Scotland’s economy grows 0.7% in first quarter of 2024

In the first quarter of 2024 – the three months to March – GDP is estimated to have grown by 0.7% compared to the previous three month period.

In March output in the services sector, which accounts for around three quarters of the economy, grew by 0.7%. Output in the production sector is estimated to have contracted by 1.1% in March.

The largest contribution to overall GDP came from contraction in manufacturing and growth in the retail, wholesale & motor trades, and health & social work sectors.

Economy Secretary Kate Forbes said: “It is welcome that the Scottish economy has returned to growth, despite the challenging global economic conditions we continue to face.

“And it is encouraging to see growth across the majority of services, particularly the retail sector, as well as the wholesale and motor trades, and health and social work sectors.

“The Scottish Fiscal Commission and Fraser of Allander Institute have projected overall growth of 0.6% and 0.7% respectively in 2024, rising to 1.1% next year.

“The Scottish Government is investing over £5 billion through its 2024-25 budget to drive an economy that is fair, green and growing.”