Monthly economic brief: June 2023

Output

Scotland's GDP grew 0.2% in the 3-months to April as the pace of growth eased.

• Scottish GDP grew 0.2% in the three months to April (UK: 0.1%), slightly slowing from 0.4% growth in Q1, with output falling over the months of March (-0.1%) and April (-0.5%).^[1]
• Compared to April 2022, the economy has contracted 0.2% over the year and reflects the slowdown in growth and fall in output during the second and third quarters of 2022 before gradually recovering into the start of 2023.

• At a sector level, the recent softening in the 3-months to April has been driven by a fall in Production output (-0.6%), particularly across manufacturing (-0.9%) and mining and quarrying industries (-2.9%) which have also seen notable falls in output over the past year.
• Growth was stronger across other parts of the economy. Construction output grew 1.5% over the 3-months to April and has grown 0.9% over the past year while service sector growth strengthened to 0.3% over the quarter with growth across professional, scientific and technical services (1.1%), financial and insurance activities (0.4%), accommodation and food services (2.7%) and consumer facing services more broadly (1.1%).