Kevin Brown, savings specialist comments on this mornings Scottish GDP
“Scotland’s economy ended the first quarter of the year with a burst of momentum. Yet the bigger picture is still one of sluggish growth. A 0.6% rise in GDP for March is encouraging after two consecutive monthly contractions (1), although it was not enough to stop Scotland falling behind the UK over the quarter.
“Scottish GDP grew by just 0.1% in Q1, compared with 0.6% across the UK (2). Services and construction grew by 0.2% and 0.4% respectively, but a 0.5% contraction in production (3) dragged on growth.
“Strength in March despite a quarterly slump may reflect activity being brought forward by businesses and consumers anticipating higher costs, particularly after rising energy prices revived concerns about inflation.
“That leaves households facing an uncertain backdrop. When growth is only inching forward, pay rises, job security and consumer confidence can all come under pressure.
“For UK households, the priority therefore remains financial resilience. That means reviewing savings rates, mortgage deals, energy tariffs and everyday spending, so personal finances are in the strongest possible shape while the economic outlook remains uncertain.”
1. GDP Monthly Estimate: March 2026 - gov.scot
2. GDP first quarterly estimate, UK - Office for National Statistics