Monthly GDP Estimates For February - Scotland

2nd May 2024

Scotland's onshore GDP contracted by 0.3% in February 2024, according to statistics announced by the Chief Statistician. This follows unrevised growth of 0.6% in January 2024.

In the three months to February, GDP is estimated to have grown by 0.4% compared to the previous three month period. This indicates an increase in growth relative to the contraction of 0.5% (revised from -0.6%) in 2023 Quarter 4 (October to December).

Output in the services sector, which accounts for around three quarters of the economy, contracted by 0.7% in February. Output in the production sector is estimated to have grown by 2.0% in February. The largest contribution to overall GDP came from growth in the output of Manufacturing.

In 2023 Scotland's GDP grew by 0.1% compared to 2022, revised down from 0.2% in the first quarterly estimate of GDP.

In 2023 Quarter 4, Scotland's onshore GDP is estimated to have fallen by 0.5%, revised up from the first estimate of a 0.6% fall published on 28 February. This follows downwardly revised growth of 0.3% in Quarter 3.

In the latest quarter, output fell by 0.1% in the services sector, fell by 3.0% in the production sector, and fell by 0.9% in the construction sector.

In 2023, annual GDP grew by 0.1% compared to 2022, revised down from the first estimate of 0.2% growth.
The household saving ratio is estimated at 8.7% in the latest quarter, up from 7.0% at the same point last year.