MSP applauds new report showing Scotland is top performer outside financial centre London

A REPORT showing Scotland’s economic performance remains strong has been applauded by MSP Gil Paterson.

The Clydebank and Milngavie politician welcomed new information presented by chief economist Dr Gary Gillespie’s in the State of the Economy Report.

The researcher studied Scottish, UK and world economies and presented his findings on Wednesday June 14, ahead of the Opportunities for Growth debate in Holyrood.

The report highlights:

• Independent economic growth forecasts remain positive, projecting growth of around 1% in 2017 and 2018
• The oil and gas sector has continued to weigh on growth in 2016, though there are emerging signs of confidence returning to the sector
• Scotland’s labour market has remained resilient with unemployment below the UK figure and falling over the past year
• Scotland continues to be the most attractive part of the UK, outside London, for foreign direct investment (FDI) and has been for the past 5 years
• Business sentiment has improved, particularly in the manufacturing sector, though Brexit continues to create substantial uncertainty
• In the five years since 2010, Scotland’s GDP growth is in line with the UK average and Scotland’s GDP per head growth is above the UK average, when London is excluded.
  
  

Mr Paterson, a member of the economy committee, said: “This report proves Scotland is just as capable as the rest of the UK, if not more capable, when you exclude London.

“London is a different animal entirely, and the world’s biggest financial sector, so we cannot compare any other area in the UK to it.

“What the report says about Scotland vindicates the hard work the SNP government has been doing to ensure growth is maintained in Scotland.

“Outside London, Scotland is the area to attract the most foreign investment which is undeniably a great achievement for the government here.

“Looking ahead, we must see an increase in economic growth but I am all too aware of the effects Brexit presents to Scotland’s economy.

“The SNP government will push ahead and battle through this uncertainty as much as we can, and continue to build our economy.”

ENDS

NOTES TO REPORTERS

• Click here to view the report on the Scottish Government website.
• Picture: MSP Gil Paterson promoting economic growth by hosting jobs fair in Clydebank.
• By Alan Ferguson (07342 061722/alan.ferguson@parliament.scot)