GDP statistics

The Scottish economy grew by 0.2 per cent in the third quarter of 2016, according to Gross Domestic Product statistics announced today.

The services sector, which accounts for three quarters of the economy, grew by 0.4% during the latest period, with Business Services and Finance most prominent, growing by 0.8%.

The production sector contracted by 0.1%, and construction output contracted by 1.4%.

Cabinet Secretary for Economy, Jobs and fair Work, Keith Brown, said:

“These figures show continued overall economic growth for Scotland’s economy in the months following the EU referendum vote, with the service sector leading the way.

“Output in the construction sector is still 13% higher than it was in Q3 2014, leaving us in a relatively strong position and the Scottish Government has set out a programme of investment in infrastructure, including fast-tracking £100 million of public spending to continue to support the sector.

“There is no doubt that businesses have faced increased economic uncertainty in the months following the EU referendum result, and Scotland is not immune to these risks.

”Through the paper, ‘Scotland’s Place in Europe’, the Scottish Government has set out our commitment to protecting Scotland’s interests, including maintaining access to the single market which is vital in order to protect the thousands of jobs that are directly linked to it. It also ensures our firms have access to the EU workforce they need; and to pursue the collaboration and funding that is so essential to our future prosperity.

“In addition we are supporting business through our £500 million Scottish Growth Fund, which will allow business greater access to capital through guarantees and loans.”