Scottish Secretary responds to GDP stats for April 2023
Alister Jack says the UK Government remains 'resolutely focused' on halving inflation, reducing debt and growing the economy
The latest Scottish GDP stats (for April 2023) have been published today here.
Scottish Secretary Alister Jack said:
“We are facing strong global economic headwinds and we still have work to do to deliver on our promises of halving inflation, reducing debt and growing the economy. We remain resolutely focused on that.
“The swift action of this Government has provided crucial financial support to households and businesses. By 2024, we will have spent £7 billion helping to ease the burden of energy bills in Scotland including £2.1 billion in targeted cost of living payments. We’re also boosting trade and encouraging investment with more than £2.2 billion ploughed directly into promoting prosperity in Scotland which will benefit the whole of the UK.”
Scotland’s onshore GDP is estimated to have fallen by 0.5% in April. This follows a contraction of 0.1% in March (revised down from 0.0% change).
In the three months to April, GDP is estimated to have grown by 0.2% compared to the previous three month period. Further information on quarterly GDP can be found in the First Estimate of GDP for 2023 Quarter 1.
Background points:
- The UK was the fastest growing economy in the G7 last year. Since 2010, the UK has grown faster than Japan, France, and Italy, and at about the same rate as Germany.
- The IMF are predicting that around 90% of advanced economies will see a decline in growth in 2023.
- At Autumn Statement 2022, the government took difficult, but necessary, decisions across taxation and spending to restore economic stability.
- The OBR have said that the measures in the Budget caused them to revise potential output upwards by the largest amount ever in their forecasts.
- The government is maintaining record levels of capital investment - £600bn over the next 5 years – including investment in critical infrastructure like Northern Powerhouse Rail, HS2 and Sizewell C, and safeguarding the highest ever R&D budget.