by Wadsam | April 5, 2017 8:37 pm
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.
Source URL: http://wadsam.com/international-business-news/scottish-economy-slumps-rest-uk-economy-grows-3232/
Copyright ©2017 Wadsam unless otherwise noted.