This item was published during the term of a previous administration that ended in April 2007
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Stats show "return to economic growth"
06/11/2002
The latest round of Scottish economic figures show a return to growth in Scotland in the second quarter of 2002, Enterprise Minister Iain Gray said today.
Provisional estimates for GDP in the second quarter of 2002 in Scotland show a rise of 0.3 per cent during that period, according to the GDP figures published today.
This followed a fall of 0.9 per cent for the previous quarter. Over the four quarters to 2002 second quarter GDP rose by 0.7 per cent.
The Minister said:
"Trading conditions have been tough for many firms in recent months as a result of the ongoing uncertainty in the global economy - so it is particularly pleasing to see this, modest, improvement in the health of Scotland's economy.
"This Executive is committed to building upon these figures and delivering long term, sustainable economic growth. The recent Scottish Budget showed that we are willing to back up our vision of a Smart, Successful Scotland with significant levels of investment across my portfolio. Stimulating growth and opportunity and delivering first class public services can only be achieved if we have a strong stable economy.
"The Budget also showed that we are willing to listen to business. Business leaders said they wanted action on business rates. We acted. They said that they wanted investment in transport infrastructure. We are investing. And they said that they wanted us to put in place measures to deliver a highly skilled, highly trained, educated workforce. That is exactly what we are doing."
The Minister continued:
"While we will always aim to build for the long term, we will continue to work with business to identify and resolve immediate difficulties facing any particular sector.
"The Manufacturing Steering Group was reconvened recently under the chairmanship of Dr Chris Masters. This group is currently speaking with companies working in manufacturing in Scotland to identify what more we can do for them during these difficult economic times. It is this type of approach that will deliver results.
"A strong economy is at the heart of growth and opportunity for everyone in Scotland. I will work with business to ensure delivery. As problems are identified, solutions will be found and put in place. For example, within the next fortnight I will be announcing the detail on changes to Regional Selective Assistance that will ensure that the whole process from application to awards is more transparent and accessible. Raising the profile of RSA will encourage more Scottish companies to take advantage of the business benefits the scheme offers.
"My message today is clear. The economy is a key priority of this Executive and in Smart, Successful Scotland we have a strategy that will get Scotland growing."
The main findings of the latest figures from National Statistics Publications are:
- GDP (seasonally adjusted) rose by 0.3 per cent in 2002 Q2. For the UK as a whole GDP rose by 0.6 per cent.
- In the 4 quarters to 2002 Q2, the increase was 0.7 per cent, compared with the previous 4 quarters (to 2001 Q2). The equivalent UK figure was 0.9 per cent.
- In the 4 quarters to 2002 Q2, output in the Scottish service sector grew by 6.3 per cent, compared with a 10.7 per cent drop in the production sector and a 6.2 per cent drop in construction. The equivalent figures for the UK were +2.5 per cent (services), -4.4 per cent (production) and +6.6 per cent (construction).
- In the 4 quarters to 2002 Q2, output in the Manufacturing sector decreased by 12.5 per cent, compared with the previous 4 quarters. In 2002 Q2, output decreased by 0.1 per cent, compared with the preceding quarter. The equivalent figures for the UK were -5.3 per cent and -0.7 per cent, respectively.
The next statistics will be published in February.