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Scottish economy grows by 2.7 pct in 2014

Xinhua, April 15, 2015 Adjust font size:

Scotland's economy grew by 2.7 percent in 2014 year-on-year, Scottish Chief Statistician announced on Wednesday. For the the fourth quarter from October to December of 2014, the Scottish Gross Domestic Product (GDP) grew by 0.6 percent compared with the third quarter. On an annual basis, the GDP grew by 2.8 percent compared to the same period of 2013.

The services sector, which accounts for nearly three quarters of the economy, remained at the same level (grew by 0 percent) during the latest period, the production sector grew by 1 percent, and construction output expanded by 6.1 percent, on the previous quarter.

Scottish Deputy First Minister John Swinney hailed the annual GDP growth of 2.7 percent across 2014 as "the fastest since 2006," adding that "the Scottish economy is now 2.3 percent above the pre-recession peak."

He stressed that the economy growth in the latest quarter was driven by construction in particular with a 6.1 percent increase over the quarter.

"During 2014, the construction sector expanded by 13 percent and the sector is also now performing above pre-recession levels," he noted.

There was also encouraging growth in the production industries, expanding by 1 percent over the quarter, Swinney added.

The quarterly publication measures growth in real terms (adjusted for inflation) of Gross Domestic Product for Scotland.

Statistics in the release cover activities classified to the onshore economy in Scotland, and do not include oil and gas extraction in the North Sea. Endit