Outlook and appraisal [December 2001]

Research output: Contribution to journalArticle

Abstract

The Scottish economy was stronger in the second quarter of the year than expected. Revisions to the GDP data indicate that growth has been weaker in Scotland during recent years than previously believed. This poses a challenge for policy. The economy remains considerably weaker than its UK counterpart
but there are signs that we may be over the worst of the cutbacks in electronics. Manufacturing remains in recession, while services continue to exhibit positive but below trend growth. The impact of the September 11th attacks and their
aftermath are difficult if not impossible to quantify. A high degree of political and economic uncertainty persists. However, the best judgment on the impact of these events is that the downturn will be more prolonged with the recovery occurring later than previously expected. Prospects depend much on
developments in the US and wider world economy. However, the relative buoyancy of the UK economy suggests that Scotland will to some degree be insulated from these wider developments. The insulation will be partial, though, due to the greater openness of the Scottish economy to trade and investment
flows.
LanguageEnglish
Pages3-8
Number of pages6
JournalQuarterly Economic Commentary
Volume26
Issue number4
Publication statusPublished - Dec 2001

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Scotland
Openness
Attack
World economy
Recession
Insulation
Political uncertainty
September 11 attacks
Manufacturing
Economic uncertainty

Keywords

  • Scottish economic trends
  • Scottish gross domestic product
  • labour market conditions
  • Scotland
  • economic conditions

Cite this

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Outlook and appraisal [December 2001]. / Ashcroft, Brian.

In: Quarterly Economic Commentary, Vol. 26, No. 4, 12.2001, p. 3-8.

Research output: Contribution to journalArticle

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