Economy

Scotland welcomed a record number of international visitors in 2023, with nearly four million overseas tourists marking a 15% increase from 2019, according to new figures.

The latest labour market statistics for January to March 2024 in Scotland reveal a mixed picture of progress and ongoing challenges. The figures showed 2.45 million payrolled employees in Scotland in April 2024, a 6,000 year-on-year increase.

Output for Scotland's private sector grew marginally in April, along with the third consecutive monthly rise in new business, according to the Royal Bank of Scotland Business Activity Index. The seasonally adjusted index, that measures the month-on-month change in the combined output of th

The UK economy has signalled a recovery after two years of stagnation as 0.6% growth was recorded for Q1. Growth in March surged by 0.4%, following a 0.2% rise in February, resulting in a quarterly growth of 0.6%. The expansion was predominantly driven by the services sector, with manufacturing also

Scotland's gross value added (GVA) is expected to rise by 0.4% this year, down from a previous forecast of 0.7%, according to the latest EY ITEM Club Scottish Spring forecast. A slightly stronger growth trajectory for 2025 is now projected — 1.7%, up from 1.4% — with sustained growth in

The UK is poised to have the weakest economic performance among G7 nations in the coming year, according to the Organisation for Economic Cooperation and Development (OECD). The OECD has revised down its growth forecast for the UK this year from 0.7% to 0.4%. It anticipates further sluggishness, pre

Following 0.6% growth in January, Scotland's economy experienced a slight setback in February 2024, with onshore GDP contracting by 0.3%, according to statistics announced by the Chief Statistician. On a positive note, in the three months to February, GDP is estimated to have grown by 0.4%

Scotland is poised for a gradual economic recovery with steady growth predicted over the medium term, according to KPMG UK's inaugural Scottish Economic Outlook report. The forecast shows growth of 0.4% for the Scottish economy this year, similar to the rest of the UK, but relatively weak by histori

March saw a slight slowdown in the UK's inflation, but it fell short of economists' expectations, reducing the likelihood of the Bank of England's interest rate cuts, experts have commented.

Scotland saw a 0.5% increase in payrolled employees in March 2024 compared to the same period in 2023, reaching a total of 2.45 million employees, according to the latest labour market trends. Median monthly pay for payrolled employees also saw a substantial rise, reaching £2,389, marking a 6.

Scotland’s private sector witnessed a third consecutive monthly expansion in output during March, according to RBS' Scotland Business Activity Index. The seasonally adjusted index, measuring the month-on-month change in combined manufacturing and service sector output, rose from 52.1 in Februa

The UK's gross domestic product (GDP) rose by 0.1% in February, with the manufacturing and services sectors posting higher output, offsetting a significant decline in construction activity.

Scotland has experienced a continued deterioration in permanent staff placements during March, according to the latest Royal Bank of Scotland Report on Jobs survey. The survey, compiled by S&P Global, shows that while the rate of decline eased from the previous month, the number of people placed

Following unrevised 0.4% growth in December 2023, Scotland's onshore GDP grew by 0.6% in January 2024, according to the Chief Statistician.

The Bank of England Governor, Andrew Bailey, has signalled that markets are correct to anticipate more than one interest rate cut this year, expressing growing confidence that inflation is heading towards the target. In an interview with the Financial Times, Governor Bailey stated that rate cuts wer