Kevin Brown, Savings Specialist at Scottish Friendly, comments on this morning's Scottish GDP figures

Although the figures for March show Scotland trailing the wider UK, there is still room to feel optimistic, and certainly not a signal to panic.

“March’s GDP figures show Scotland trailing the wider UK, which is disappointing but not disastrous, and certainly isn’t a signal to panic.

“The gap between Scotland and the UK isn’t huge, and with the right conditions – stable inflation, improved consumer confidence, and no escalation in global trade tensions – growth could quickly pick up.

“On a more positive note, the domestic picture looks to be improving. Inflation did spike in April, mainly due to higher utility bills, but the worst of that pressure should ease later in the year. The recent rate cut has also taken some strain off borrowers, even if it came at the expense of savers.

“Worries over a potential trade war have eased, which is good news for key Scottish exports such as whisky and salmon, but they haven’t disappeared entirely. A fresh flare-up in global tensions would hit both Scotland and the UK hard, meaning that the near-term outlook remains clouded by uncertainty.

“The outlook remains finely balanced, which is why households would do well to stay proactive. In other words, now could be the time to make every pound count. Whether it’s locking in better savings rates or investing for the long term, make your money work as hard as possible and use the ongoing uncertainty as a reason to try and bolster your household finances wherever possible.”