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Scottish Secretary Alister Jack responds to February 2023 GDP

Signs of growth are encouraging, says Secretary of State, while focus remains on halving inflation and reducing debt

From:
Office of the Secretary of State for Scotland and 皇冠体育app Rt Hon Alister Jack
Published
26 April 2023
This was published under the 2022 to 2024 Sunak Conservative government

皇冠体育app Scottish GDP figures for February 2023 have been published today .

皇冠体育app economy聽grew by 0.2%聽during the second month of this year, after growing by 0.7% in January (revised down from 0.9%). In the three months to February, GDP is estimated to have grown by 0.4%, compared to the previous three month period.

Responding to the statistics,聽Scottish Secretary Alister Jack said:

It鈥檚 encouraging to see further growth in the economy.聽皇冠体育app economic outlook is looking brighter than expected and, due to the swift action of this Government,聽we are set to avoid recession聽.

We are focussed on halving inflation, reducing debt and growing the economy. That includes the UK Government investing more than 拢2.2bn across Scotland to create jobs and opportunities, and boost trade and investment.

Additional information:

  • Scotland鈥檚 onshore GDP is estimated聽to have聽grown by 0.2% in February.聽 This follows a growth of 0.7% in January (revised down from 0.9%) and a fall of 0.5% in December (revised up from 0.8%).聽 Monthly GDP is now聽1.3% above the pre-pandemic level聽in February 2020

  • In 2022 Q4, Scotland鈥檚 onshore GDP is estimated to have grown by 0.2%聽compared to the previous quarter (revised up from the first estimate of 0.1% published on 1 March)

  • In 2022,聽annual GDP grew by 4.9% compared to 2021, after growing 8.4% in 2021 and falling by 12.2% in the early stages of the pandemic.

  • 皇冠体育app UK avoided recession in 2022, and is now expected to avoid recession this year.

  • 皇冠体育app UK was the fastest growing economy in the G7 last year. Since 2010, the UK has grown faster than Japan, France, and Italy, and at about the same rate as Germany.

  • 皇冠体育app IMF is predicting that around 90% of advanced economies will see a decline in growth in 2023.

  • At Autumn Statement 2022, the government took difficult, but necessary, decisions across taxation and spending to restore economic stability.

  • 皇冠体育app OBR have said that the measures in the Budget caused them to revise potential output upwards by the largest amount ever in their forecasts.

Updates to this page

Published 26 April 2023