Scottish Secretary Alister Jack responds to January 2024 GDP

Latest figures published this morning, 27 March 2024, show Scotland’s onshore GDP is estimated to have grown by 0.6% in January 2024. This follows a growth of 0.4% in December.

In the three months to January, GDP is estimated to have fallen by 0.1% compared to the previous three month period. This indicates an improvement in quarterly growth after the fall of 0.6% in 2023 Quarter 4 (October to December).

Secretary of State for Scotland Alister Jack said:

Our plan is working. With the economy turning a corner and inflation expected to fall to target next quarter, long-term sustainable growth remains our focus.

Scottish families are seeing more money in their pockets with a second 2p National Insurance cut coming on top of the 2p cut in January, meaning that 2.4 million Scottish workers will be £680 a year better off, and next month will see the biggest ever increase to the national living wage.

Boosting business and encouraging trade and opportunities right across the UK is our priority, and we are investing more than £3billion direct into communities across all parts of Scotland.

Additional information 

• 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’s forecast.

• Full expensing is the biggest business tax cut in modern British history worth over £50 billion over the next five years – helping companies to invest for less.  

• Since 2010, the UK has grown faster than France, Japan and Italy, and Germany.  

• Recent figures have shown that by the end of 2021 the UK had recovered faster from the pandemic than France, Germany, and Japan.

• Borrowing is being kept under control, with the forecast for total borrowing at Spring Budget £0.3 billion lower than at Autumn Statement 2023.