Scotland’s GDP growing at faster rate than UK economy, official figures show

The rate of growth in the Scottish economy has overtaken that of the UK, according to official statistics.

Figures published on Wednesday show that in the fourth quarter of last year, Scotland’s GDP rose by 0.3%.

It is above the GDP growth for the UK over the same period, which was 0.2%.

Finance Secretary Derek Mackay welcomed the figures and said the Scottish Government would continue to support business and job growth.

The value of Scotland’s GDP is estimated at £178.6 billion, or £32,800 per person, including oil and gas extraction in Scottish waters.

Analysis suggests the most influential industry sector in Scotland last year was in manufacturing, with output increasing by 3.2% in total.

Strong increases in the manufacture of computer, electrical and optical products, as well as in the food and drink industry, were recorded.

On average, over the three years from 2015 to 2017, Scottish GDP has grown by 0.8% a year.

The growth in 2018 (1.3%) is higher than the recent average growth rate, indicating an improvement in the economy.

Over the 30 years from 1988 to 2018, average growth has been 1.7% a year.

Read Full Story

FROM OUR PARTNERS