This item was published during the term of a previous administration that ended in April 2007
Listen
Figures show 0.3 per cent fall in GDP
30/07/2003
The latest figures published today show that GDP in Scotland fell by 0.3 per cent during 2003 Quarter 1, compared with the final quarter of 2002. Over the four quarters to the end of 2003 Q1, GDP remained unchanged.
Commenting for the Executive, Transport Minister Nicol Stephen said:
"Following the modest growth in the previous quarter, this fall in GDP is clearly very disappointing. It confirms what most analysts were predicting about the early part of 2003. At the time there was considerable uncertainty in all the major global economies over events in the Middle East and this clearly had an impact on business in Scotland.
"Over the year, manufacturing was badly affected, particularly by the global downturn in electronics. This hit Scotland hard and is reflected in the annual fall of over 19 per cent in electrical and instrument engineering output.
"There are some signs that we are past the worst, and that some of the pressures Scottish businesses faced over 2002, such as the £/Euro exchange rate, are easing. I am also encouraged that most independent forecasters now predict that the Scottish economy will return to growth later this year and into 2004.
"Growing the economy is our top priority. Through our Smart, Successful Scotland Enterprise Strategy - and a whole range of measures associated with it - we are committed to creating the conditions for sustainable, long-term economic growth."
The statistical release ' Gross Domestic Product for the 1 st Quarter of 2003' was issued today by the Scottish Executive. Figures for the previous quarter (2002 Q4) showed an increase of 0.3 per cent.