News

Economy grows 2.0% in the fourth quarter of 2020

Published: 17 Mar 2021 09:30
Part of:
Economy

A National Statistics Publication for Scotland.

The Chief Statistician has released statistics showing that the economy grew by 2.0% during the fourth quarter of 2020, covering the period October to December.

Change in gross domestic product (GDP) is the main indicator of economic growth. Over the year, compared to the fourth quarter of 2019, the economy has contracted by 6.5%.

Over 2020 as a whole, compared to 2019, Scotland’s GDP contracted by 9.6%. Equivalent UK contraction over the year was 9.9%.

During the fourth quarter output in the Construction sector grew by 4.5%, output in Production contracted by 0.3%, and output in the Services sector grew by 2.3%.

The second estimate of GDP for the fourth quarter of 2020 will be available in Quarterly National Accounts Scotland, published on 5 May 2021. The first estimate of GDP for the first quarter of 2021 will be published on 16 June 2021.

Background

The full statistical publication and data are available at: https://www.gov.scot/publications/first-estimate-of-gdp-2020-q4/

All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP growth in this publication relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.

Further information on GDP statistics is available at http://www.gov.scot/gdp

These estimates are compiled in line with the Code of Practice for Statistics – more information on the standards of official statistics can be accessed at: https://www.statisticsauthority.gov.uk/code-of-practice/