Monthly GDP Estimates for May
An Experimental Statistics Publication for Scotland.
Scotland’s GDP increased by 1.5% in May, after the sharp falls of 18.9% in April and 5.5% in March, according to statistics announced today by the Chief Statistician. Although output has picked up slightly in May, it remains 22.1% below the level in February, prior to the direct impacts of the coronavirus (COVID-19) pandemic.
This is the second release of new monthly GDP statistics for Scotland. These have been produced by the Scottish Government to help track the economic impact of COVID-19, and are badged as experimental statistics (not national statistics) which means they are still in development.
After output fell in nearly every industry during April, the results for May are more mixed. Some parts of the economy are estimated to have seen a pick-up in activity as firms and consumers adapted to physical distancing and some people returned to work. However, other industries across the services sector experienced further falls in output. The industries with the largest falls in output over the latest three months are those which have been strictly required to close or where working at home is not possible.
The Monthly GDP statistics are designated as experimental official statistics. All results are provisional and subject to relatively high levels of uncertainty.
Change in gross domestic product (GDP) is the main indicator of economic growth. All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP growth in this publication relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.
These estimates are compiled in line with the Code of Practice for Statistics – information on the standards of official statistics.