Scotland’s economy continues to grow
GDP grew by 0.2% in the third quarter of 2017.
Scotland’s economy has remained resilient going into the second half of 2017 despite a challenging economic environment and continued Brexit uncertainty, the Economy Secretary has said.
According to the latest GDP statistics published by the Scottish Government today, the Scottish economy grew by 0.2% in the third quarter of 2017, and has increased by a total of 0.8% since the start of the year.
In the latest quarter, Services grew by 0.2% and Production grew by 1.2% after a return to growth for both manufacturing, mining and quarrying.
Economy Secretary Keith Brown said:
“Despite the impact that continued Brexit uncertainty is having on our economy, today’s figures demonstrate the resilience of the Scottish Economy with the third consecutive quarter of positive growth.
“Although more modest than we would like, it is encouraging to see the economy grow by 0.2% overall. Within this, it’s particularly heartening to see Services continue to expand, and Production up by 1.2%, with a return to growth for manufacturing. While these figures show a fall in construction output, this is as a result of activity returning to more normal levels following our increased investment in large transport infrastructure developments over recent years, including the Forth Replacement Crossing, M8 missing link and the Borders Railway.
“Our determination to seize opportunity and grow our economy is demonstrated by the £270 million increase on economic spending we announced in the 2018/19 Draft Budget. However it cannot be stressed enough that the single biggest threat to our economy as a whole remains the lack of clarity from the UK Government over Brexit. This week the Scottish Government published analysis which showed that failure to remain in the Single Market or secure a free trade agreement would see Scotland’s GDP around £12.7 billion lower by 2030 than it would be under continued EU membership.
“I would once again call on the UK Government to give people and businesses greater certainty over the Brexit process in order to further stimulate growth in Scotland’s business communities and allow us to continue to attract and retain talent within our workforce.”
A National Statistics Publication for Scotland.
The Scottish economy grew by 0.2% during the third quarter of 2017, according to statistics announced today by Scotland’s Chief Statistician.
Change in gross domestic product (GDP) is the main indicator of economic growth in Scotland. The latest Gross Domestic Product release, covering the period July to September 2017, shows the economy grew by 0.2% in real terms compared to the previous three months. On an annual basis, compared to the third quarter of 2016, the Scottish economy grew by 0.6%.
During the third quarter of 2017 output in the Services sector grew by 0.2%, output in Production grew by 1.2% and output in the Construction sector fell by 2.9%.
Scotland’s GDP per person was flat (0.0%) during the third quarter of 2017.
The full statistics publication, including detailed quarterly results back to 1998, is available at: http://www.gov.scot/Topics/Statistics/Browse/Economy/PubGDP/GDP2017Q3/DOCS
Further information on Scottish economic statistics is available at http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy
All data in this bulletin have been adjusted to allow for meaningful comparisons over time. Estimates are seasonally adjusted and have had the effect of price changes removed to present the results in real terms. GDP growth in this publication relates to what is commonly referred to as Scotland’s onshore economy, which means they exclude all offshore oil and gas extraction.col04