lack of employment growth in Scotland’s most productive industries, as well as low business investment and a shrinking working-age population.

Arguing there has been little productivity growth over the last 15 years, it also pointed to slipping standards in schools and underlined the importance of "first-rate education and training".

It warned there are "no quick policy fixes to Scotland's productivity challenge".

Researchers said nations which had successfully boosted this key part of economic performance had done so only after a "concerted effort to get their act together".

Scottish Labour's economy spokeswoman Jackie Baillie said the findings laid bare “the scale of the SNP’s mismanagement of our economy”.

The Wealth of the Nation report – produced with support from the Scottish Policy Foundation, which counts former SNP Westminster leader Angus Robertson among its advisers – said Scotland is being outperformed by at least half of the OECD.

It also said that while the UK as a whole was "at the centre of a so-called 'productivity puzzle'" which had seen growth slump to "virtually zero", the slowdown had started earlier in Scotland.

It said: “Scotland’s productivity over the past fifteen years has remained broadly stagnant and has underperformed compared with many other European countries.

“While Scotland is more productive than most other regions of the UK, this comparison is limited as the UK as a whole has lower productivity than many other advanced economies.”

Among UK regions, Scotland is behind only London and the South East for productivity.

Jane-Frances Kelly, director of the David Hume Institute, insisted “politicians and policymakers need to get their act together and make choices guided by evidence”.

She added: “Failing to do this will put the Scottish economy at risk.”

It comes as the independent Scottish Fiscal Commission said income tax receipts in Scotland were £550 million lower than forecast in 2016/17.

The shortfall was largely down to officials overestimating how many people would pay the highest tax rates, it said.

More than a million Scots pay higher income tax than those earning the same elsewhere in the UK under changes ushered through earlier this year.

Scottish Tory shadow finance secretary Murdo Fraser said the analysis shows “there are considerably fewer earners on higher and additional rates than the SNP government thought when it was plotting its tax hike”.

He added: “That means future tax receipts could be badly out, and that will have an impact on the Scottish Government’s ability to pay for hospitals schools and infrastructure."

A Scottish Government spokesman stressed the shortfall would have “absolutely no impact on the Scottish budget or planned spending”.

He said: “The Scottish Fiscal Commission forecast the 2016-17 figure based on HMRC survey evidence of the number of Scottish taxpayers.

“It was always to be expected that this forecast would differ from outturn data and is why the Scottish budget is protected from any such change.”

SNP public finance minister Kate Forbes argued Scotland’s economy is “fundamentally strong”, but said the Government will consider the points raised in the David Hume report.

She said: “Over the last decade, productivity in Scotland has grown at more than three times the rate it has across the UK as a whole, and our productivity growth has been higher than any other country or region of the UK, including London, with productivity increasing by 1.7% in the first quarter of this year."

Outlining her legislative programme earlier this week, First Minister Nicola Sturgeon said a Scottish National Investment Bank would be established by 2020.

The Government has committed to providing £2 billion over 10 years to fund the publicly-owned bank, which will operate on a commercial basis.

It is thought it will require between 100 and 150 staff, with its annual operation costs pegged at between £20 million and £30 million.