BBC Scotland at 1.30, today, reported:
‘Scotland’s economy grew by just half of one percent.’
Why ‘just’ I wonder and why not consider, now and again, how these small increases add up over quite short periods like, say, around four years? The Scottish Government report said:
‘Scottish growth pulls ahead of the UK. In the first half of this year, Scottish GDP grew by 0.8% compared to 0.6% in the UK. This growth in the first six months of 2018 is greater than the 0.7% growth forecast made by Scottish Fiscal Commission for 2018 as a whole. Scotland’s strong growth has been supported by the Production sector which grew by 4.6% over the past 12 months, the sector’s fastest rate of growth since 2014.’
It looks pretty good, but these small steps can look quite different if you step back and look at them, combined in the growth, in billions of pounds, over three and a half years. See this:
This graph from Statista shows Scottish GDP climbing steadily from £34.4 billion in 2014 to £40 billion by mid-2018. That is a 13.99% increase in less than four years. Inflation has stayed low over this period, so the graph suggests a robust economy despite the political constraints on it.