Scotland’s onshore GDP contracts 0.3% in February
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Following 0.6% growth in January, Scotland’s economy experienced a slight setback in February 2024, with onshore GDP contracting by 0.3%, according to statistics announced by the Chief Statistician.
On a positive note, 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.
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