Scottish economic bulletin: May 2024

Provides a summary of latest key economic statistics, forecasts and analysis on the Scottish economy.


GDP growth continued to grow over the three months to February, although it contracted in the latest month.

  • Scotland’s economic output grew 0.4% in the three months to February 2024, although it fell 0.3% over the month of February itself. This follows a 0.5% fall in the final quarter of 2023. The overall pace of growth remains subdued, however February’s data alongside monthly growth of 0.4% in December and 0.6% in January indicates a modest strengthening and suggests a modest growth outlook for the year ahead.[1]
Bar and line chart with latest data showing subdued GDP growth in Scotland and the UK in 2023 and start of 2024.
  • The 0.4% growth in output over the three months to February was driven by a rise in output in the Services sector (0.7%) which offset further falls of output (0.7%) in both the Production and Construction sectors.
  • Within the Production sector, manufacturing growth was flat in the three month period (0.0%), reflecting the current sequence of weak growth in the sector with output falling 1.1% over the year. However, monthly growth picked up sharply in February to 4.1%, its strongest rate of growth since the first half of 2021.
  • The services sector as a whole grew 0.7% in the three months to February, reflecting a period of stronger underlying growth compared to during 2023. Growth during this period was strongest in both accommodation and food services (2.5%) and wholesale, retail and motor trades (2.4%). Consumer facing services also grew 1.3%, although in February they fell 0.7%.
Bar and line chart showing Scotland GDP fell in the production and construction sectors in the first quarter of 2024, while the services sector grew.



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