Monthly Gdp Estimates For November For Scotland - Yawn - But Go Right to The Bottom Links To Be Educated

31st January 2024

Scotland's onshore GDP contracted by 0.1% in November, according to statistics announced by the Chief Statistician. This follows a contraction of 0.6% in October 2023 (revised from ‑0.5%).

In the three months to November, GDP is estimated to have contracted by 0.2% compared to the previous three month period. This indicates a slowing of growth in the quarter so far, relative to the unrevised increase of 0.4% in 2023 Quarter 3 (July to September) reported in the Quarterly National Accounts also released today.

Output in the services sector, which accounts for around three quarters of the economy, grew by 0.4% in November. Output in the production sector is estimated to have contracted by 3.1% in November, with the largest contribution to overall GDP coming from contraction in the output of Electricity and Gas Supply.

All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP growth relates to Scotland's onshore economy, which means it does not include the output of offshore oil and gas extraction.

Gross Domestic Product (GDP) measures the output of the economy in Scotland. The monthly estimates have been developed to help track the economic impact of the COVID-19 pandemic. These are designated as official statistics in development. This means that they are still in development but have been released to enable their use at an early stage. All results are provisional and subject to relatively high levels of uncertainty.

Details published HERE 31 January 2024