Monthly GDP Estimates for February

Scotland’s onshore GDP grew by 0.2% in February, according to statistics announced today by the Chief Statistician. This follows revised growth of 0.7% in January and a fall of 0.5% in December.

In the three months to February, GDP is estimated to have grown by 0.4% compared to the previous three month period. This reflects an improvement in the economy during the first quarter of 2023 so far, after the upwardly revised growth of 0.2% in Quarter 4 2022 (October to December) reported in the Quarterly National Accounts also released today.

In February, output in the services sector, which accounts for around three quarters of the economy, is estimated to have grown by 0.4%. At the broad level, output in consumer facing services grew by 1.3%, while health, education and public services output grew by 0.8%, and output in all other services fell by 0.1%. In the other parts of the economy, output in the production sector fell by 1.3% during February, while construction output increased by 2.3%.

Background

Read monthly GDP estimates for February 2023

GDP quarterly national accounts 2022 Q4

Gross Domestic Product (GDP) measures the output of the economy in Scotland. The monthly estimates are designated as experimental official statistics. This means that they are still in development but have been released to enable their use at an early stage.

The GDP Quarterly National Accounts for 2022 Quarter 4 was also released today, 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 growth 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.

These estimates are compiled in line with the Code of Practice for Statistics.