Monthly GDP Estimates for August

Scotland’s onshore GDP grew by 0.1% in August, according to statistics announced today by the Chief Statistician. This follows unrevised growth of 0.2% in July and a fall of 0.1% in June.

Output in the services sector, which accounts for around three quarters of the economy, is estimated to have grown by 0.5%, after falling by 0.3% in July. Production sector output fell by 1.1% in August, with the fall of 2.3% in manufacturing making the largest negative contribution to the overall GDP result.

In the three months to August, GDP is estimated to have been flat (0.0% growth) compared to the previous three month period. This reflects an improvement during the third quarter of 2023 so far, relative to the unrevised fall of 0.3% in Quarter 2 (April to June) reported in the Quarterly National Accounts also released today.

Background

Monthly GDP estimates for August

Quarterly National Accounts

Gross Domestic Product (GDP) measures the output of the economy in Scotland. The monthly estimates are an Official Statistics in Development Publication for Scotland.

The GDP Quarterly National Accounts for 2023 Quarter 2 was also released today. The GDP Quarterly National Accounts are an Accredited Official Statistics publication containing revised quarterly statistics, along with a range of other statistics which are used for economic analysis, forecasting and modelling.

All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP and productivity growth relate to Scotland’s onshore economy, which means it does 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.