Latest Data On The Scottish Economy - Update 25th September 2020

26th September 2020

The latest GDP estimates for Scotland show that the Scottish economy grew by 6.8% in July compared to June. However, Scottish GDP remains 10.7% below its level in February, prior to the effect of the Covid-19 pandemic.

Accommodation & food services and arts, entertainment, and recreation continue to be the sectors which have been most negatively impacted by the Covid crisis in terms of business closure and furloughed workers. There is also significant variation amongst Scottish local authorities in terms of the rise in the number of universal credit and jobseeker's allowance claimants and the pace at which workers are returning to workplaces. The current crisis continues to pose a challenge for public finances, with Land and Builldings Transaction Tax revenues remaining significantly below last year's levels throughout the summer months.

The number of furloughed workers has fallen significantly between July and August in Scotland, and the rest of the UK, as the UK Government's Coronavirus Job Retention Scheme started winding down. The number of furloughed workers has fallen significantly between July and August in Scotland, and the rest of the UK, as the UK Government's Coronavirus Job Retention Scheme started winding down. The new Job Support Scheme announced yesterday is designed to keep some support going but in a new format, and we will report on new data on this scheme as it is made available.

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