New figures from the Office for National Statistics (ONS) have revealed that Scotland’s gross domestic product (GDP) grew by 0.3% in May, and by 0.9% in the preceding three months.
The ONS also found that unemployment was 4.4% in the April to June quarter, which taken with the employment rate of 73.4% and inactivity rate of 23.1%, means that the number of payrolled employees in Scotland is at a ten-year high.
Deputy First Minister Kate Forbes MSP hailed:
“Welcome news that employment and median monthly pay are at record highs with median monthly pay estimated at £2,427 in July.”
She added:
“With many households and firms still feeling the effects of harsh trading conditions and the global cost-of-living crisis, the SNP Government is prioritising action to tackle child poverty, grasp the opportunities of net zero and support growth within the restrictions of the devolution settlement".
The news coincided with the announcement today that revenue generated for Scotland’s public services increased by £1,700 million last year to £88,500 million, driven by a strong labour market and renewable energy.
Total spending for Scotland increased to £111,200 million, with additional funding for the NHS and Scottish Child Payment, reflecting SNP Government priorities of investing in public services and eradicating child poverty.
The 2023-24 Government Expenditure & Revenue Scotland figures also show that Scotland’s onshore revenue grew faster than the rest of the UK.
This growth was partially offset by a decline of approximately £4,000 million in North Sea revenue.
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