Meeting of the Parliament 14 June 2017
It is 4.6 per cent, which is the same as it was in the previous quarter.
I know that it is disappointing to the Conservatives and the Labour Party that the numbers are so low, but today’s encouraging numbers reflect the importance that the Government attaches to getting on with the day job of supporting our economy and creating jobs.
It is those strengths that continue to make Scotland one of the most attractive locations for inward investment. The latest Ernst & Young attractiveness survey shows that, in 2016, Scotland attracted 122 foreign direct investment projects, which was more than any other part of the UK outside London. It is particularly welcome that Scotland attracted more R and D projects than anywhere else in the UK and was, again, second only to London in securing software projects. All three of Scotland’s largest cities—Glasgow, Edinburgh and Aberdeen—are in the UK’s top 10 for numbers of FDI projects secured. Again, we wait for congratulations from the other parties for the people who have secured that investment.
The publication today of the Scottish Government’s chief economist’s state of the economy report provides a timely analysis of the economic opportunities and challenges that the Scottish economy faces. I note that 2016 was a challenging year for the economy, with gross domestic product growing just 0.4 per cent over the year and contracting marginally in the final quarter. As the chief economist’s report mentions, that slowdown stemmed principally from the continued challenges that the oil and gas sector faces. That is why we are continuing to support that sector both through the work of the energy jobs task force and by supporting innovation and ensuring that Scotland can maximise the economic opportunities that decommissioning presents.