Scotland’s onshore GDP grew by 0.4% in March 2024, according to statistics announced by the Chief Statistician this week. This follows growth of 0.1% in February 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.

The industry which made the biggest positive contributions to overall GDP growth in March was Retail, Wholesale & Motor Trades which contributed 0.2 percentage points to overall growth. In addition, Health & Social Care and Electricity & Gas Supply industries made positive contributions of 0.1 percentage points respectively.

The positive contributions were offset by contraction in output in the Manufacturing which contributed -0.2 percentage points to overall growth and Professional, Scientific, and Technical Services industries which contributed -0.1.

The Scottish Farmer: Scotland's onshore GDP grew in March according to the chief statisticianScotland's onshore GDP grew in March according to the chief statistician

Production sector output contracted by 1.1% in March, with decreases in two of four subsectors. Construction sector output contracted by -0.4% in March.

Commenting on the figures, 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."