GDP Monthly Estimate: January 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 grown by 0.6% in January. This follows unrevised growth of 0.4% in December.

In the three months to January, GDP is estimated to have fallen by 0.1% compared to the previous three month period. This indicates an improvement in quarterly growth after the fall of 0.6% in 2023 Quarter 4 (October to December).

In January, output in the services sector, which accounts for around three quarters of the economy, is estimated to have grown by 0.5%. The largest contributions to growth in January were from Professional, Scientific and Technical Services, Administrative and Support Services and Retail, Wholesale and Motor Trades, which between them contributed 0.5 percentage points to overall growth. Production sector output grew by 0.4% in January.


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