Scottish economy grows 0.4 pct in third quarter of 2012
2013-02-01 15:30:37
The Scottish economy grew by 0.4 percent in the third quarter of 2012 compared with the same period last year, while the UK economy grew by 0.1 percent over the year, official statistics published on Friday showed.
On a quarter basis, the Scottish economy returned to growth of 0.6 percent during the third quarter of 2012, after two quarters of contraction of 0.5 percent and 0.1 percent respectively.
Production grew by 1.9 percent, within which manufacturing grew at 3 percent, while the service sector grew by 0.3 percent. However, the construction industry contracted by 0.4 percent.
The Scottish economy growth was achieved without the temporary uplift attributed to the London Olympics and Paralympics (estimated at 0.2 percentage points for ticket sales alone) which contributed to a rise of 0.9 percent in the UK for the third quarter of 2012.
The figures are based on an updated methodology -- in line with the new UK methodology introduced last year, which more accurately reflects the current state of the Scottish economy.
"Scotland's improved economic performance compares well to that of the UK where growth was supported by the temporary impact of the Olympics," said Scottish Finance Secretary John Swinney.
"However, there is no room for complacency. Recovery remains fragile -- demonstrated by last week's flash estimate of a contraction in UK output during the fourth quarter of 2012," he added, indicating risks of a return to recession for the third time since the financial crisis of 2008.
Swinney noted negotiations with parties across parliament would be concluded the following week to deliver a budget for jobs and growth, which prioritises construction, skills, employment and a green economic stimulus.