English | دری

Scottish economy slumps while rest of UK economy grows

in International Business

Scottish economy slumps while rest of UK economy grows

Scotland’s Chief Statistician has recorded a 0.2% decline in the country’s economy in the last quarter of 2016.

In contrast, the rest of the UK economy grew by 0.7% during the same period.

The Scottish economy has witnessed a drop since the first quarter of 2015, indicating that the country is on the brink of a recession (which is usually defined as two quarters of contraction).

While fall in oil prices could be partly blamed for the shrinking economy , the contraction has been felt across the board.

“A lot of the really high-growth industries seem to be disproportionately based in England,” said Scott Corfe, director at the Centre for Economics and Business Research (CEBR).

Scotland’s production and construction sectors have been particularly weak accompanied with a sluggish services sector.

Manufacturing slumped to a 0.9 per cent contraction during the period, while there was no growth in the services sector.



Related Articles

British Chambers of Commerce cuts growth forecast

The British Chambers of Commerce (BCC) has slashed its forecast for economic growth this year, from 0.6% to 0.1%. But

“Libor system structurally flawed”—Ben Bernanke

Ben Bernanke, Chairman of the US central bank, said he did not have full confidence in the Libor system, as

Standard Chartered to pay $340m penalty

Standard Chartered has agreed to pay a $340m settlement to New York regulators after it was accused of helping Iranian

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.