Key Points

Scotland’s onshore GDP is estimated to have contracted by 0.3% in February. This follows unrevised growth of 0.6% in January.

In the three months to February, GDP is estimated to have grown by 0.4% compared to the previous three month period. This indicates an improvement in quarterly growth after the contraction of 0.5% (revised from -0.6%) in 2023 Quarter 4 (October to December).

In February, output in the services sector, which accounts for around three quarters of the economy, is estimated to have contracted by 0.7%. The largest contributions to headline GDP in February was Manufacturing, which contributed 0.3 percentage points to overall growth.