Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Insider UK
Insider UK
Business
Peter A Walker

Scottish GDP rises by almost 1% in January

Scotland’s onshore gross domestic product (GDP) increased by 0.9% in January, according to the government's chief statistician.

This follows a 0.8% contraction in December 2022 - revised down from a 0.6% contraction.

Output remains above the pre-pandemic level of February 2020, by 1.1%.

In the three months to January, GDP is estimated to have grown by 0.1% compared to the previous three month period. This is the same rate as the fourth quarter of 2022.

Output in the services sector, which accounts for around three quarters of the economy, increased by 0.5% in January.

Meanwhile, output in consumer facing services contracted by 2.2%, while health, education and public services output increased by 0.8% and output in all other services increased by 1.8%.

GDP growth relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.

CBI Scotland director Tracy Black commented that an uplift in Scottish GDP in January can’t mask the ongoing challenges facing the economy.

“Underlying economic momentum is still poor, and, despite recent falls in energy prices, the cost of living remains high, while firms are paying for higher costs for goods and employee wages.

“The new First Minister and Finance Secretary must prioritise growth and work with the UK Government to tackle labour and skills shortages, cut red tape to attract investment and improve Scotland’s digital connectivity and transport network.”

Scottish Secretary Alister Jack said: “Today’s figures again show the resilience of our economy, despite complex global problems.

“Last month the Chancellor delivered a Budget for sustainable growth, alongside further cost of living support and an extra £320m for the Scottish Government to support public services.

“Our Levelling Up agenda is encouraging growth at the heart of every community in Scotland and throughout the UK with more than £2.2bn invested to create and sustain high-quality jobs and two new freeports progressing in Scotland will boost trade and further investment.”

Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.