Welcome to the Scottish Chambers of Commerce website

Loading
<< October 2012 >>
SuMoTuWeThFrSa
 123456
78910111213
14151617181920
21222324252627
28293031   

Press Releases

Please use the calendar on the left to search our archives.
Thank-you.

SCC CAUTIOUSLY OPTIMISTIC ON GDP GROWTH FIGURES

[ 25-10-2012 ]

Commenting on the first estimate of UK GDP for the third quarter of 2012 which revealed growth of 1%, lifting the economy out of recession, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:
 
“It is welcome news that we can at last say that the UK economy has emerged from the double dip recession.  Growth of 1% was far in excess of what many analysts had been predicting and ought to help foster a more positive perception of the potential of our economy to produce strong growth.
 
“From a Scottish perspective, we too ought to have received a boost in output in the third quarter following on from the additional Golden Jubilee bank holiday in June, and from that point of view we would hope that the Scottish economy may have entered positive growth territory as well.  However the positive effect that the Olympics seems to have had on the overall UK figure, perhaps adding 0.2% or more to the overall figure, is unlikely to be replicated in Scotland.  Indeed from our own survey evidence and that of many other independent bodies it appears that the Olympics may have had a negative effect on a number of sectors, including tourism where occupancy rates outside of Scotland’s major cities was much weaker than in recent years. 
 
“We would therefore expect Scotland’s GDP to reflect these differentials when our local figures are published in January.” 

back