GDP Monthly Estimate: May 2022
Gross Domestic Product (GDP) statistics measure the output of the economy in Scotland. These monthly estimates are designated as experimental official statistics, meaning they are still in development but have been released to enable their use at an early stage.
- Scotland’s onshore GDP is estimated to have grown by 0.6% in May, after falling by 0.5% in April, and is now 1.1% above the pre-pandemic level in February 2020.
- Output in the services sector, which accounts for around three quarters of the economy, grew by 0.4% in May.
- At the broad level, output in consumer facing services grew by 1.6%, while health, education and public services output fell by 0.4%, and output in all other services grew by 0.5%.
- Overall output in production, construction and agriculture grew by 1.1% compared to the previous month.
- In the three months to May, GDP is estimated to have grown by 0.7% compared to the previous three month period. This indicates a slowdown in growth during Quarter 2 so far, after the increase of 1.0% in 2022 Quarter 1 (January to March).
All results are seasonally adjusted and presented in real terms (adjusted to remove inflation), and relate to Scotland’s onshore economy (which does not include offshore oil and gas extraction).
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