>Scotland’s onshore gross domestic product (GDP) contracted by 0.5% in November, according to the latest figures announced by the Chief Statistician.
>This follows a contraction of 0.4% – revised from -0.2% – in October.
>In the three months to November, GDP is estimated to have contracted by 0.3%, compared to the previous three month period. This indicates a decrease in growth relative to the revised growth of 0.4% from July to September.
>In November, the largest contribution to headline GDP was made by the professional, scientific and technical services sector, which contracted by 3.5%, contributing -0.3 percentage points to the overall contraction.
>The largest positive contribution was made by the information and communications sector, which grew by 1.1%, contributing 0.1 percentage points towards GDP.
>Deputy First Minister Kate Forbes said: “While these statistics are disappointing, I am encouraged by the fact that Scotland’s economy has grown over the past year and is forecast to strengthen further this year.
>“Our draft Budget for 2025-26 continues the process of building a green, fair and growing economy, this includes almost tripling capital investment in the offshore wind supply chain to £150m in 2025/26 and providing funding for the Scottish National Investment Bank and our enterprise agencies.
>“However, many factors are outside the Scottish government’s control and we are deeply concerned by the potential impact of the UK Government Budget, with higher National Insurance employer contributions likely to have real and damaging consequences for businesses.”
>Kevin Brown from Scottish Friendly commented: “These figures are deeply worrying for Scotland, as they reflect the significant challenge the economy faces as tax increases and persistent high interest rates bite down hard.
>“Although the UK as a whole is struggling and the labour market is starting to finally look shaky, there are signs of real problems emerging north of the border, as Scotland’s economy takes a battering.
>“As tax increases take effect the expectation is that pressure is only going to mount from here – and it is likely we’ll start to see movement on the Monetary Policy Committee, as nearly all the signs are there that lowering rates is a necessary measure to get the economy back on track.”
Perhaps a silly question but will ‘onshore gross domestic product’ exclude all offshore wind farms as well as oil and gas?
“Onshore”
Its bizarre this instance to treat data about the Scottish economy this way – where an industry is stripped out because of “reasons”
If it is because it is volatile – well financial markets are volatile. We don’t see GDP figures for England or UK with finance stripped out.
That’s because England steals all our oil, energy and water. We would be the richest country in Europe if an independent nation.
SWINNEY MUST RESIGN NOW!!!!!!! SWINNEY MUST CONDEMN!!
6 comments
>Scotland’s onshore gross domestic product (GDP) contracted by 0.5% in November, according to the latest figures announced by the Chief Statistician.
>This follows a contraction of 0.4% – revised from -0.2% – in October.
>In the three months to November, GDP is estimated to have contracted by 0.3%, compared to the previous three month period. This indicates a decrease in growth relative to the revised growth of 0.4% from July to September.
>In November, the largest contribution to headline GDP was made by the professional, scientific and technical services sector, which contracted by 3.5%, contributing -0.3 percentage points to the overall contraction.
>The largest positive contribution was made by the information and communications sector, which grew by 1.1%, contributing 0.1 percentage points towards GDP.
>Deputy First Minister Kate Forbes said: “While these statistics are disappointing, I am encouraged by the fact that Scotland’s economy has grown over the past year and is forecast to strengthen further this year.
>“Our draft Budget for 2025-26 continues the process of building a green, fair and growing economy, this includes almost tripling capital investment in the offshore wind supply chain to £150m in 2025/26 and providing funding for the Scottish National Investment Bank and our enterprise agencies.
>“However, many factors are outside the Scottish government’s control and we are deeply concerned by the potential impact of the UK Government Budget, with higher National Insurance employer contributions likely to have real and damaging consequences for businesses.”
>Kevin Brown from Scottish Friendly commented: “These figures are deeply worrying for Scotland, as they reflect the significant challenge the economy faces as tax increases and persistent high interest rates bite down hard.
>“Although the UK as a whole is struggling and the labour market is starting to finally look shaky, there are signs of real problems emerging north of the border, as Scotland’s economy takes a battering.
>“As tax increases take effect the expectation is that pressure is only going to mount from here – and it is likely we’ll start to see movement on the Monetary Policy Committee, as nearly all the signs are there that lowering rates is a necessary measure to get the economy back on track.”
Perhaps a silly question but will ‘onshore gross domestic product’ exclude all offshore wind farms as well as oil and gas?
“Onshore”
Its bizarre this instance to treat data about the Scottish economy this way – where an industry is stripped out because of “reasons”
If it is because it is volatile – well financial markets are volatile. We don’t see GDP figures for England or UK with finance stripped out.
That’s because England steals all our oil, energy and water. We would be the richest country in Europe if an independent nation.
SWINNEY MUST RESIGN NOW!!!!!!! SWINNEY MUST CONDEMN!!
Thanks the labour and tories.
And nihilistic businesses.
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