Quarterly National Accounts Scotland
Quarter 3 2016
A National Statistics Publication For Scotland
Date: 15 February 2017
- This release includes results for the third quarter of 2016 (July-September) and reports on a variety of economic statistics for Scotland, including components of GDP, the Index of Manufactured Exports (IME), households disposable income, and public sector revenues.
- During the third quarter of 2016, Scottish onshore GDP grew by 0.2% in real terms. Over the year from the same quarter in 2015, onshore GDP grew by 0.7%. These results are re-printed in this publication without revision following their release on 18 January 2017.
- During the latest 12 months (October 2015-September 2016), the value of Scottish onshore GDP is estimated at £149.3 billion in total, or around £27,750 per person.
- Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £157.6 billion during the latest four quarters, or £29,300 per person.
- Analysis of the expenditure measure of onshore GDP shows that growth over the latest 12 months was driven by increases in the value of consumer spending and onshore exports. Government spending and capital investment also both increased over the period. There was a negative contribution to GDP growth from the widening of the onshore net trade deficit, due to the increasing value of imports.
- Manufactured Exports make up around half of the total value of exports from Scotland to the rest of the world (excluding oil and gas). The Index of Manufactured Exports (IME) fell by 3.8% in volume terms during the third quarter of 2016. Comparing the most recent four quarters to the previous four quarters (4Q-on-4Q growth), the volume of manufactured exports fell by 5.3 per cent.
- Over the year to 2016 Quarter 3, total consumer spending by the Household and NPISH sectors is estimated to have increased by 4.3% in current prices (unadjusted for inflation, not real terms)
- Gross Disposable Household Income (GDHI) is estimated to have increased by 2.4% over the year to 2016 Quarter 3 (in current prices, not real terms). The Household Savings Ratio is 3.1 per cent in the latest quarter.
ABOUT THIS PUBLICATION
Quarterly National Accounts Scotland (QNAS) includes a range of economic statistics for Scotland including:
estimates of the Gross Domestic Product (GDP) of the onshore economy measured using all three of the output, income and expenditure approaches;
alternative estimates of GDP for Scotland including two illustrative shares of UK extra-regio (offshore and overseas) activities attributable to Scotland;
the Index of Manufactured Exports (IME);
Household & NPISH Sector income and expenditure accounts for Scotland, including Gross Disposable Household Income (GDHI) and the Savings Ratio;
Scottish public sector revenue.
Unless specifically marked as including a share of extra-regio activity (offshore and overseas), the statistics in this release relate to the onshore Scottish economy (that is, excluding any extra-regio activity). Further information on these statistics, and on revisions in this release, is available in the background notes.
20 February 2017 Following pubication, a mistake was found in the table on page 6 of the statistical bulletin. The column for Quarterly Growth (for 2016 Q3) incorrectly contained the results for the latest annual growth (2015). The supporting text and key results correctly reported the quarterly growth rate. The table has now been corrected.
17 March 2017 The published version of Table 13 in the supplementary tables was found to be missing data for VAT, meaning that the sum of all onshore revenues in the table did not match the published total for onshore revenues. This has now been corrected and updated. Summary Table J, which includes all the information in Supplementary Table 13, did not contain this omission.