GDP Monthly Estimate: February 2024

Gross Domestic Product (GDP) statistics measure changes in the output of the economy. This is an Official Statistics in Development publication for Scotland.

Key Points

Scotland’s onshore GDP is estimated to have contracted by 0.3% in February. This follows unrevised growth of 0.6% in January.

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 improvement in quarterly growth after the contraction of 0.5% (revised from -0.6%) in 2023 Quarter 4 (October to December).

In February, output in the services sector, which accounts for around three quarters of the economy, is estimated to have contracted by 0.7%. The largest contributions to headline GDP in February was Manufacturing, which contributed 0.3 percentage points to overall growth.


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