GDP Monthly Estimate: May 2022

Main Findings 

• Scotland’s onshore GDP is estimated to have grown by 0.6% in May, after falling by 0.5% in April, and is now 1.1% above the pre-pandemic level in February 2020.
• Output in the services sector, which accounts for around three quarters of the economy, grew by 0.4% in May.
• At the broad level, output in consumer facing services grew by 1.6%, while health, education and public services output fell by 0.4%, and output in all other services grew by 0.5%.
• Overall output in production, construction and agriculture grew by 1.1% compared to the previous month.
• In the three months to May, GDP is estimated to have grown by 0.7% compared to the previous three month period. This indicates a slowdown in growth during Quarter 2 so far, after the increase of 1.0% in 2022 Quarter 1 (January to March).

All results are seasonally adjusted and presented in real terms (adjusted to remove inflation), and relate to Scotland’s onshore economy (which does not include offshore oil and gas extraction).