The average weekly wage in Aberdeen is now the highest in Scotland and sits just £129 per week behind London, according a major UK study.

The Centre for Cities annual report shows that that the average weekly pay in the Granite city is £746 per week, or £38,792 per year, ahead of Edinburgh, Glasgow and Dundee, which has the lowest average pay check and highest unemployment of all Scotland's cities.

It comes just days after British Chambers of Commerce data showed that half of companies in the North-east of Scotland expect their profits to grow in 2024 as the region looks set to outperform the rest of the UK.

Wages in Aberdeen currently sit higher than 56 other cities in the UK and are narrowly behind London, which tops the table at £875 per week.

The Centre for Cities City Monitor - seen as a key barometer of the UK economy - also shows that Aberdeen is emerging as one of the top locations for companies in the 'new economy', ahead of Manchester, Glasgow, Birmingham and Belfast.

The ‘new economy’ encompasses emerging knowledge-intensive sectors like FinTech and advanced manufacturing that are at the forefront of new technologies and innovations.

Their performance is important for the UK’s productivity and prosperity because they are at the frontier of the economy and the number of new economy firms in a city serves as a proxy for measuring levels of innovation across the UK.

Ryan Crighton, policy director at Aberdeen & Grampian Chamber of Commerce, said:
"The message is clear - if you want to earn high wages and base yourself around the most innovative companies in the UK, then you need to be in Aberdeen.

"Not only is the North-east powering the Scottish economy today - it is clear from the report that our region will play a key role in the so-called new economy, where we rank ahead of most major UK cities.

"This report should also send a strong message to any retailer who might see low rents on Aberdeen's Union Street as an opportunity - there is clearly spending power in this city for you to take advantage of."

Last week, another key report showed growing international demand for goods and services from Aberdeen and Aberdeenshire is driving increased confidence among companies in the region.

The North-east Quarterly Economic Survey, carried out by Aberdeen & Grampian Chamber of Commerce, in partnership with law firm Gilson Gray, benchmarks key indicators in the region’s economy against the wider UK.

The report showed that companies in the region are bullish about their prospects this year as inflationary pressures ease.

The latest data reaffirms the status of the North-east region as an export powerhouse. 36% reported international sales growth in Q4 (28% nationally) and just 9% reported declining sales (v 24% UK wide).

And 32% of North-east respondents are forecasting growth this year in overseas activity (26% UK) with just 10% of regional firms expecting this to decline (v 25% nationally).

KeyFacts Energy news: Aberdeen Focus