Scottish Secretary Responds To GDP For June 2024 And Q2, 2024

29th August 2024

Ian Murray underlines government mission for growth, with Scotland playing a critical part in rebuilding UK economy.

The latest Scottish GDP stats are published for the month of June and here for Q2 of 2024. cotland's onshore GDP contracted by 0.3% in June 2024, according to statistics announced by the Chief Statistician. This follows growth of 0.2% in May 2024.

In the three months to June 2024, Quarter 2, GDP is estimated to have grown by 0.6% compared to the previous three month period. This indicates an increase relative to the growth of 0.5% in 2024 Quarter 1, January to March.

Output in the services sector, which accounts for around three quarters of the economy, contracted by 0.5% in June. Output in the production sector is estimated to have grown by 0.3% in June. The largest contribution to the contraction of GDP came from output in the manufacturing sector.

Scottish Secretary Ian Murray said, "Scotland is critical in the UK Government's mission for economic growth, as the Chancellor underlines today in Glasgow where she'll meet with key members of the business community to turbocharge Scotland’s regeneration.

Rebuilding is at the root of everything we do but the £22billion black hole in spending left by the previous government - the worst economic inheritance of any incoming government since the Second World War - means that tough decisions are ahead to achieve stability.

We are making work pay, ensuring the national minimum wage is a true living wage. And with the end of exploitative zero-hours contracts, workers will have increased job security. Backed by £8.3bn of UK Government investment, Scottish-based GB Energy will bring jobs and opportunity for all parts of the UK and trade talks have resumed globally to forge stronger links with our international business partners.

Scotland’s onshore GDP is estimated to have fallen by 0.3% in June. This follows growth of 0.2% in May.

In the three months to June (Quarter 2), GDP is estimated to have grown by 0.6% compared to the previous three month period (Quarter 1). This is a slight increase on the Quarter 1 growth rate of 0.5%.