SCOTLAND’s economy grew four times faster than the UK's overall in the first quarter of 2023, new figures reveal.
The Scottish Government figures show the country's economy recovering from the pandemic, with 0.4% growth between January and March compared to the UK's figure of 0.1%.
For Scotland, this represented growth of 0.3% over the same time last year. Meanwhile, the UK economy has grown 0.2% in the same period.
Wellbeing Economy Secretary Neil Gray said: “These figures demonstrate the resilience of the Scottish economy against the extremely challenging circumstances faced by countries around the world.
“We are doing everything possible with the powers currently available to us to support the people of Scotland and deliver an economy that is fair, green and growing.”
READ MORE: BBC Scottish independence article LEAVES OUT Unionists' political history
He warned that even though Scotland is no longer projected to enter a recession, many pressures are still impacting the country’s economy.
Economic growth in Scotland has resumed since the significant contraction seen in 2020, but hasn’t yet recovered to the levels seen before the pandemic.
“The cost of living crisis is impacting household and businesses’ ability to spend, which in turn affects the wider economy.
“Scottish businesses also continue to suffer due to the effect Brexit has had on supply chains, trade and the free movement of people, which has in turn had a significant impact on businesses in terms of staffing.
“Ultimately, this crisis has been worsened by the UK Government’s handling of the UK economy, with the London School of Economics estimating that a third of food price inflation is due to Brexit.”
The production sector of the economy grew by 0.8%, while the construction sector grew by 0.7% and services grew by 0.2%.
During the month of March, Scotland’s economy remained steady, while the UK economy shrank by 0.3%.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel