Scots first quarter GDP up 0.7% as UK grows 0.6%

Scotland’s GDP grew by 0.7% in real terms during the first quarter of 2024, after falling 0.5% in the previous quarter.

In the first quarter, GDP in the UK as a whole grew by 0.6% after falling 0.3% in the previous quarter.

In the first quarter of 2024, services output in Scotland grew 0.5% and production output grew 2.1% with the growth in the output of electricity and gas supply and distribution, hotels and catering services accounting for more than half of the headline 0.7% growth.

Compared to the same quarter last year, Scotland’s GDP grew 0.2%, as did the UK as a whole.

Economy Secretary Kate Forbes said 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”.

She said the Scottish Fiscal Commission and the Fraser of Allander Institute have projected overall growth of 0.6% and 0.7% respectively for Scotland in 2024 — with this then forecast to rise to 1.1% next year.

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