Scottish economy grew by 0.3% in May
SCOTLAND’S economy is estimated to have grown by 0.3% in May, official statistics have showed.
Scottish Government figures published yesterday showed that onshore GDP improved following a growth of 0.2% in April, which has been revised from zero.
In the three months to May 2024, GDP is estimated to have grown by 0.9% compared to the 0.5% in the first three months of the year, which have been revised down from the 0.7% first reported.
Growth was particularly evident in the retail, wholesale and motor trades which contributed 0.2 percentage points to overall growth.
However, the positive contributions were partly offset by falling output in electricity and gas supply and manufacturing.
Overall, output in the services sector in
Scotland is estimated to have grown 0.6% in May, with growth in seven of the 17 subsectors.
The production sector contracted by 2.2% in May, while construction output grew by 1.9%.
Scottish Secretary Ian Murray said economic growth will be a priority for the UK Government but warned “tough decisions” would be required to achieve it after Chancellor Rachel Reeves confirmed a £22 billion black hole in public spending.
Mr Murray said: “It’s the worst economic inheritance of any incoming government since the Second World War and touch 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-hour contracts, workers will have increased job security.”