The 2023 Economic Policy Panel Report highlights that the key to achieving long-term success is diversification, attracting and retaining skills, investing in infrastructure, making Aberdeen an even better place to live and work and implementing a successful regional economic strategy.

The report further noted that while business confidence, city centre footfall and employment in the north-east of Scotland had all risen in 2023, continuing their recovery since the pandemic, they all continue to lag below their pre-pandemic averages.

The annual report helps support to the council’s annual credit rating assessment after it issued bonds on the London Stock Exchange in 2016.

Aberdeen City Council co-leader Councillor Ian Yuill said: “This report sets out the challenges that are faced by people and businesses in Aberdeen.

“The City Council is committed to working with private and public sector partner to meet, and overcome, these challenges.”

Council co-leader Councillor Christian Allard said: “The findings of the panel’s report have highlighted the work that has been carried out over the past year across Aberdeen to boost our working-aged population.

“Through this work, we can continue to ensure that Aberdeen becomes an even more attractive and sustainable city for people to live, work, study and raise a family.”

This is the sixth annual report produced by the economic policy panel, with tourism, food and drink and energy being identified as key industries for the future.

The panel was further supportive of both the investment programme being developed to deliver sites for high-value manufacturing for energy transition and the broader regional partnership working approach to diversify the economy.

The economic policy panel comprised of Dougie Peedle, economist member of the Armed Forces Pay Review Body and head of nature positive economy at the RSPB, and Professor Graeme Roy, professor of economics and Dean of external engagement at the University of Glasgow.