GDP Monthly Estimate: May 2023

Main Findings

• Scotland’s onshore GDP is estimated to have fallen by 0.2% in May. This follows contraction of 0.5% in April, which is unrevised from the previous publication.
• In the three months to May, GDP is estimated to have fallen by 0.4% compared to the previous three month period. This indicates a sharp reduction in growth during the second quarter of the year so far, relative to the growth of 0.2% in 2023 Quarter 1 (January to March). Further information on quarterly GDP can be found in the Quarterly National Accounts Scotland 2023 Quarter 1.
• In May, output in the services sector, which accounts for around three quarters of the economy, is estimated to have grown by 0.1%, after falling by 0.4% in April. Production sector output fell by 2.1% in May, with the fall of 9.7% in electricity and gas supply making the largest negative contribution to the overall GDP result.