Scottish Secretary reacts to GDP figures for February 2024
Alister Jack reaffirms UK Government's goal to achieve long-term growth with more than 拢3bn invested directly across Scotland to boost business and prosperity
Latest figures聽聽show Scotland鈥檚 onshore GDP is estimated to聽have fallen by 0.3% in February聽2024. This follows a growth of 0.6% in January.
In the three months to February, however, GDP is estimated to have grown by 0.4% compared to the previous three-month period. This indicates an improvement in quarterly growth after the contraction of 0.5% (revised from -0.6%) in 2023 Quarter 4 (October to December).
Secretary of State for Scotland Alister Jack said:
Long-term sustainable growth remains our goal, and with inflation聽expected to fall to our 2% target聽soon, we鈥檙e on track to achieve that. We聽must聽stick to our plan.
Just this week, 2.4million Scottish workers saw the benefit of the second 2p National Insurance cut, meaning a saving of聽拢833 a year for the average worker. That鈥檚 on top of the biggest ever increase to the national living wage.
The UK Government is now investing more than 拢3billion direct into communities across the whole of Scotland, boosting trade and encouraging opportunity throughout the UK.
Additional information聽
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The combined impact of the Autumn and Spring policy packages is a permanent 0.5% increase in the level of potential output by the end of the OBR鈥檚 forecast.
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Full expensing is the biggest business tax cut in modern British history worth over 拢50 billion over the next five years 鈥� helping companies to invest for less.聽聽
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Since 2010, the UK has grown faster than France, Japan and Italy, and Germany.聽聽
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Borrowing is being kept under control, with the forecast for total borrowing at Spring Budget 拢0.3 billion lower than at Autumn Statement 2023.