Scotland susceptible to recession as financial system shrinks – newest updates

Scotland is susceptible to falling into recession, official figures present, days after First Minister Humza Yousaf threw its authorities into chaos by asserting he’ll resign.

Scotland’s financial system is estimated to have shrunk by 0.3pc in February, figures from the Scottish Government present.

It comes after GDP information for the ultimate three months of 2023 confirmed the financial system shrank by 0.5pc – though this was an enchancment on a earlier estimate of a decline of 0.6pc.

The newest contraction, after development of 0.6pc in January, leaves Scotland susceptible to a recession, outlined as two consecutive quarters of falling GDP.

In its report, the Scottish Government stated: “Although monthly GDP has fluctuated recently, the trend in underlying quarterly GDP has been broadly flat since the end of 2021.”

The information comes after Mr Yousaf tearfully introduced his resignation as Scottish First Minister and SNP chief on Monday, ushering in a battle for the way forward for the celebration.

His fall from energy was triggered by the Greens scheduling a vote subsequent month on whether or not they need to stay within the Scottish Government. Party members have been livid at a key local weather change goal being deserted.

Read the most recent updates beneath.