Published On: Wed, Feb 28th, 2024

Scotland’s economy shrinks by twice as much as UK’s but avoids recession | Personal Finance | Finance

Scotland’s Gross Domestic Product (GDP) fell by double the rate of the UK overall in the final three months of last year, according to official data. However, Scotland has dodged a recession, even with the economy shrinking by 0.6 percent from October to December.

The UK’s GDP dropped by 0.3 percent during the same period, tipping the country into a recession because it was the second quarter in a row of negative economic growth.

In contrast, Scotland saw a dip of 0.6 percent after a rise of 0.4 percent between July and September. Hence, there have not been two successive quarters with falling GDP, which would signify a recession.

A report from the Scottish Government explained: “In 2023 quarter four (October to December), Scotland’s GDP fell by 0.6 percent in real-terms compared to quarter three, following growth of 0.4 percent in quarter three.”

The report further noted: “Over quarter four, GDP for the UK as a whole fell by 0.3 percent.”

The data indicated that in the closing three months of 2023, services activity – the chief driver of Scotland’s economy – declined by 0.1 percent. Construction output slid down by 1.3 percent, while the production sector faced a 3 percentdrop.

The figures now suggest Scotland’s economy grew by 0.2 percent over the previous year, surpassing the 0.1 percent increase seen for the UK overall in 2023.

However, when comparing the last three months of 2023 with the same period in the previous year, Scotland’s economy is estimated to have shrunk by 0.3 percent, slightly more than the 0.2 percent fall for the UK.

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