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| Scottish economy out of recession after third-quarter growth of 0.6% | |
| (35 minutes later) | |
| The Scottish economy moved out of recession between July and September, growing by 0.6%, according to official figures. | The Scottish economy moved out of recession between July and September, growing by 0.6%, according to official figures. |
| The Scottish government said output in the services industries grew by 0.3%, but output in construction contracted by 0.4%. | The Scottish government said output in the services industries grew by 0.3%, but output in construction contracted by 0.4%. |
| During the same period, the whole UK economy grew by 0.9%, helped by spending on the Olympics. | |
| On an annual basis, Scottish Gross Domestic Product (GDP) grew 0.4%. | On an annual basis, Scottish Gross Domestic Product (GDP) grew 0.4%. |
| That was better than the UK economy as a whole, which only grew by 0.1% over the year, according to figures released by the Scottish government. | |
| Scotland's return to growth during the third quarter of 2012 also outstripped the performance in the same period the previous year, when the economy grew by 0.4%. | |
| Finance Secretary John Swinney welcomed the news but warned that figures for the fourth quarter might not be so positive. | |
| Statistics released last week suggested that the UK economy shrank by 0.3% in the last three months of 2012, which further fuelled fears that Britain could re-enter recession. | |
| "These figures show that the Scottish economy has returned to growth after two quarters of contraction," said Mr Swinney. | |
| "Scotland's improved economic performance compares well to that of the UK, where growth was supported by the temporary impact of the Olympics. | |
| "However, there is no room for complacency. Recovery remains fragile - demonstrated by last week's flash estimate of a contraction in UK output during Q4 2012 - and the UK government's continuing inaction risks a return to recession for the third time since the financial crisis of 2008." | |
| During the third quarter of 2012, production grew by 1.9%, within which manufacturing grew at 3.0%. | |
| Scotland returned to growth without the temporary uplift attributed to the London Olympics and Paralympics - estimated at 0.2% points for ticket sales alone. |