Monthly economic brief: June 2023

The monthly economic brief provides a summary of latest key economic statistics, forecasts and analysis on the Scottish economy.


Output

Scotland's GDP grew 0.2% in the 3-months to April as the pace of growth eased.

  • Scottish GDP grew 0.2% in the three months to April (UK: 0.1%), slightly slowing from 0.4% growth in Q1, with output falling over the months of March (-0.1%) and April (-0.5%).[1]
  • Compared to April 2022, the economy has contracted 0.2% over the year and reflects the slowdown in growth and fall in output during the second and third quarters of 2022 before gradually recovering into the start of 2023.
Bar and line chart showing the pace of rolling 3-month GDP growth in Scotland and the UK slow during 2022 and recover slightly at the start of 2023.
  • At a sector level, the recent softening in the 3-months to April has been driven by a fall in Production output (-0.6%), particularly across manufacturing (-0.9%) and mining and quarrying industries (-2.9%) which have also seen notable falls in output over the past year.
  • Growth was stronger across other parts of the economy. Construction output grew 1.5% over the 3-months to April and has grown 0.9% over the past year while service sector growth strengthened to 0.3% over the quarter with growth across professional, scientific and technical services (1.1%), financial and insurance activities (0.4%), accommodation and food services (2.7%) and consumer facing services more broadly (1.1%).
Bar and line chart showing rolling 3-month output growth in Scotland strengthening in services and construction sectors and weakening in the production sector during the start of 2023.

Contact

Email: OCEABusiness@gov.scot

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