Scottish secretary reacts to GDP for May 2024 and Q1 2024
Ian Murray says UK Government's key mission is growing the economy, making work pay and creating jobs and opportunity for all parts of the UK
The latest Scottish GDP stats are published this morning here for the month of May and here for Q1 of 2024.
Scottish Secretary Ian Murray said:
Economic growth is one of the key missions of the UK Government. We inherited a dire fiscal situation, with a £22billion black hole in spending for this year alone that the previous government left us. It’s the worst economic inheritance of any incoming government since the Second World War and tough decisions will be required. That’s why the Chancellor is taking immediate action to achieve the economic stability vital for growth.
The UK Government will rebuild and regrow. We are making work pay, ensuring the national minimum wage is a true living wage. And with the end of exploitative zero-hours contracts, workers will have increased job security. Backed by £8.3bn of UK Government investment, Scottish-based GB Energy will bring jobs and opportunity for all parts of the UK and trade talks have resumed globally to forge stronger links with our international business partners.
Background
Scotland’s onshore GDP is estimated to have grown by 0.3% in May. This follows growth of 0.2% in April (revised from 0.0%).
In the three months to May, GDP is estimated to have grown by 0.9% compared to the previous three-month period. This indicates an improvement in quarterly growth after the growth of 0.5% (revised from 0.7%) in 2024 Quarter 1 (January to March).