GDP set for ‘steady growth’ despite 0.3% fall in August, says Forbes

Economy Secretary Kate Forbes has insisted the “overall trend” for GDP in Scotland is “one of steady growth” – despite the latest monthly figures showing a fall in the economic measure.

Scottish Government statistics for August show GDP is estimated to have contracted by 0.3%.

It comes after Scotland’s economy grew by 0.5% in July, the report said.

But in the three months to August, GDP is estimated to have grown by just 0.1%, down from the growth of the 0.4% recorded in the period April to June.

Ms Forbes, also the Deputy First Minister, stressed that monthly GDP figures “can be volatile”.

She added that “the overall trend for Scotland’s GDP remains one of steady growth”.

Ms Forbes continued: “These figures underline the importance of the Scottish Government’s decision to invest more than £5 billion in 2024-25 to drive growth in our economy.

“They also emphasise once again the need for the UK Government to work with us to increase Scotland’s resource and capital funding, enabling investment in public services and vital infrastructure projects that support economic growth, the drive to net zero and action to tackle child poverty.”

The latest monthly GDP figures come at the same time as the Scottish Government revised down estimated GDP growth for April to June 2024.

An earlier estimate suggested GDP had grown by 0.6% over the three-month period, but this has now been downgraded to 0.4%.