SCOTLAND is redefining what it means to be a successful nation by focusing on the wellbeing of its people as well as economic growth, Nicola Sturgeon has said.

The First Minister said Scotland is leading the way by giving both measures equal importance.

She addressed a Wellbeing Economy Alliance event in Edinburgh ahead of key events scheduled for later this year, including Scotland hosting an international business summit on the benefits of a wellbeing economy.

It has emerged in a new report that Scotland has fallen five places in the Index of Social and Economic Wellbeing (ISEW) – which covers 32 OECD countries.

Following the drop, a score of 2.08 was recorded by Scotland in 2018, putting it on par with Slovenia in joint 21st place.

But Sturgeon said: "Scotland is redefining what it means to be a successful nation by focusing on the broader wellbeing of the population as well as the GDP (Gross Domestic Product) of the country."

Scotland will host a Wellbeing Economy Governments meeting as part of events surrounding the COP26 climate summit in Glasgow this November.

The Scottish Government also plans to continue to work with the OECD to exand the membership of this group.

The First Minister stressed: "The goal and objective of all economic policy should be collective wellbeing.

"This broader approach is at the very heart of our economic strategy, which gives equal importance to tackling inequality as economic competitiveness.

"It is why we are so committed to fair work and making sure that work is fulfilling and well paid and why we are acting to ensure a just transition to a carbon zero economy where no one is left behind."

She added: "Putting wellbeing at the heart of our approach means we can focus on a wider set of measures, which reflect on things like the health and happiness of citizens as well as economic wealth to create a world that considers the quality of a person's life to be as precious an asset as financial success."