Scotland’s economy grows by 0.5%

Scotland’s economy is continuing to grow, official figures have today shown.

The economy expanded by 0.5 per cent during the third quarter of 2011 and was up 0.9 per cent year on year.

Finance secretary John Swinney said: “The recession in Scotland was shorter and shallower than across the UK.

“The latest quarterly GDP figures show that Scotland’s economy grew by 0.5 per cent in July-September 2011 – the strongest growth since the second quarter of 2010, and the same rate as the UK.”

The figures show that the services sector in Scotland grew by 0.9 per cent over the quarter, reflecting a recovery in business and financial services, while manufacturing output grew by 0.9 per cent.

Other figures show that manufactured exports continue to grow – by 2.7 per cent annually, with the largest increases in food and drink, and other manufacturing and chemicals.