Edinburgh and Glasgow are set to see their economies rank amongst the fastest growing in the UK as the country emerges from recession in the second half of this year, according to a new study.
Law firm Irwin Mitchell, which has an office on Glasgow’s West Regent Street, has revealed its latest City Tracker that has been produced by the Centre for Economics and Business Research (Cebr) and examines 50 UK locations, forecasting growth in terms of gross value added (GVA) and employment.
The report, which estimates that the UK entered into a recession in the second half of 2022, expects economic growth to resume in the latter six months of this year. It has calculated that Edinburgh’s economy will be 1.1 per cent larger in the last quarter of 2023 than in the same period 12 months previously, ranking fifth-highest in the UK, with the Scottish capital also expected to be in the top ten for job-creation with employment levels rising by 1.6 per cent, taking headcount to 371,200.