GDP Monthly Estimate: March 2024

Scotland’s onshore GDP is estimated to have grown by 0.4% in March. This follows upwardly revised growth of 0.1% in February, and downwardly revised growth of 0.2% in January.

In the three months to March, GDP is estimated to have grown by 0.7% compared to the three months to December. On a quarterly basis, this this is equivalent to growth of 0.7% in 2024 Quarter 1, following the decline of 0.5% in 2023 Quarter 4. For further details, see the GDP first quarterly estimate for 2024 Quarter 1.

In March, output in the services sector, which accounts for around three quarters of the economy, is estimated to have increased by 0.7%, with the largest positive contribution to growth coming from the retail, wholesale and motor trades sector. This growth was partly offset by falls of 1.1% in the production sector and 0.4% in the construction sector.