This item was published during the term of a previous administration that ended in April 2007
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Minister welcomes continued economic growth
27/04/2005
The latest GDP figures show that Scotland's economy grew
over the year and the final quarter of 2004.
Deputy First Minister and Minister for Enterprise Jim
Wallace welcomed the continued growth. He said prospects
for Scotland's economy are good.
The figures show that Scottish GDP rose by 0.6 per cent
compared with the previous quarter, and by 1.9 per cent
over the year to the end of 2004.
Mr Wallace said:
"The latest GDP data complete the picture for 2004. I
am very pleased that the GDP figures show that the Scottish
economy continued to grow over the year and quarter, with
growth in the Scottish economy being achieved in eleven
successive quarters.
"This positive view of the economy was supported by the
strong labour market performance over the year, where we
witnessed the highest level of employment in the Scottish
economy since quarterly records began.
"Scotland's biggest sector, the service sector,
continued to be the main driver of growth with above trend
growth over the year of 1.9 per cent and 0.6 per cent over
the quarter.
"I am also encouraged by the performance of the
manufacturing sector. As I have previously indicated, the
sector has gone through a sustained period of decline as a
result of subdued demand in Scotland's main export markets,
as well as restructuring within the sector as a whole
across the global economy.
"Despite these conditions still being an issue for the
sector as a whole, I am pleased that there has been growth
over the quarter (0.8 per cent) and that the annual
declines over recent times have been halted (0.0 per
cent).
"Looking forward, overall, the prospects for the
Scottish economy in the coming year are good. The strong
performance of the labour market in 2004 has continued,
with the most recent data showing that employment continues
to increase.
"Additionally, the most recent business survey data
indicate that the outlook for both the service and the
manufacturing sectors are positive, and independent
forecasters are expecting trend growth, or above, in
2005.
"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."