PRESS RELEASE : Scottish Secretary Alister Jack responds to July 2023 GDP [September 2023]
The press release issued by the Secretary of State for Scotland on 27 September 2023.
Focus remains on halving inflation and growing the economy, says Secretary of State, as latest encouraging figures published.
Estimates for Scottish GDP for July, and the three months up to July, have been published today here.
Scotland’s onshore GDP is estimated to have increased by 0.1% in July following the figures remaining flat in June (0% change).
In the three months to July, GDP is estimated to have fallen by 0.1% compared to the previous three month period, however, this indicates an improvement relative to the fall of 0.3% in 2023 Quarter 2 (April to June).
Secretary of State for Scotland Alister Jack said:
Today’s statistics show we’re delivering on our priority to grow the economy. We’re boosting trade and encouraging investment with more than £2.4 billion invested directly into promoting prosperity in Scotland which will benefit the whole of the UK.
The only way to deliver sustainable long-term growth in Scotland and across the UK, is if we stick to our plan and halve inflation – which we are on track to do.
Thanks to our plan, the IMF, OBR, and the OECD have all upgraded our growth forecasts, and the IMF have recently said we have brighter long-term growth prospects than Germany, France and Italy.
Additional information:
- Since 2010, the UK has grown faster than France, Japan and Italy and Germany.
- Recent figures have shown that by 2021 the UK had recovered faster than France, Germany, Italy and Japan, with the economy 0.6% above pre-pandemic levels by 2021 Q4.
- Through measures announced at the Spring Budget, the Chancellor is tackling two of the biggest issues for UK growth – employment levels and business investment – while also supporting households with cost-of-living pressures.
