Scottish economic bulletin: November 2024
Provides a summary of the latest key economic statistics, forecast and analysis on the Scottish economy.
Output
The economy continued to grow in the 3-months to August, though at a slower pace than in recent months.
- Scotland’s economic output grew 0.1% in the three months to August (UK: 0.2%), continuing the current period of positive growth in 2024. However, the pace of growth continued to slow from earlier in the year and to its slowest rate since January 2024. On an annual basis, in the three months to August, Scottish GDP grew by 0.7% (UK: 0.8%).[1]
- The 0.1% growth over the three months to August was supported by positive growth in the construction (1%) and production (0.2%) sectors, with service sector growth (0%) remaining flat.
- In line with overall GDP, the recent slowing in the services sector comes on the back of stronger growth earlier in the year. When compared to the same three months last year, services output grew 0.9% while production output grew 0.5% and construction output fell by 0.6% over this period, despite the recent improvement in construction sector growth going into the third quarter.
- Within the production sector, manufacturing output fell by 1.4% in the 3-months to August, down from 1.5% growth in the second quarter with manufacturing growth remaining muted following the contraction in the second half of 2023. Manufacturing output remains 2.4% lower than in the same 3-month period last year.
- While services sector growth was flat in the 3-months to August, the pace of growth varied across different sub-sectors. Wholesale, Retail and Motor Trades output fell 0.5% while Information and Communication output grew 1.6%. Consumer Facing Services grew for a ninth consecutive month (0.4%), supported by growth in Accommodation and Food Services (0.4%) and Retail (0.2%), and grew 1.9% annually.
Contact
Email: economic.statistics@gov.scot
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