Scottish Secretary reacts to GDP for Q4 2023 and December 2023

Alister Jack says boosting business and continuing to drive down inflation is key to long-term growth

Latest figures show Scotland’s onshore GDP is estimated to have grown by 0.4% in December 2023. This follows no growth (0.0% change) in November (revised up from -0.1%) and a 0.8% fall in October (revised from -0.6%).

In the last quarter of 2023, (October to December), GDP is estimated to have contracted by 0.6%, following growth of 0.4% in Quarter 3 (July to September).

Secretary of State for Scotland Alister Jack said:

"The UK Government has halved inflation and, in doing so, we’ve broken down the single biggest barrier to growth. We are sticking to our plan to achieve long-term sustainable recovery.

"We are boosting business and encouraging trade and opportunities by investing more than £2.9 billion directly across all parts of Scotland. We’re also putting more money in the paypackets of 2.4 million people in Scotland by cutting National Insurance and rewarding hard-working families with the biggest ever increase to the national living wage from next month."

From:
Office of the Secretary of State for Scotland
The Rt Hon Alister Jack MP