SCC COMMENT ON SCOTLAND’S GDP FOR Q3 2017

Sarah Medcraf Chamber News

The latest GDP figures for Scotland show marginal growth in Q3 2017, of 0.2%.  Growth in output across Production, Services and Agriculture was counterbalanced by a continued contraction in the Construction industry of 2.9%.

These figures represent an increase on the previous quarter (0.1%), but continue to lag behind equivalent UK GDP growth, which was estimated at 0.4% for Q3 2017.

Commenting on the latest GDP figures, Liz Cameron, Chief Executive, Scottish Chambers of Commerce, said:

“Today’s figures continue the trend of muted positivity in the Scottish economy.

“It is welcome to see growth and resilience in these GDP figures, illustrating that Scottish businesses are continuing to get on with the job in spite of the uncertainty present in the business environment.

“However, it is clear that the construction industry in particular is facing a challenging period,  with the industry continuing to decline from the strong growth observed in 2014-2015.

“Although growth and positivity is still present in many sectors, as reinforced by our latest survey findings, Scotland continues to lag behind the UK generally in terms of GDP growth.

“SCC are hopeful that the new initiatives outlined by the Scottish Government, such as the Building Scotland fund, will go some way to revitalising the construction industry and act to boost economic growth to levels that are at least comparable to the UK average.

“SCC will also continue to play our part in fostering economic growth through a range of international programmes, such as our upcoming trade delegation to China, which aims to grow exports and further boost economic performance across Scotland’s key business sectors”