GDP Monthly Estimate: February 2024
Gross Domestic Product (GDP) statistics measure changes in the output of the economy. This is an Official Statistics in Development publication for Scotland.
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Key Points
Scotland’s onshore GDP is estimated to have contracted by 0.3% in February. This follows unrevised growth of 0.6% in January.
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 improvement in quarterly growth after the contraction of 0.5% (revised from -0.6%) in 2023 Quarter 4 (October to December).
In February, output in the services sector, which accounts for around three quarters of the economy, is estimated to have contracted by 0.7%. The largest contributions to headline GDP in February was Manufacturing, which contributed 0.3 percentage points to overall growth.
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