PRESS RELEASE : Scottish Secretary reacts to GDP for July 2024 [September 2024]

The press release issued by the Scottish Office on 25 September 2024.

Ian Murray says difficult short-term decisions must be made for long-term gain.

The latest Scottish GDP stats are published here this morning for the month of July.

Scottish Secretary Ian Murray says that although the 0.3% growth for the month is encouraging, tough short-term decisions are still required for long-term improvement.

He said:

Economic growth is one of the key missions of the UK Government and Scotland is at the heart of that, as the Prime Minister underlined yesterday when he confirmed that GB Energy will be headquartered in Aberdeen. Backed by £8.3bn of UK Government investment, it will bring jobs and opportunity for all parts of the UK.

We inherited a dire fiscal situation from the previous government, as well as an industrial one, and that requires tough decisions that are hard in the short term, but the right thing for the country in the long term.

Right now, we are making work pay, ensuring the national minimum wage is a true living wage, and we’re ending exploitative zero-hours contracts so workers have increased job security. At next month’s International Investment Summit, we will forge stronger links with our global business partners, all to achieve the growth that’s vital for economic stability.

Background

• Scotland’s onshore GDP is estimated to have grown by 0.3% in July. This follows 0.0% change in June (revised up from -0.3%).
• In the three months to July GDP is estimated to have grown by 0.3%. This is a decrease compared to the Quarter 2 (April to June) growth rate of 0.6%.