GDP monthly estimate: August 2022

Monthly GDP is much more volatile than quarterly GDP, particularly in recent months. The chart above shows that monthly GDP has seen quite large rises and falls since the start of 2022.

Scotland’s onshore GDP is estimated to have fallen by 0.3% in August, after falling by 0.8% in June, and remaining flat (0.0% growth) in July. GDP is now 0.1% below the pre-pandemic level in February 2020. For the three months to August, GDP is estimated to have fallen by 0.8% compared to the previous three month period. This reflects a slowdown in growth during Quarter 3 so far, after output remained flat (0.0% growth) between 2022 Quarter 1 and 2022 Quarter 2.

The Office for National Statistics noted some common themes reported by businesses in survey responses for the UK August Monthly GDP statistics. Staff shortages continued to be an issue for businesses, with difficulties being reported by businesses working in road haulage, hire of catering equipment, repair and maintenance of motor vehicles, hotels, restaurants and coffee shops, and employment agencies.

There were mixed comments on the availability of semiconductors with businesses in wireless telecommunications, the manufacture of radio equipment and the wholesale of electronic and telecommunications equipment reporting shortages. However, there were also comments from businesses in the manufacture of computers and the manufacture of motor vehicles that suggested the shortage in supply was easing.