Scottish Friendly savings expert Kevin Brown comments on this morning's Scottish GDP estimates

“The Scottish economy grew 0.6% in June, having seen revised growth of just 0.1% in May. The fallout from the closure of the Grangemouth oil refinery had a major impact on May's figures, but greater certainty over the tariffs in the US helped Scottish businesses in June. 

“However, there are still troubles lurking for the Scottish economy. The government’s finances are in a sticky spot. The gap between the country’s revenues and spending widened to 11.7% of GDP in 2024/25, more than twice that of the rest of the UK. Retail sales continue to be lacklustre, suggesting consumers are still shopping with caution.

“There is still some uncertainty over key Scottish exports such as whisky. The US is the largest market for Scottish whisky, and since efforts to have the 10% tariff removed were unsuccessful during recent talks, the measure is thought to be costing the Scotch industry approximately £4m each week.

“With the outlook still unpredictable for Scottish households, diligent saving can help build resilience. Finding the best cash savings rates, or selective investment through a diversified stock market portfolio may lead to sound financial housekeeping. They can help keep family finances afloat if the economy weakens from here.”