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Scottish GDP growth in late 2021 revised up to 1.6%

·2-min read
Kate Forbes said the figures show the ‘resilience’ of the economy (Jane Barlow/PA) (PA Wire)
Kate Forbes said the figures show the ‘resilience’ of the economy (Jane Barlow/PA) (PA Wire)

Scotland’s GDP grew by 1.6% in the last three months of 2021, with the latest figures being revised up from the previous estimate of 1.3%.

It means GDP growth is estimated to have been 7.4% throughout the full year of 2021, following a fall of 10.6% in 2020.

Statistics released on Wednesday show the largest contributor to growth in late 2021 was the health and social work sector.

This was mainly due to an increase in coronavirus vaccination and test and trace activities.

Finance Secretary Kate Forbes welcomed the quarterly figures.

She said: “These updated statistics for quarter four, 2021, demonstrate the resilience of Scottish businesses and the wider economy, with 1.6% growth recorded, up from the previous estimate of 1.3%.

“This is despite the emergence of the Omicron variant at the end of last year and the necessary public health restrictions which were put in place to mitigate the spread.

“The economy continues to face challenges, not least the impacts of the rising costs of living, and we will continue to support families and businesses through this period, including investing almost £770 million this year through measures such as Scottish social security payments that are not available elsewhere in the UK, and mitigating the bedroom tax.

“We have provided more than £4.7 billion in business support since the beginning of the pandemic, including around £1.6 billion in rates relief which includes a continuation of 50% retail, hospitality, and leisure rates relief for the first three months of 2022-23, capped at £27,500 per ratepayer.

“The Scottish Government’s new national strategy for economic transformation will be fundamental to building on progress made – by helping the economy become greener, fairer and more prosperous.”

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