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Scottish economy grows by 2.6 per cent in 2006 |
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Wednesday, 25 April 2007 |
The Scottish economy grew by 2.6 per cent in 2006, including 0.6 per cent in the year’s last quarter, according to growth figures released today by the Scottish Executive.
This means Scotland is still slightly lagging when compared with UK
figures, which show that GDP rose by 2.7 per cent annually in 2006 and
by 0.7 per cent over the fourth quarter.
The annual Scottish growth was driven by output rises in both the
service sector (2.9 per cent) and the construction sector (6.4 per
cent), whereas the production sector saw a decline of 0.2 per cent. For
the fourth quarter of 2006, the only sector to grow in Scotland was the
service sector, registering growth of 1 per cent. Both the construction
and production sectors declined by 0.4 per cent, but the latter
included a growth of 0.9 per cent in the manufacturing industries.
The latest Scottish Industrial Trends Survey has also just come out
from CBI Scotland. The CBI concluded that manufacturing conditions look
set to improve further with record growth in overseas orders, improved
domestic demand, and further employment growth all expected next
quarter.
The survey found that over the last three months manufacturing export
orders have risen ahead of firms’ expectations, and have been growing
at a rate that is significantly above average for more than a year now.
This could lead to a “record high” in demand growth in the next
quarter, the report stated.
The report also found that, despite continued demand growth, output has
fallen modestly for the second consecutive quarter. However, with
strong output growth forecast over the next three months, this may
prove temporary, it said.
Iain McMillan, director of CBI Scotland, said: “I am heartened by this
set of results. These numbers show that Scotland’s manufacturers are
confident they can match the best in the world. Optimism regarding the
business situation continues at a high level with export optimism at
its highest level since February 1968. Total order books and export
order books are well above normal levels and, in fact, our exports are
performing spectacularly well.
“This is very good news for Scotland’s economy, particularly at a time when the pound is at a high level against the US dollar.
“It is of vital importance that the UK government delivers a
competitive economic environment and that, following the elections next
week, Scotland has a period of political stability and continuing
investment in education, research and innovation, transport and our
land use planning system.”
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Last Updated ( Wednesday, 25 April 2007 )
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