Grangemouth oil refinery blow hits Scottish economy
UK GDP fell by 0.1% in May, after declining by 0.3% in April.
The Scottish Government chief economist directorate said of today's figures for Scotland: 'In May, the largest negative contribution to headline GDP was in manufacturing, which contributed -0.4 percentage points to headline GDP. This was partly due to the cessation of oil refining activity at the Grangemouth oil refinery.'
Crude oil processing at Grangemouth ended on April 29, owner Petroineos confirmed at the time.
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In the three months to May, Scotland's economy is estimated to have contracted by 0.4% compared with the December to February period.
Deputy First Minister Kate Forbes said: 'While Scotland's GDP growth of 0.4% in the first quarter shows a positive start to the year, like the rest of the UK we have been affected by ongoing global challenges, including more difficult trading conditions.
'The latest monthly figure demonstrates the cessation of oil refining at Grangemouth has contributed to a reduced output in the manufacturing sector. Ministers are working closely to provide a just transition for the workforce, and we have so far committed around £87 million to support the industrial cluster, including the £25 million Grangemouth Just Transition Fund and up to £450,000 to support affected workers to transition into new roles'
She added: 'By pursuing new investment opportunities and supporting entrepreneurship, the Scottish Government is taking steps to grow Scotland's economy.
'But these and other economic statistics increasingly show that the UK's economy is less productive and more unequal than independent European countries comparable to Scotland. Ultimately, only the powers of independence will allow us to create a wealthier and fairer nation for everyone in Scotland.'
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