§ Mr. SalmondTo ask the Secretary of State for Scotland if he will make a statement on the performance of the Scottish economy. [174438]
§ Mr. DarlingThe recent performance of the Scottish economy offers grounds for encouragement. The labour market continues to improve, with employment at its highest level since records began in 19921 and unemployment around its lowest level since the 1970s. Interest rates and inflation are historically low. The Scottish Executive's GDP index, recently revised to better reflect real changes in the economy, shows that growth in Scotland has closely matched that of the UK in recent years. Business surveys are pointing to a continued strengthening of business activity in Scotland in both services and manufacturing and independent forecasters predict that growth will continue to be above-trend in 2004 and 2005. But there is no room for complacency. The Government and Scottish Executive recognise that Scotland's growth has been lower over the long-term than the UK average. They have each taken steps to promote productivity and build a more enterprising, innovative and highly skilled economy.
1Data prior to 1992 are not yet consistent with this series, though are scheduled to be available in revised form later this year.