However, monthly figures announced by the Chief Statistician reveal a continued pattern of volatility. The economy contracted by 0.2% in October alone, following a 0.7% spike in September and a 0.2% contraction in August.

In October, the sector with the largest contribution to three month GDP was Professional, Scientific and Technical Services, which contributed around 0.1 percentage points of growth towards the overall three month figure of 0.2%.

Kevin Brown, a savings expert at Scottish Friendly, described the recent economic performance as “turbulent”. He noted that October’s figures saw Scotland lagging behind the wider UK, largely due to a slowdown in construction and global trade weaknesses affecting key exports such as whisky and salmon. Mr Brown remains “cautiously optimistic”, pointing to falling inflation and anticipated interest rate cuts by the Bank of England as potential boosts for the new year.

Deputy First Minister Kate Forbes emphasising that Scotland’s three-month growth of 0.2% compares favourably to a contraction across the UK as a whole.

She said: “The annual Scottish Productivity Index published last week also showed the strength of the country’s economy. Real progress is being made in areas in which the Scottish Government holds full powers, including educational attainment and business investment – which has risen to a 20-year high in contrast to a fall across the UK.

“It is disappointing that no serious support for jobs and industry was delivered by the UK government at the UK Budget last month. A step change is required to take action to address the challenges facing business every day - from Brexit to increases to employers’ National Insurance contributions to energy bills which remain too high.”