Economic growth in Scotland better than expected

The Scottish economy has performed significantly better than reports had suggested earlier in 2018.  It had previously been reported that growth of 0.2% had occured in the first quarter, however the reality is that economic growth reached 0.4% in the first three months of the year.

The three Forth Bridges

The new figures prove that Scottish economic growth has actually outperformed the UK as a whole.

Scottish GDP has grown by 1.3% in the last financial year.  The UK economy had grown by 1.2% within the same period.

There had been a 3.6% increase in Scottish exports in the first quarter of the year.

Production output grew by 1% and service sector output increased by 0.4%.

On the Scottish government's website, finance secretary for Scotland Derek Mackay announced; "Following the very positive GDP data published last month, showing Scottish GDP growing and outpaced growth in the UK as a whole, I welcome this latest State of the Economy report which provides a broader analysis of Scottish economic performance.

"With Scotland’s economy continuing to grow throughout the year, it’s good to see the improving outlook for the oil and gas sector coming to fruition alongside the continued strong performance in our labour market.

"Scotland’s economy is strong and we are one of the top destinations for inward investment, whilst Scottish productivity has grown faster than the UK’s over the past decade.

Scottish GDP now stands at £170 billion, with GDP per capita at £31,367 ($40,764.)


Post a Comment