Gross domestic product (GDP) is arguably the best-known indicator of economic activity. The UN System of National Accounts sets out a methodology for GDP which allows it to be estimated in a consistent way across the world to allow international comparisons. Additionally it is used to monitor economic performance - the ‘health’ of the economy.
The following methodology note relates to the Scotland’s Gross Domestic Product publication. This publication deals with short-term volume change in the economy. Estimates of the monetary value of GDP are published in Quarterly National Accounts Scotland.
GDP in Scotland - Methodology Guide
CHAPTER 1: UNDERSTANDING GDP
What is GDP?
What does GDP not cover?
Balancing these measures
Nominal and real GDP
CHAPTER 2: SCOTTISH QUARTERLY GDP (Output Method)
Turnover Data Methodology
Other Volume Estimates
Benchmarking to Annual National Accounts
Weighting and chain-linking
CHAPTER 3: REVISIONS POLICY
Scope of Revisions Policy
In order to maintain the accuracy of our GDP estimates and to ensure our figures continue to be comparable to other countries we regularly make revisions to our data. We publish Scottish GDP figures four times a year. For most publications revisions will tend to be minor (usually to include improved data sources or new data). Our July GDP publication coincides with the publication of the Scottish Supply & Use Tables. We take this opportunity each July to implement any methodological improvements to the Scottish estimates. Revisions also occur as a result of another major publication - the UK Blue Book - which is published each year in July or October. Our full revisions policy will be available in the forthcoming GDP Methodology Paper.