N. Sea pick-up ‘helps Scottish economy grow by 0.8%’

The Scottish economy grew by 0.8% during the first quarter of 2017, according to statistics published by Scotland’s Chief Statistician.

Change in gross domestic product (GDP) is the main indicator of economic growth in Scotland.

The latest Gross Domestic Product release, covering the period January to March 2017, shows the economy grew by 0.8% compared to the previous three months.

On an annual basis, compared to the first quarter of 2016, the Scottish economy grew by 0.7%

During the first quarter of 2017 output in the services industry in Scotland grew by 0.3%, production grew by 3.1% and construction contracted by 0.7%.

SNP MSP Ivan McKee, commented: “These figures reveal that Scotland’s economy grew four times faster than the UK – which grew by 0.2% – in the first three months of this year.

“And – for the first time since 2014 <when N. Sea oil price peaked at $110-barrel> we are seeing a rise in output from industries linked to the North Sea and growing confidence that the oil and gas supply chain is stabilising.

“Despite dire predictions from the Scottish Tory and Labour parties, who seem to relish the prospect of a potential recession in Scotland, our economy has bounced back and outperformed the UK in the first quarter of 2017.”

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