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30/04/2004
Scottish construction industry grows by 5%
The Scottish construction industry grew by over 5% in the fourth quarter of last year according to figures recently released by the Scottish Executive.
These figures, comparable to the overall UK growth in the sector, highlight the vital role construction plays in the Scottish economy. According to Scottish Building, the industry contributes over 10% of the Scottish GDP and employs some 18,000 people.
Putting this into perspective, the Scottish construction industry is twice the size of the region's agriculture sector and almost three times the size of the combined utility services. The construction industry makes an enormous contribution, not only to the physical, but also the economic development of Scotland.
As a whole, the Scottish Gross Domestic Product in Scotland rose by 1.7% over 2003 and by 0.2% in the fourth quarter (Q4) of 2003.
The equivalent UK figures show that GDP rose by 1.8% over 2003 and by 0.8% in 2003 Q4.
Gross Domestic Product (GDP) is a measure of the value of goods and services produced by residents, before allowing for depreciation or capital consumption.
The GDP figure excludes net receipts from interest, profits and dividends abroad and the estimates produced measure GDP at basic prices.
(AC)
These figures, comparable to the overall UK growth in the sector, highlight the vital role construction plays in the Scottish economy. According to Scottish Building, the industry contributes over 10% of the Scottish GDP and employs some 18,000 people.
Putting this into perspective, the Scottish construction industry is twice the size of the region's agriculture sector and almost three times the size of the combined utility services. The construction industry makes an enormous contribution, not only to the physical, but also the economic development of Scotland.
As a whole, the Scottish Gross Domestic Product in Scotland rose by 1.7% over 2003 and by 0.2% in the fourth quarter (Q4) of 2003.
The equivalent UK figures show that GDP rose by 1.8% over 2003 and by 0.8% in 2003 Q4.
Gross Domestic Product (GDP) is a measure of the value of goods and services produced by residents, before allowing for depreciation or capital consumption.
The GDP figure excludes net receipts from interest, profits and dividends abroad and the estimates produced measure GDP at basic prices.
(AC)
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