Scottish gross domestic product (GDP) grew 1% in the first quarter of 2014, according to figures released by Scotland’s Chief Statistician.
GDP increased by 2.6% compared to the same period in 2013 and is now 0.4% above its pre-recession level.
Scotland’s economy is now growing faster than the UK as a whole. In Q1 2014 the UK economy grew 0.8% and is yet to pass pre-recession levels.
Key Q1 2014 figures:
- Scotland’s services sector grew 0.9%, helped by growth in business, services and finance
- the production sector grew 2.1%, driven by growth in manufacturing (3.4%) and a petroleum, chemical and pharmaceutical production (14.1%)
- the construction sector contracted 1%.
Finance Minister John Swinney described the figures as “an important stage of the recovery”:
“These positive output figures show that Scotland’s economy continues to go from strength to strength with growth of one per cent over the quarter and 2.6 per cent over the year – the fastest annual growth in over three years.
“Nearly six years on from the start of the financial crisis, our economy is now larger than before the downturn. Output in Scotland is at record levels and we have exceeded our pre-recession peak at least one quarter ahead of the UK.”