Monthly GDP Estimates for May

Scotland’s onshore GDP grew by 0.3% in May 2024, according to statistics announced by the Chief Statistician. This follows growth of 0.2% in April 2024.

In the three months to May, GDP is estimated to have grown by 0.9% compared to the previous three month period. This indicates an increase relative to the growth of 0.5% in 2024 Quarter 1 (January to March).

Output in the services sector, which accounts for around three quarters of the economy, grew by 0.6% in May. Output in the production sector is estimated to have contracted by ‑2.2% in May. The largest contribution to overall GDP came from contraction in the output of Electricity & Gas Supply.

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.