Business Leaders In Scotland Are Cautiously Welcoming UK Growth

Scottish business leaders hope that this year’s third-quarter will be a positive one for the economy in Scotland.

Business leaders in Scotland have given a cautious welcome to recent news that the economy in the United Kingdom has emerged from a recession in the three month time span from July to September.

The Office for National Statistics data showed that the economy grew by 1 percent, due to a boost from Olympic ticket sales.

The Scottish Federation of Small Businesses (FSB) and the Chambers of Commerce (SCC) called the recent numbers “good news.”

However, both organizations warned that the positive impact of the 2012 Olympic Games may not be replicated in the country of Scotland. GDP figures for the third-quarter in Scotland will not be published for three months.

Liz Cameron, the chief executive of SCC said she hoped that the economy in Scotland might have also entered positive growth.

However, she added that although the positive effect of the Olympics appears to have been felt all over the UK – perhaps adding 0.2 percent or more to the figure overall – it is unlikely it will be replicated in Scotland.

From their own survey evidence and that of other independent bodies it seems that the Olympics might have had an effect on various sectors, including tourism, and this is encouraging news.

Colin Borland FSB’s head of external affairs said that the impact of the Olympic Games on the economy may not have been distributed equally across the nations and regions of the United Kingdom.

Borland says that they need to wait for further analysis to see if sections of the United Kingdom furthest away from the south east saw a similar spike.

 

 

 

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