This item was published during the term of a previous administration that ended in April 2007
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Minister welcomes GDP growth
26/01/2005
Enterprise Minister Jim Wallace today welcomed GDP
figures which show that Scotland's economy grew in the
third quarter of 2004.
The GDP 2004 quarter 3 figures show that Scottish GDP
rose by 0.9 per cent compared with the previous quarter,
and by 1.8 per cent over the four quarters to the end of
2004 quarter 3.
Mr Wallace was speaking from China where he is meeting
key business people and government leaders to help
strengthen Scotland's relationship with one of the world's
fastest growing economies. He said :
"I am very pleased that the GDP figures for the third
quarter of the year show that the Scottish economy has
continued to grow, now showing ten consecutive quarters of
growth.
"The service sector has been the main driver of growth,
with an increase of 1.8 per cent over the year, and robust
growth over the quarter of 1.3 per cent.
"However, following a short period of growth, the
performance of the manufacturing sector has dipped, and
this is disappointing. Clearly the period of restructuring
in manufacturing is still being felt in Scotland, and we
will continue to do what we can to support this important
sector.
"My current visit to China has further convinced me that
we need to maintain and build on our business relationships
with countries around the world, if Scotland's economy is
to thrive in the fast moving global economy.
"During my visit I have been hugely impressed with the
way that ambitious Scottish businesses are making the most
of global market opportunities to grow their business.
"Looking forward, overall, the prospects for a positive
performance in the Scottish economy in the final quarter of
2004 appear good. Positive business survey evidence is
consistent with the labour market data for the final
quarter.
"Over the latest period (September-November), employment
increased over both the quarter and the year, and the level
is now at its highest since quarterly records began in
1992.
"We remain clearly focused on our key aim of ensuring
the conditions are right for economic growth. Our long-term
strategy for sustainable economic development, the
Framework for Economic Development in Scotland, is enabling
us to do this."
The statistical publication notice Gross Domestic
Product for Scotland for the 3rd Quarter of 2004 is
available at
www.scotland.gov.uk/stats/bulletins/00393-00.asp.