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Scottish economy shrinks by 0.2% | Scottish economy shrinks by 0.2% |
(31 minutes later) | |
Scotland's economy declined at the same rate as the UK from July to September, official figures show. | Scotland's economy declined at the same rate as the UK from July to September, official figures show. |
The third quarter saw the Scottish economy shrink by 0.2% after a fall of 0.5% during the second quarter. | The third quarter saw the Scottish economy shrink by 0.2% after a fall of 0.5% during the second quarter. |
Over the year to September, Scottish Gross Domestic Product (GDP), fell by 4.6%. | |
The construction industry has been among the hardest hit with a fall of 8.9% in the 12 months to the end of September. | The construction industry has been among the hardest hit with a fall of 8.9% in the 12 months to the end of September. |
Finance Secretary John Swinney said: "As global economic conditions improve, we are seeing a further easing in the rate of decline in Scottish GDP, with growth returning to parts of our economy. | |
"The decline mirrors a fall in UK GDP for the same period, while Scotland continues to have higher employment, lower unemployment and higher economic activity rates than the UK as a whole." | "The decline mirrors a fall in UK GDP for the same period, while Scotland continues to have higher employment, lower unemployment and higher economic activity rates than the UK as a whole." |
'Encouraging' signs | |
Although many sectors continued to decline in the third quarter, some areas saw a return to growth. | |
Retail and wholesale grew by 1.5%, while transport and the services sector also saw modest rises. | |
Responding to the latest data, CBI Scotland's director Iain McMillan said more recent surveys painted a more encouraging picture. | |
He added: "We may well be on the cusp of a modest improvement in business and economic prospects, though it is likely to be much later in the year before anything like meaningful growth resumes." |
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