The 2023 Economic Policy Panel Report outlined the continuing need for a long-term strategic approach to secure a successful transition to renewable energy.

The report highlighted that the key to achieving this long-term success is diversification, attracting and retaining skills, investing in infrastructure, making Aberdeen an even better place to live and work and implementing a successful regional economic strategy.

The report further noted that while business confidence, city centre footfall and employment in the North East had all risen in 2023 continuing their recovery since the pandemic, they all continue to lag below their pre-pandemic averages.

Aberdeen City Council co-leader, Councillor Ian Yuill, said: Aberdeen City Council Co-Leader Councillor Ian Yuill said: “This report sets out the challenges that are faced by people and businesses in Aberdeen.

“The City Council is committed to working with private and public sector partner to meet, and overcome, these challenges.”

Council co-leader Councillor Christian Allard added: “The findings of the panel’s report have highlighted the work that has been carried out over the past year across Aberdeen to boost our working-aged population.

“Through this work, we can continue to ensure that Aberdeen becomes an even more attractive and sustainable city for people to live, work, study and raise a family.”

This is the sixth annual report produced by the Panel, with tourism, food and drink and energy being identified as key industries for the future.

The Panel was further supportive of both the investment programme being developed to deliver sites for high-value manufacturing for energy transition and the broader regional partnership working approach to diversify the economy

The Panel also welcomed a range of completed and proposed investments in 2023, which included:·

• Continued progress on implementing the Masterplan and plans for revitalisation of the beach area, with increased connectivity between
  the beach and city centre
• The opening of the £40m ONE BioHub that provides the specialist infrastructure and facilities for the life sciences cluster in the region
• Completion of Port of Aberdeen’s South Harbour, which received 43 cruise calls from May to October 2023, with another 55 scheduled for 2024.

The Economic Policy Panel comprised of Dougie Peedle, economist member of the Armed Forces Pay Review Body and Head of Nature Positive Economy at the RSPB, and Professor Graeme Roy, Professor of Economics and Dean of External Engagement at the University of Glasgow.

The annual report helps support the council’s annual credit rating assessment after it issued bonds on the London Stock Exchange in 2016.