Economy grows by 0.4% in the first quarter of 2023

The Chief Statistician has released statistics showing that the economy grew by 0.4% during the first quarter of 2023, covering the period January to March.

Monthly statistics also released today show that GDP is estimated to have remained flat (0.0% change) in March.

Change in gross domestic product (GDP) is the main indicator of economic growth. Over the year, compared to the first quarter of 2022, the economy has grown by 0.3%.

During the first quarter output in the Construction sector grew by 0.7%, output in Production grew by 0.8%, and output in the Services sector grew by 0.2%.

The second estimate of GDP for the first quarter of 2023 will be available in Quarterly National Accounts Scotland, published on 26 July 2023.

Background

The quarterly statistical publication and data are available here.

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 in this publication relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.

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.