Sharp rise in consumer spending recorded as inflation soared
Scottish Government data shows consumer expenditure in July to September 2022 was 8.1% higher than it had been the previous year.
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Your support makes all the difference.Consumer spending in Scotland increased sharply as a result of inflation, figures have revealed.
It comes at the same time as new figures showed Scotland’s economy shrank slightly towards the end of last year.
GDP in Scotland is estimated to have fallen by 0.1% in November, after growing 0.7% in October.
The figures in Scotland are in contrast to the rest of the UK, where GDP is said to have grown by 0.1% in November.
Meanwhile, Scottish Government statistics show consumer expenditure for the period July to September 2022 was up by just over 8% when compared to the previous year.
Gross disposable household income, without adjusting for inflation, was 4.3% higher in July to September than it was in the same period of 2021, with income from employment up by 5.9%.
However the report also noted: “Consumer expenditure has increased by 8.1% over the year, reflecting high levels of inflation.”
The sharp rise in consumer spending was revealed in the latest economic data published by the Scottish Government.
Scottish GDP figures show that in the three months to November, the economy was estimated to have been flat, with 0% growth.
This reflects a slight improvement after output fell by 0.1% over the period July to September.
Scottish Secretary Alister Jack said: “The Prime Minister has pledged to halve inflation, grow the economy and reduce debt.
“That will ease the cost of living, give people financial security, and achieve sustainable long-term growth.
“We continue to provide extra support to those who need it most through help with energy bills, increasing benefits and pensions in line with inflation, and raising the national living wage.
“This is on top of an additional £1.5 billion for the Scottish Government to help support public services in Scotland.
“The UK Government also has an ambitious levelling-up agenda in Scotland and is investing more than £2.2 billion to level up communities across the country, including on our city and regional growth deals.
“The awarding of green freeport status to the Inverness and Cromarty Firth and Firth of Forth will create high-quality jobs and encourage regeneration for the benefit of the whole of Scotland.
“Providing this vital support in these challenging times will ensure future long-term growth for the benefit of everyone across the UK.”