The press release issued by the Secretary of State for Scotland on 1 November 2023.
Alister Jack welcomes economy’s resilience while remaining committed to halving inflation for long-term growth.
Scotland’s onshore GDP is estimated to have increased by 0.1% in August, following the figures increasing by 0.2% in July (revised up from 0.1% in the previous publication)
In the three months to August, GDP is estimated to have remained constant (0.0% growth) compared to the previous three month period. This indicates an increase in growth during the third quarter of the year so far, relative to the fall of 0.3% in 2023 Quarter 2 (April to June)
Secretary of State for Scotland Alister Jack said:
While this month’s figures indicate a resilient economy, we are still absolutely committed to halving inflation to achieve sustained long-term growth.
Not only are we encouraging trade and boosting investment with more than £2.5 billion invested directly into all parts of Scotland, we also continue to help families with the cost of living, with the second of three £300 payments going out from this week to those who need it most.
The UK has grown faster than France and Germany since the pandemic and we will continue to prioritise growing the economy for the benefit of people all over the UK.
- Since 2010, the UK has grown faster than France, Japan 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.