GDP figures show Scotland’s economy ‘recovering steadily’, Forbes says

Scotland’s economy is “recovering steadily”, Deputy First Minister Kate Forbes said as new figures showed GDP grew by 0.3% in September.

The rise in that month follows a contraction of 0.6% in August, Scottish Government figures showed.

Despite that, the data showed GDP growth of 0.3% over the three months to September.

Scotland’s economy is recovering steadily, having grown over the last three quarters

And the Scottish Government report said while “underlying GDP growth has been mostly flat since the start of 2022” it added that “slightly higher levels of growth since March 2024 may indicate a change in trend”.

Ms Forbes, also Economy Secretary in the Scottish Government, said the figures showed that “Scotland’s economy is recovering steadily, having grown over the last three quarters”.

She said it was “particularly encouraging” to see that output in the services sector – the largest part of the economy – was up 0.5%.

In a bid to drive up economic growth further she said she announced a “range of measures to increase the level of private investment into the economy, including a dedicated Investment Unit co-ordinated by a new Cabinet sub-committee”.

She added this would help “work better, smarter and quicker to create an investor-friendly environment and seize the many opportunities for growing the green economy while improving Scotland’s public services”.

Scottish Secretary Ian Murray meanwhile said economic growth was the “number one mission” of the UK Government.

He said: “While we’ve continued to provide stability and take steps to fix the foundations, there’s a lot more we can do to ensure families feel the benefits of that growth sooner.”

The Labour MP said the Get Britain Working strategy launched on Tuesday would “benefit people right across the UK through Jobcentre reform” while improvements to workers’ rights are “ending exploitative zero-hours contracts and rewarding hard work with a true living wage”.

Mr Murray also highlighted the role of investment, saying this was “key”, as he added: “That’s why the UK Government is investing £1.4 billion in growth projects over the next 10 years, and established GB Energy which will be backed by £8.3 billion of investment.

“This is alongside the biggest budget settlement for the Scottish Government in the history of devolution.

“We’re dealing with the impact of 14 years of economic mismanagement, but by focusing on growth and working in partnership with business, we are unlocking massive potential to benefit people in all parts of the UK.”