GDP up and unemployment lowest since 2014, new labour stats say

Labour market statistics have shown that Scotland’s GDP grew by 0.3% in May 2024, and by 0.9% in the three months leading up to May.

The figures, published by the Office for National Statistics (ONS), show that from April to June, the estimated unemployment rate in Scotland for people aged 16 and older was 4.4%.

The employment rate was 73.4% and the inactivity rate was estimated to be at 23.1%.

The Scottish Government says the latest figures represent the highest number of payrolled employees in Scotland since July 2014.

The median monthly pay was estimated by HMRC to be £2,427 in July 2024, the highest recorded yet.

Deputy first minister and cabinet secretary for economy and gaelic Kate Forbes said: “Today’s figures show the welcome news that payrolled employment and median monthly pay are at record highs.

“However, many households and businesses are still feeling the effects of harsh trading conditions and the global cost-of-living crisis.

“That’s why we are prioritising action to tackle child poverty, grasp the opportunities of net zero and support growth within the restrictions of the devolution settlement.

“Over the current financial year, we are investing more than £5 billion to drive growth in the economy. We will continue to work with the UK Government where we can, while encouraging them to support investment in Scotland’s economy and an end to spending cuts from Westminster.”