One swallow is not a summer

News that the Scottish economy has avoided recession is welcome, if not a surprise to most, including the nation’s top economists.

Just days after the EY Scottish Item Club and the independent Fraser of Allander Institute offered more pessimistic updates, saying the possibility of recession “hung in the balance”, official figures out yesterday shocked everyone by showing 0.8 per cent growth compared to the previous three months and a rise of 0.7 per cent on the same period last year.

There is no doubt that this is cause to celebrate, but we are not out of the woods yet. The issue of the economy remains critical – everyone has said it, including First Minister Nicola Sturgeon.

We are still to feel the effects of Brexit, which remains a huge threat to Scotland’s growth.

Yet, consumer confidence is vital and remains fragile, despite what the numbers might say. We cannot turn this into a political football. Instead, we need to work together to ensure that growth continues, while keeping a close eye on the external factors which will no doubt offer some challenges along the way.