We consider a single spot solution for the Schnakenberg model in a twodimensional unit disk in the singularly perturbed limit of a small diffusivity ratio. For large values of the reaction-time constant, this spot can undergo two different types of instabilities, both due to a Hopf bifurcation. The first type induces oscillatory instability in the height of the spot. The second type induces a periodic motion of the spot center. We use formal asymptotics to investigate when these instabilities are triggered, and which one dominates. In the parameter regime where spot motion occurs, we construct a periodic solution consisting of a rotating spot, and compute its radius of rotation and angular velocity. Detailed numerical simulations are performed to validate the asymptotic theory, including rotating spots. More complex, non-circular spot trajectories are also explored numerically.