Scottish Economy

Scotland written question – answered on 12th February 2004.

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Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask the Secretary of State for Scotland if he will make a statement on the prospects for the Scottish economy.

Photo of Anne McGuire Anne McGuire Parliamentary Under-Secretary (Department for Constitutional Affairs) (Scotland)

The prospects for the Scottish economy are good. Unemployment is around its lowest level for a generation and employment is close to a record high. Growth figures have recently been revised upwards to better reflect real changes in the economy. Inflation and interest rates are low by historical standards. There is a growing consensus among business surveys pointing towards a continued strengthening of business activity in Scotland in both services and manufacturing. Furthermore, independent forecasters predict above-trend growth continuing in 2004 and 2005.

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