The latest Scottish GDP stats are published this morning here for the month of May and here for Q1 of 2024.
Scotland’s onshore GDP grew by 0.3% in May 2024, according to statistics announced by the Chief Statistician. This follows growth of 0.2% in April 2024.
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 increase relative to the growth of 0.5% in 2024 Quarter 1 (January to March).
Output in the services sector, which accounts for around three quarters of the economy, grew by 0.6% in May. Output in the production sector is estimated to have contracted by ‑2.2% in May. The largest contribution to overall GDP came from contraction in the output of Electricity & Gas Supply.
Scottish Secretary Ian Murray says UK Government’s key mission is growing the economy, making work pay and creating jobs and opportunity for all parts of the UK.
Mr Murray said: “Economic growth is one of the key missions of the UK Government. We inherited a dire fiscal situation, with a £22billion black hole in spending for this year alone that the previous government left us.
It’s the worst economic inheritance of any incoming government since the Second World War and tough decisions will be required. That’s why the Chancellor is taking immediate action to achieve the economic stability vital for growth.
“The UK Government will rebuild and regrow. We are making work pay, ensuring the national minimum wage is a true living wage. And with the end of exploitative zero-hours contracts, workers will have increased job security.
“Backed by £8.3bn of UK Government investment, Scottish-based GB Energy will bring jobs and opportunity for all parts of the UK and trade talks have resumed globally to forge stronger links with our international business partners.”