‘Resilient’ economy sees GDP grow by 1% in first three months of 2022

Scotland’s economy grew by 1% in the first three months of this year, new figures showed.

The Scottish Government said the latest GDP figures put output at 1% above the level it was at in February 2020 – just before the Covid pandemic hit the country.

Finance and Economy Secretary Kate Forbes said the new figures showed that Scotland’s economy was “resilient”, despite the challenges of coronavirus, Brexit and the cost-of-living crisis.

Ms Forbes said: “It’s been an unprecedented time for Scotland’s economy – from managing the many impacts of the pandemic, mitigating the ongoing effects of Brexit, the cost-of-living crisis and inflation at a record 40-year high.

“These statistics show, that despite these vast and complex challenges, the public, private and third sectors that make up Scotland’s economy are resilient and have continued to grow by 1% in the first quarter of 2022.”

However, she urged the UK Government to do more to help families and businesses at a time of rising prices.

Ms Forbes said the Scottish Government would act, stressing ministers are “investing almost £770 million this year through measures such as Scottish social security payments that are not available elsewhere in the UK, mitigating the bedroom tax and increasing the Scottish Child Payment to £25”.

But she also insisted: “The UK Government need to do more with the powers they have to support families and businesses through the cost-of-living crisis.”