SCOTLAND’s economy grew four times faster than the UK's overall in the first quarter of 2023, new figures reveal.
The Scottish Government figures show the country's economy recovering from the pandemic, with 0.4% growth between January and March compared to the UK's figure of 0.1%.
For Scotland, this represented growth of 0.3% over the same time last year. Meanwhile, the UK economy has grown 0.2% in the same period.
Wellbeing Economy Secretary Neil Gray said: “These figures demonstrate the resilience of the Scottish economy against the extremely challenging circumstances faced by countries around the world.
“We are doing everything possible with the powers currently available to us to support the people of Scotland and deliver an economy that is fair, green and growing.”
He warned that even though Scotland is no longer projected to enter a recession, many pressures are still impacting the country’s economy.
Economic growth in Scotland has resumed since the significant contraction seen in 2020, but hasn’t yet recovered to the levels seen before the pandemic.
“The cost of living crisis is impacting household and businesses’ ability to spend, which in turn affects the wider economy.
“Scottish businesses also continue to suffer due to the effect Brexit has had on supply chains, trade and the free movement of people, which has in turn had a significant impact on businesses in terms of staffing.
“Ultimately, this crisis has been worsened by the UK Government’s handling of the UK economy, with the London School of Economics estimating that a third of food price inflation is due to Brexit.”
The production sector of the economy grew by 0.8%, while the construction sector grew by 0.7% and services grew by 0.2%.
During the month of March, Scotland’s economy remained steady, while the UK economy shrank by 0.3%.