While the pace of the recovery has been far better than expected, the Scottish economy is still lagging behind the UK.
Compared to pre-pandemic levels, GDP, employment and earnings have recovered more slowly than in the UK. Though this is also skewed by strong figures for growth in London’s financial sector.
The most recent statement revealed that Scotland spent £36.3bn more than it raised, a notional deficit of 22.4 per cent of GDP.
Obviously, much of that eyewatering difference is down to Covid spending, but in the previous year it stood at a still significant 8.6 per cent of GDP.