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31/10/18 16:32

GDP growth confirmed

Scotland’s GDP growth confirmed at 0.5% in 2018 Quarter 2.

Statistics published have confirmed the Scottish economy grew by 0.5% during the second quarter of 2018, unchanged from the first estimate.
Compared to the same time last year, the Scottish economy has grown by 1.7%, also unchanged from the first estimate.
 
The GDP Quarterly National Accounts publication includes a second estimate of growth for 2018 Quarter 2 using data released since the first estimate was published.
 
Finance Secretary, Derek Mackay, welcomed the updated figures:
 
“Its great news that the positive GDP data published last month, showing Scottish GDP growing and outpacing growth in the UK as a whole, has been confirmed.
 
“Last week, the State of the Economy report also suggested growth could strengthen further over the next couple of years, however, uncertainty relating to the form and timing of agreement for leaving the EU remains a key concern for many sectors of the economy.
 
“As austerity lingers, the roll-out of Universal Credit continues and the damaging consequences of Brexit remains, the Scottish Government will continue to use all the powers it has to boost the economy and ensure our economic potential is realised.”
 
Background
 
Change in gross domestic product (GDP) is the main indicator of economic growth in Scotland. Two estimates of Scotland’s GDP growth are now published each quarter on a faster timetable than previously available. The first estimate for 2018 Quarter 3 will be published on 19 December.
 
The full statistical publication and data are available at: http://www.gov.scot/Topics/Statistics/Browse/Economy/QNA2018Q2