Registered enterprises in Scotland’s high growth sectors fall, figures show

The number of registered enterprises in all areas of Scotland’s high growth sectors fell in a year, according to analysis from Scottish Labour.

The figures show four years of consecutive decline in all six sectors identified as advantages by the Scottish Government.

The sectors include energy, creative industries, tourism, financial services, life sciences and food and drink.

Between 2022 and 2023, there were 1,730 fewer of these enterprises registered, official statistics show.

There were 74,945 in 2022, but this figure fell to 73,215 a year later, and had also fallen from 81,935 in 2019, a decrease of more than 10%.

The biggest decline in the sector occurred in financial and business services, where there were 1,105 fewer enterprises registered in a year.

Scottish Labour economy spokesman Daniel Johnson said: “The SNP is squandering Scotland’s potential and it has left our entire economy weaker.

“Under both the SNP and the outgoing Tory government, key industries in Scotland have been left to decline – but Labour will turn the tide.

“From our vast energy capacity to the strength of Brand Scotland, our country is bursting with potential.

“A strong economy is the foundation of Labour’s plans to renew struggling public services and tackle the cost-of-living crisis.”

A Scottish Government spokesperson said: “The First Minister has been clear that driving economic growth is a key priority for the Scottish Government.

“Since 2007, Scotland’s economy has grown faster than the UK as a whole – after accounting for population growth – and productivity has grown twice as quickly.

“We have one of the finest state-funded entrepreneurial systems in the world dedicated to the creation of high-growth businesses.

“Figures show the number of new businesses being started in Scotland outperformed the rest of the UK between 2023 and 2024, while our Techscaler programme helped more than 500 companies in its first year.”