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Gross Domestic Product, 2nd Quarter 2012

GDP Analysed By Industry Sector

Scottish GDP at constant basic prices – also known as Gross Value Added (GVA) in volume terms – fell by 0.4 per cent during the second quarter of 2012, following a fall of 0.2 per cent in the first quarter of 2012.

On an annual basis, comparing the most recent four quarters to the previous four quarters (4Q-on-4Q), GDP growth was flat at 0.0 per cent to the end of June.

The largest contribution to the fall in total GDP was from the electricity and gas sector, which fell by 15.1 per cent in the latest quarter. This fall was partially offset by overall growth in both the Services sector (+0.2%) and Construction sector (+2.0%).

At the broad industry level (Table 2) there were also falls in Manufacturing (-2.2%) and the Distribution, Hotels and Catering sector (-1.5%).

The largest positive contribution to growth at the broad industry level was from the Business Services and Finance sector, which grew by 1.9 per cent in the latest quarter. There were also significant positive contributions from Construction sector (+2.0%) and the Water Supply and Waste Management (+1.8%).

 GDP2012Q2SAout

 

Change in Standard Industrial Classification (SIC) and update to 2009 weights

All results in this release are presented on a provisional SIC 2007 basis, with the exception of the long term trends in Table 7 which continue to be presented according to SIC 2003. Details of this provisional change to SIC 2007 are presented in Annex A on page 24.

A full reclassification to SIC 2007 will occur when GVA weights for all years 1998-2009 are available from updated Input-Output tables for Scotland. This change is planned for the near future and will be announced in advance on the Scottish Government website at http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy.