News

GDP and Quarterly National Accounts for 2018 Quarter 4

Published: 01 May 2019 09:47
Part of:
Economy, Statistics

A National Statistics publication for Scotland.

Scottish GDP growth is confirmed at 0.3% during the fourth quarter of 2018, according to updated statistics announced today by Scotland’s Chief Statistician. For 2018 as a whole, annual GDP growth was 1.3% compared to 2017, revised down slightly from the first estimate published on 20 March.

The GDP Quarterly National Accounts publication includes a second estimate of growth for 2018 Quarter 4 (October to December) using data which has been released since the first estimate was published. The Quarterly National Accounts also includes a range of other statistics which are used for economic analysis, forecasting and modelling.

During the fourth quarter of 2018, the latest data shows output in the Services sector grew by 0.5% and output in the Construction sector grew by 0.4%. Output in the Production sector fell by 0.8%, mostly due to relatively low levels of electricity production.

Change in gross domestic product (GDP) is the main indicator of economic growth in Scotland. Two estimates of Scotland’s GDP growth are now published each quarter on a faster timetable than previously available. The first estimate for 2019 Quarter 1 will be published on 19 June.

Background

The full statistical publication and data are available at: http://www2.gov.scot/Topics/Statistics/Browse/Economy/QNA2018Q4

All headline 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. The cash value of Scotland’s GDP including offshore activities is also available in the publication.

Further information on Scottish economic statistics is available at http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy

These estimates are compiled in line with the Code of Practice for Official Statistics – more information on the standards of official statistics in Scotland can be accessed at: http://www.scotland.gov.uk/Topics/Statistics/About