Kate Forbes: Economy’s return to pre-Covid levels of GDP is ‘fantastics news’
The Economy Secretary welcomed the latest figures which showed the country’s economy was 0.6% above the level it was in February 2020.
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Your support makes all the difference.Scotland’s GDP has returned to pre-pandemic levels, after figures showed the economy grew by 0.8% in November.
New data from the Scottish Government revealed GDP was now 0.6% above the level it was at in February 2020, before coronavirus hit.
Economy Secretary, Kate Forbes, said this return to pre-Covid levels was “fantastic news” but, with some restrictions still in place, she also stressed the ongoing economic recovery “remains fragile”.
As it stands, economic growth in Scotland is slightly behind that in the UK as a whole, with the latest Office for National Statistics (ONS) data showing an increase of 0.9% in November, leaving UK GDP 0.7% above the level recorded in February 2020.
This is fantastic news for the Scottish economy, with Scottish GDP estimates now above pre-pandemic levels
In Scotland, the November figures showed that output in the services sector, which accounts for around three quarters of the economy, increased by 0.5% over the month.
Meanwhile, the production sector recorded growth of 1.7%, with construction up by 3.6%.
Over the three months of September to November, GDP was estimated to have risen by 1.3% – with the Scottish Government report saying this marked a “slight pick-up in growth”.
Ms Forbes said: “This is fantastic news for the Scottish economy, with Scottish GDP estimates now above pre-pandemic levels.
“It reveals the fundamental underlying strengths of the Scottish economy, despite the many challenges of Covid-19.”
However, she added: “While we know our economic recovery remains fragile, not least due to the recent necessary public health measures introduced in response to the omicron variant, we can be confident that these latest GDP estimates signal a return to pre-pandemic levels, which is extremely encouraging. ”
Ms Forbes also said: “The Scottish Government remains firmly focused on supporting our economy to fully recover and that is why we are working with businesses to invest in growth.”
Scottish Secretary, Alister Jack said the figures were “encouraging”, adding: “The UK Government is continuing to support people and businesses in all parts of the UK to help ensure a strong recovery.
“In addition, we are investing in communities right across Scotland, including through £191 million in direct UK Government grants and £1.5 billion being invested in Scottish Growth Deals.
“And the UK Government’s multi-billion pound Plan For Jobs is working, with more people in jobs than before the pandemic.
“Our Levelling Up White paper, to be published shortly, will set out how we will ensure all parts of the UK thrive and prosper.”