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SCC COMMENT ON SCOTTISH GDP AND EXPORTS

[ 18-04-2012 ]

Responding to the publication today of official data on Scottish GDP and Manufactured exports for the fourth quarter of 2011, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:
 
On GDP: 
 
“Our members had told us that business conditions were tough towards the end of 2011 and the confirmation that our economy dipped into negative territory has come as little surprise.  However the fact that the contraction was only very marginal, and was significantly better than the overall rate of contraction in the UK economy for the fourth quarter is welcome news for Scotland. 
 
“According to the latest survey of our members, expectations are that business conditions have improved in the first quarter of 2012 and therefore we believe that the immediate prospect of a double dip recession is unlikely.”
 
On Manufactured Exports: 
 
“We had anticipated that the rate of growth in our manufactured exports would ease in the fourth quarter of 2011, particularly as the ongoing crisis in the Eurozone has affected many of our key export destinations.  The news that export growth was flat in the three months to December is probably as good as we might have expected and the evidence from our recent survey of the manufacturing sector indicates that exports may have returned to growth in the early part of this year.” 

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