Scottish economic bulletin: January 2025

Footnotes

1 Economy statistics - gov.scot (www.gov.scot) , GDP monthly estimate, UK Statistical bulletins - Office for National Statistics (ons.gov.uk)

2 Consumer price inflation, UK - Office for National Statistics

3 Bank Rate maintained at 4.75% - December 2024 | Bank of England

4 Royal Bank of Scotland Regional Growth Tracker report for November 2024 | Royal Bank of Scotland

5 Business and innovation statistics - gov.scot (www.gov.scot)

6 Producer price inflation, UK Statistical bulletins - Office for National Statistics (ons.gov.uk). Prices of goods bought and sold by UK manufacturers, including price indices of materials and fuels purchased and factory gate prices.

7 S&P Global: Royal Bank of Scotland Regional Growth Tracker report for November 2024 | Royal Bank of Scotland

8 Labour market statistics - gov.scot (www.gov.scot)

9 The ONS notes that the Labour Force Survey (LFS) estimates have been affected by increased volatility, resulting from smaller achieved sample sizes, meaning that estimates should be treated with caution, and are working towards an online-first Transformed Labour Force Survey (TLFS), which is viewed as the long-term solution to the falling response rate.

10 Earnings and employment from Pay As You Earn Real Time Information, seasonally adjusted - Office for National Statistics (ons.gov.uk)

11 Nomis - Official Census and Labour Market Statistics (nomisweb.co.uk)

12 Online job advert estimates - Office for National Statistics

13 Earnings and employment from Pay as You Earn Real Time Information, seasonally adjusted - Office for National Statistics (ons.gov.uk)

14 Monthly Decision Maker Panel data - December 2024 | Bank of England

15 Economy statistics - gov.scot (www.gov.scot)

16 UK Consumer Confidence up one point in December - NIQ

17 Retail sales, Great Britain - Office for National Statistics

18 Special Black Friday Scotland Retail Sales Monitor and Footfall: Black Friday Boom; Retail Sales Monitor: Christmas fails to save 2024 trading

19 Public opinions and social trends, Great Britain: household finances - Office for National Statistics

20 Scotland’s Economic and Fiscal Forecasts – December 2024 | Scottish Fiscal Commission

21 Economic and fiscal outlook – October 2024 - Office for Budget Responsibility (obr.uk)

22 Forecasts for the UK economy - GOV.UK (www.gov.uk)

23 Bank Rate maintained at 4.75% - December 2024 | Bank of England

24 Economic outlook | OECD