A new survey showing Scotland's economic recovery is continuing, with an acceleration in export activity and growth in the private sector, has been welcomed by Finance Secretary John Swinney.
Date:
Mon, 03 Oct 2011
Source:
Scottish Government
The latest Lloyds TSB Scotland Business Monitor reports:
- The Scottish private sector has grown marginally in the first eight months of 2011
- In the three months to the end of August export activity showed an acceleration and its second best result in four years
However, the survey found that business confidence has been detrimentally affected by the global slowdown and concerns over sovereign debt in the Eurozone and that firms' assessment of their immediate prospects in the next six months has deteriorated.
Mr Swinney said: "Scottish businesses are the primary driver of sustainable economic growth and our ability to succeed as a nation depends the competitiveness and success of our businesses.
"Over the last four years, this Government has acted to support growth and tackled the challenges presented by the global economic downturn.
"This report suggests that our actions to strengthen Scotland's recovery are working, with evidence showing an acceleration in export activity and marginal growth in the private sector.
"The Scottish Spending Review 2011 outlines actions to accelerate economic growth, increase capital investment, improve access to finance and to enhance economic security as a means to support confidence. Our refreshed Economic Strategy outlines practical measures to ensure we achieve growth.
"We have set an ambitious target to deliver a 50 per cent increase in exports by 2017 and our Economic Strategy outlines practical measures to ensuring Scottish businesses can seize on opportunities in new growth markets. This report shows very encouraging signs that export activity in Scotland is accelerating.
"News that Scotland's economy is continuing to recover is supported by the latest labour market statistics, which reported a fall of 33,000 in unemployment in Scotland over the year, compared to a rise of 44,000 in the UK over the same period.
"However, there can be no absolutely room for complacency. We are creating jobs and supporting recovery in Scotland, and the UK Government must implement a Plan B to ensure these efforts are not derailed.
"The Scottish Government also needs greater access to the key levers of economic growth, such as corporation tax and borrowing powers. This would enable us to do even more to enhance investment and jobs in the Scottish economy, and give Scotland a major competitive edge."
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