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Growth in Scottish economy slows Growth in Scottish economy slows
(35 minutes later)
The Scottish economy grew by 0.2% in the final three months of 2013 compared with growth of 0.7% in the UK, according to official figures.The Scottish economy grew by 0.2% in the final three months of 2013 compared with growth of 0.7% in the UK, according to official figures.
Events at the Grangemouth petrochemical plant, which was shut down in October during an industrial dispute, was cited as a reason for the slowdown. Scottish growth was affected by a sharp fall in production at the Grangemouth petrochemicals complex following an industrial dispute.
Output in petrochemicals fell by 10.8% but other manufacturing areas such as textiles and food also shrank. Output in petrochemicals fell by 10.8% but other sectors such as textiles and food also shrank.
During the three months, the services sector grew by 0.6%. On an annual basis, GDP grew by 1.7% compared to the fourth quarter of 2012.
The figures were compiled by Scottish government statisticians. Estimates by Scottish government statisticians indicated that the production sector contracted by 0.7% and construction by 1% in the final quarter of 2013.
The services sector, which accounts for nearly three quarters of the Scottish economy, grew by 0.6% over the same period.
The fastest sectoral growth over the quarter was seen in Transport, Storage and Communications (+1.7%) and in Mining and Quarrying (+2.9%).