Scottish economic growth continues

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Credit: zheem/Flickr

The Scottish economy has grown 1.9% in the year to Q2 2015.

Scotland’s economy saw further expansion in the second quarter according to Gross Domestic Product figures published today.

Today’s National Statistics show that the Scottish economy has grown for twelve consecutive quarters and output is now 3.0 per cent above its pre-recession peak.

Total output in the economy grew 0.1 per cent for the period April to June 2015 and 1.9 per cent compared to the same quarter last year.

Over the quarter, the construction sector grew by 3.5 per cent, driven by public infrastructure as well as repair and maintenance. Electricity and gas supply sector also saw healthy growth of 2.4 per cent reflecting increased capacity alongside favourable generation conditions over this period.

Commenting on the figures, Deputy First Minister John Swinney said,

“Today’s statistics show continued growth in Scotland’s economy, with three years of uninterrupted expansion even against a backdrop of economic challenges and headwinds.

“It is positive to see further growth in the construction sector as a result of continuing strong investment and support from public spending in Scotland. Likewise the healthy expansion in Q2 of the electricity and gas supply sector is a positive story for Scotland’s economy.

“Nonetheless, the figures point to challenges in some sectors as a result of several factors, including subdued demand in the oil and gas sector and a normalising of some very strong trends in recent periods.

“The annual growth rate moderated a little compared to the very strong growth seen in recent periods but remains healthy by historical standards. The Scottish economy has now seen three years of continuous expansion and has shown considerable resilience in the face of a number of external and domestic challenges. The solid performance in the construction sector highlights the success of the Scottish Government’s approach of investing in Scotland’s infrastructure. Projects like the Queensferry Crossing create public assets that will benefit long term growth as well as helping to support the economy as it continues to recover.

“There will be no let-up in the Scottish Government’s commitment to securing economic growth and promoting Scotland as the best place to do business.”

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