Jill Mackay

In the three months to May, the largest positive contribution to headline GDP growth was in the Retail, Wholesale & Motor Trades sector, which contributed around 0.2 per cent towards headline growth.

The Professional, Scientific and Technical Services sector made the largest negative contribution, contributing around 0.1 per cent.
Monthly GDP is estimated to have grown by 0.1 per cent in May 2026. This follows growth of 0.8 per cent in April 2026 and growth of 0.3 per cent in March 2026.
Growth in April was revised up from 0.4 per cent, with smaller revisions for earlier months.

Commenting on the latest figures, Jill Mackay, a savings expert at Glasgow-based financial services provider Scottish Friendly said: “While May’s growth figure looks fairly sluggish, Scotland’s economy has registered decent growth in the past three months, which is welcome considering the fresh headwinds it faces.

“The escalation of tensions in the Middle East in recent weeks has thrown a spanner in the works of the global economy and the fallout, including the soaring price of oil, could weigh on Scottish firms and households.

“If negotiations fail to arrive at a resolution, and trade through the Strait of Hormuz remains disrupted, it would have a knock-on effect on exporting nations such as Scotland. It’s also likely to lead to higher goods and services prices, which would hit Scottish households in the pocket.

“The real risk now is that it is long and drawn out. Therefore, for households, the priority will likely be making sure that their finances are ready for such an eventuality. That could mean building a financial buffer – if they can – shopping around for a better savings rate or perhaps considering putting any excess cash to work in the stock market, giving access to long-term growth potential.”