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23 October 2018

MSP Welcomes Strong GDP Growth with Improving Outlook for Oil and Gas

Banffshire and Buchan Coast MSP Stewart Stevenson has welcomed strong annual GDP growth in the first half of 2018.

The findings show GDP (Growth Domestic Product) is the strongest since 2014 and above the UK as a whole.

GDP assesses if and how much the economy is growing by measuring the total value of all good made, and services provided, during a specific period of time.

Independent growth forecasts have suggested it could strengthen further over the next couple of years.

But uncertainty relating to the form and timing of agreement for leaving the EU remains a key concern for many sectors of the economy.

The State of the Economy report published by Scotland’s Chief Economist Gary Gillespie, highlights:
  • GDP growth is at its highest annual rate since 2014 and above the UK.
  • The labour market continues to perform strongly with unemployment falling over the past year and remaining close to its record level.
Banffshire and Buchan Coast MSP Stewart Stevenson said:

“Following the very positive GDP data published last month, showing Scottish GDP growing, this latest State of the Economy report provides a broader analysis of Scottish economic performance.

“It’s good to see the improving outlook for the oil and gas sector coming to fruition alongside the continued strong performance in our labour market.

“Scotland’s economy is strong and we are one of the top destinations for inward investment, whilst Scottish productivity has grown faster than the UK’s over the past decade.”

Stewart Stevenson
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