![\"Richard](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2022\/08\/Richard-Lochhead-employment-minister.png\")
Scotland\u2019s economy is slowing as costs continue to hit consumer spending and investment decisions are delayed.<\/p>\n
New government data shows Scotland\u2019s GDP grew by 0.3% in the three months to November, unchanged from the three months to October and ahead of UK growth of just 0.1%.<\/p>\n
However, after growing 0.8% in September, it contracted by 0.2% in October and is estimated to have contracted by 0.4% in November. The UK economy grew by 0.3% in November.<\/p>\n
Despite the slowdown, Minister for Business Richard Lochhead said he was \u201cencouraged that these figures show the Scottish economy continued to grow\u201d.<\/p>\n
However, he acknowledged that the economy \u201ccontinues to face significant challenges with the cost of living hitting people\u2019s pockets\u201d, adding that it was impacted by the UK Government\u2019s decision to increase employers national insurance contributions.<\/p>\n
\u201cWe are actively working alongside businesses to stimulate growth and attract investment and jobs to Scotland,\u201d he said. <\/p>\n
\u201cThe draft Scottish Budget 2026-27 supports business, investment and a skilled workforce. We\u2019ll do this by investing in capital projects and offshore wind and supporting businesses to start and grow.\u201d<\/p>\n
Over the three months Sep-Nov, the largest positive contribution to headline GDP growth was in professional, scientific, & technical services which contributed 0.2 percentage points towards headline growth. <\/p>\n
Information & Communications made the largest negative contribution, falling by 0.1 percentage points.<\/p>\n
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