This follows contraction of 0.6% in August 2024. In Q3 2024, GDP is estimated to have grown by 0.3% compared to the previous three month period. This follows growth of 0.4% in Q2 – April to June.

In September, output in the services sector is estimated to have grown by 0.6%, while Production sector output fell by 1.5% in September. Construction sector output grew by 0.1% in September.

Kevin Brown, savings specialist at Scottish Friendly, said: “The Scottish economy has been wildly inconsistent recently, contracting by 0.6% in August before returning to growth again in September – and outstripping the rest of the UK in the process.

“While that’s of course a positive, growth of 0.3% is sadly not something to write home about.”

He continued: “Perhaps unsurprisingly, given the structure of the economy, professional services were the biggest driver of growth, with production acting as the biggest anchor on growth. That is almost certainly a result of elevated energy prices and continued uncertainty in the global economy.

“As for Scottish households, it will take a long period of sustained and significant growth and wages for them to feel noticeable improvement in living standards. The economy has been battered by global events over the past few years and, like many other countries, Scotland is still trying to get back to its feet.”