Scottish GDP growth at the end of 2021 revised to 1.6%

0

Scotland’s gross domestic product (GDP) grew by 1.6% in the last three months of 2021, with the latest figures revised upwards from the previous estimate of 1.3%.

This means that GDP growth is estimated at 7.4% for the whole of 2021, after a fall of 10.6% in 2020.

Statistics released on Wednesday show that the health and social work sector was the main contributor to growth at the end of 2021.

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

Finance Secretary Kate Forbes welcomed the quarterly figures, saying they demonstrate the resilience of Scottish businesses and the wider economy.

“The economy continues to face challenges, including the impacts of the rising cost of living, and we will continue to support families and businesses through this period, including by investing nearly £770million. sterling this year thanks to measures such as Scottish social security payments which are not available elsewhere in the UK and alleviating the tourist tax.

“We have provided over £4.7bn of business support since the start of the pandemic, including around £1.6bn of tariff relief, which includes continued tariff relief from retail, hospitality and leisure 50% for the first three months of 2022-23, capped at £27,500 per taxpayer.

Don’t miss the latest headlines with our twice-daily newsletter – Register for free here.

Share.

About Author

Comments are closed.