Monthly GDP Estimates for October

Scotland’s onshore GDP contracted by 0.5% in October, according to statistics announced by the Chief Statistician. This follows unrevised 0.1% growth in September 2023.

In the three months to October, GDP is estimated to have grown by 0.2% compared to the previous three month period. This indicates a slowing of growth in the quarter so far, relative to the increase of 0.4% in 2023 Quarter 3 (July to September).

Output in the services sector, which accounts for around three quarters of the economy, grew by 0.1% in October. Output in the production sector is estimated to have contracted by 3.3% in October, with the largest contribution to overall GDP coming from contraction in the output of Electricity and Gas Supply.

Background

The latest publication on GDP statistics is available online.

All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP growth relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.

Gross Domestic Product (GDP) measures the output of the economy in Scotland. The monthly estimates have been developed to help track the economic impact of the COVID-19 pandemic. These are designated as official statistics in development. This means that they are still in development but have been released to enable their use at an early stage. All results are provisional and subject to relatively high levels of uncertainty.

Further information on GDP statistics is available online.

These estimates are compiled in line with the Code of Practice for Statistics – more information on the standards of official statistics can be accessed online.