Scotland’s GDP grew 0.3% since May 2024, and by 0.9% in the three months leading up to May, according to labour market statistics.

Published by the Office for National Statistics (ONS), the figures show that, not only did the GDP rise, but the unemployment rate between April to June was 4.4% for those aged 16 and older.

With an employment rate at 73.4% and the inactivity rate at 23.1%, the Scottish Government said these latest figures represent the highest number of payrolled employees in Scotland since July 2014.

Further, the median monthly pay of £2,427 in July 2024, as estimated by HM Revenue and Customs, is the highest recorded yet.

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

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

The deputy minister took the opportunity to highlight the Scottish Government’s investment plans to further improve the economy as the cost-of-living crisis’s squeeze on households continues to leave the public scarred.

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“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 £5bn to drive growth in the economy,“ she continued.

“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.”