Spending on eating out, new clothes and takeaways are the biggest areas people across Scotland have cut back on so far this year, according to KPMG.
Economy
UK consumer price index (CPI) inflation fell to the Bank of England’s 2% target in May, driven by lower food and core inflation.
The UK's GDP remained unchanged in April, but analysts believe the economy is still likely to grow at a decent pace in Q2.
Scotland's labour market experienced mixed results in the period from February to April 2024, with an increase in unemployment to 4.7%, a decrease in employment to 73.1%, and a rise in inactivity to 23.2%. Ann Frances Cooney, employment partner at DWF, has commented: "The cooling of the labour marke
Scotland's private sector activity expanded for the fifth consecutive month in May, the strongest pace in two years, according to the Royal Bank of Scotland Business Activity Index. This growth was driven by increased demand for services, which offset a continued downturn in manufacturing.
May brought lacklustre results for Scottish retailers, with total sales increasing a mere 0.1% compared to the previous year.
Scottish shopper footfall has experienced a significant decline in May, showing a 5.4% year-on-year decrease.
Following growth of 0.1% in February, Scotland’s onshore GDP grew by 0.4% during March 2024, according to statistics announced by the Chief Statistician. In the first quarter of 2024 – the three months to March – GDP is estimated to have grown by 0.7% compared to the previous three
Retail sales in the UK have grown at their fastest pace since December 2022 in the year to May, according to the latest CBI Distributive Trades Survey. Selling price inflation also eased to its lowest level since August 2020. However, retailers remain cautious about the future, with expectations of
Scotland welcomed a record number of international visitors in 2023, with nearly four million overseas tourists marking a 15% increase from 2019, according to new figures.
The latest labour market statistics for January to March 2024 in Scotland reveal a mixed picture of progress and ongoing challenges. The figures showed 2.45 million payrolled employees in Scotland in April 2024, a 6,000 year-on-year increase.
Output for Scotland's private sector grew marginally in April, along with the third consecutive monthly rise in new business, according to the Royal Bank of Scotland Business Activity Index. The seasonally adjusted index, that measures the month-on-month change in the combined output of th
The UK economy has signalled a recovery after two years of stagnation as 0.6% growth was recorded for Q1. Growth in March surged by 0.4%, following a 0.2% rise in February, resulting in a quarterly growth of 0.6%. The expansion was predominantly driven by the services sector, with manufacturing also
Scotland's gross value added (GVA) is expected to rise by 0.4% this year, down from a previous forecast of 0.7%, according to the latest EY ITEM Club Scottish Spring forecast. A slightly stronger growth trajectory for 2025 is now projected — 1.7%, up from 1.4% — with sustained growth in
The UK is poised to have the weakest economic performance among G7 nations in the coming year, according to the Organisation for Economic Cooperation and Development (OECD). The OECD has revised down its growth forecast for the UK this year from 0.7% to 0.4%. It anticipates further sluggishness, pre