GDP Monthly Estimate: May 2024

Scotland’s onshore GDP is estimated to have grown by 0.3% in May. This follows  growth of 0.2% in April (revised from 0.0%).

In the three months to May, GDP is estimated to have grown by 0.9% compared to the previous three month period. This indicates an improvement in quarterly growth after the growth of 0.5% (revised from 0.7%) in 2024 Quarter 1 (January to March).

In May, output in the services sector, which accounts for around three quarters of the economy, is estimated to have grown by 0.6%. The largest contribution to headline GDP in May was Electricity & Gas Supply, which contributed -0.2 percentage points to overall growth.