Monthly GDP Estimates for March

Scotland’s onshore GDP grew by 0.4% in March 2024, according to statistics announced by the Chief Statistician. This follows growth of 0.1% in February 2024.

In the first quarter of 2024 - the three months to March - GDP is estimated to have grown by 0.7% compared to the previous three month period.

In March output in the services sector, which accounts for around three quarters of the economy, grew by 0.7%. Output in the production sector is estimated to have contracted by 1.1% in March. The largest contribution to overall GDP came from contraction in Manufacturing and growth in the Retail, Wholesale & Motor Trades and Health & Social Work sectors.

Background

The quarterly statistical publication and data are available online.

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

Gross Domestic Product (GDP) measures the output of the economy in Scotland and are designated as official statistics in development. This means that they are still in development but have been released to enable their use at an early stage. All results are provisional and subject to relatively high levels of uncertainty.

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.