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Fourth consecutive quarter of positive economic growth

Published: 4 Apr 2018 09:30
Part of:
Economy

GDP grows 0.3% in 2017 Quarter 4

The Scottish economy grew by 0.3% during the fourth quarter of 2017, according to statistics announced today by Scotland’s Chief Statistician.

This is the fourth consecutive quarter of positive growth in Scotland and compared to the same quarter last year, the Scottish economy has grown by 1.1%. Therefore taken over the year, annual GDP has also increased by 0.8% in 2017, improving on Scotland’s economic performance in 2016 where GDP grew by 0.2%.

In the latest quarter, growth was driven by a number of sectors, with the largest contributions from Business Services and Finance, Distribution, Hotels & Catering, Manufacturing, and Electricity & Gas Supply.  Overall the Services sector grew by 0.5%, and the Production sector grew by 0.9%.  Whilst Construction sector output fell by 2.6% it remains around 15% higher than at the beginning of 2014.

Minister for Employability and Training Jamie Hepburn said:

“With four consecutive quarters of positive growth in 2017, Scotland’s economy continues to show strength.  Compared to the same point in 2016, Scotland’s economy grew by 1.1%, growing 0.3% during the final quarter of 2017.

“These figures are welcome, but we are determined to do more to grow our economy and protect Scotland from the headwinds of Brexit.

“The Scottish Government is investing a record £2.4 billion in enterprise and skills, £4 billion in new infrastructure and £600 million in broadband, to ensure every home or business premise in Scotland has access to superfast broadband and that we can secure the benefits of the digital economy - a commitment unmatched across the UK.

“And we are preparing for the future with investments in a new National Manufacturing Institute and the establishment of the Scottish National Investment Bank.

“As we face the potential impact of Brexit to come, the Scottish Government is determined to protect Scotland’s economy and ensure our potential is not derailed by damaging decisions of the UK Government.”

Background

The full statistics publication, including detailed quarterly results back to 1998, is available at: http://www.gov.scot/Topics/Statistics/Browse/Economy/PubGDP/GDP2017Q4

Further information on Scottish economic statistics is available at http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy