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Latest Unemployment & GDP Figures

[ 15-10-2014 ]

SCC WELCOMES GOOD NEWS ON SCOTTISH UNEMPLOYMENT AND GDP

Commenting on today’s release of official data which showed that the Scottish economy grew by 0.9% in the second quarter of 2014 and that Scottish unemployment fell by 40,000 in the three months to August 2014, Liz Cameron, Director/Chief Executive of Scottish Chambers of Commerce, said:

On Unemployment:

“It is, of course, excellent news that Scotland’s unemployment rate continues to fall and that employment continues to rise.  These are concrete signs of an economy that is looking forward with optimism and of businesses which have ambitions to grow.  The clear priority in the labour market now must be to boost our productivity and ensure that both businesses and employees reach their full potential.  It is through increased productivity that businesses will achieve growth and that we will begin to see a rise in real wages, which continue to lag behind inflation.  Scottish Government policy must focus on ensuring an appropriately skilled workforce for business needs and that is why it is so important that the recommendations of the Commission for Developing Scotland’s Young Workforce be taken forward as a matter of priority.”

 

On Gross Domestic Product (GDP):

“Scotland’s economy has now grown for eight consecutive quarters and our growth rates in 2014 so far have been equal to or higher than those of the UK as a whole.  We are also beginning to see evidence, confirmed by the International Monetary Fund last week, that our economy is achieving a heathier balance between growth led by consumer demand and growth led by business investment.  Expectations are that the rate of growth we have experienced in the first six months of the year may not quite be replicated in the second half of the year, but nonetheless this latest rise in GDP is an extremely positive sign that the Scottish economy has the potential to sustain growth over the medium term.  Threats remain, however, not least as a result of the downgrades to the economic outlooks of the Eurozone, Russia, the Middle East and Japan.”

ENDS 

Media Unit: Charandeep Singh – 07984 495871

Policy Unit: Garry Clark - 07795 158137

Read the ONS Labour Market Statistics Summary 

Watch the summary video from the ONS 

 

 

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