Thu, Aug 25 2005
West Lothian will be joint fastest growing area in Scotland over 2004-2008, alongside North Lanarkshire according to forecasts in ‘Prospects for the Scottish Economy’, an annual publication produced by Mackay Consultants.
Prospects for the Scottish Economy is an annual publication produced by Mackay Consultants as is widely used amongst policy makers and advisers, and have been independent analysis has shown that over the last five years Mackay consultants have had the best forecasting record of all the groups commenting on the performance of the Scottish economy. The last version of the report forecasts for the four years 2005-2008 and gives historical statistics for 2003 and 2004. Forecasts are given for each of the 28 industry groupings and for the 32 local authority areas. The Prospects for the Scottish Economy report forecasts that during the period 2004-2008 West Lothian and North Lanarkshire top the ranking as the fastest growing economies in Scotland at 8.3% outstripping the Scottish average of 7.2%. At the Scottish level, the report forecasts significant growth in financial services, forestry, heath and social work, hotels and catering, public administration and retail/distribution during 2004-2008. Major reductions are forecast for oil and gas, mechanical engineering and chemical sectors over the same period. These forecasts vindicate what the Council has been arguing for some time, that Scotland's economic future is linked to the success of the central belt not just the cities.
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