Monthly GDP Estimates for February

Scotland’s onshore GDP contracted by 0.3% in February 2024, according to statistics announced by the Chief Statistician. This follows unrevised growth of 0.6% in January 2024.

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

Output in the services sector, which accounts for around three quarters of the economy, contracted by 0.7% in February. Output in the production sector is estimated to have grown by 2.0% in February. The largest contribution to overall GDP came from growth in the output of Manufacturing.

In 2023 Scotland’s GDP grew by 0.1% compared to 2022, revised down from 0.2% in the first quarterly estimate of GDP.

Background

The quarterly statistical publication and data are available online.

The monthly statistical publication and data are available online.

All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP growth relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.

Gross Domestic Product (GDP) measures the output of the economy in Scotland. These are designated as official statistics in development. This means that they are still in development but have been released to enable their use at an early stage. All results are provisional and subject to relatively high levels of uncertainty.

Further information on GDP statistics is available online.

These estimates are compiled in line with the Code of Practice for Statistics – more information on the standards of official statistics can be accessed online.