Economy

Scotland’s onshore GDP grew by 0.1% in July, following 0.0% growth in June 2023, according to statistics announced by the Chief Statistician. This follows 0.0% growth in June 2023. In the three months to July, GDP is estimated to have contracted by 0.1% compared to the previous three month per

High interest rates, continued uncertainty and low productivity could see the UK struggle to keep its head above water in the second half of the year – with GDP growth forecast at 0.4% in 2023 and 0.3% in 2024, according to KPMG’s latest UK Economic Outlook.

The Bank of England (BoE) has opted to maintain interest rates at 5.25% in a tightly contested vote. The decision follows almost two years of consecutive rate rises and is seen by experts as a potential peak, considering the better-than-expected inflation data received recently.

Amidst anticipations of a rise following an upturn in petrol prices and a hike in alcohol duties in August, the Consumer Price Index (CPI) inflation has surprisingly decreased to 6.7%. This unexpected downturn was accentuated by significant reductions in core and services inflation, hinting that the

Scotland is outpacing the UK in the growth of goods exports, according to figures from the HMRC Regional Trade Statistics for Q2 2023.

Recent labour market statistics from the Office for National Statistics (ONS) have revealed a mixed picture for Scotland's workforce. For the period between May to July 2023, the employment rate in Scotland increased by 0.5 percentage points to 75.1%, while the unemployment rate rose to 4.3%, up by

The UK economy has contracted by 0.5% in July, erasing the growth it had achieved in the previous month. According to the EY ITEM Club, a broad-based decline in GDP across all three main sectors – services, construction, and industrial output – occurred for the first time since June

Scottish retail sales for August displayed a sluggish performance, growing only 5.6% compared to the same period last year, falling short of the 3-month average increase of 7.5% and the 12-month average growth of 8.5%. When adjusted for inflation, the figures reveal a year-on-year decline of 1.3%.

The Royal Bank of Scotland's latest PMI survey recorded almost no change in business activity across Scotland's private sector for August 2023. The Scotland Business Activity Index slipped from 51.1 in July to an exact 50.0, ending six months of growth. In addition to this, new orders across both th

The rise in reliance on familial financial support in the UK housing market has hit record levels, with new research revealing that the so-called 'Bank of Family' is anticipated to facilitate over 318,000 property transactions with support worth around £8.1 billion in 2023.

Another rate hike in September may be less likely after recent data from the flash composite Purchasing Managers’ Index (PMI) for August recorded a decline in private sector activity. This breaks the consecutive six-month expansion streak. Although the chief economic advisor to the EY ITEM Clu

Scottish Development International (SDI) has revealed a notable surge in Scotland’s export figures, showcasing the country’s robust global appeal in spite of recent economic headwinds.

Scotland's financial health has seen improvements in the past year, with particular emphasis on the country's growing fiscal balance, revealed in the latest Government Expenditure and Revenue Scotland (GERS) figures)

Scottish retail sales witnessed a sharp decline in July, with factors including inclement weather and unfavourable economic conditions weighing heavily on the industry, as per data from the Scottish Retail Consortium (SRC). July's sales showed a modest growth of 4.6% compared to July 2022, but this

A significant drop in inflation was recorded for July, with the Consumer Price Index (CPI) having decreased from 7.9% to 6.8%. The drop is in line with the Bank of England's projections and was expected, particularly in light of the preceding month’s energy bill cut. Nevertheless, core inflati