News

GDP Quarterly National Accounts for 2020 Quarter 3

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

A National Statistics Publication for Scotland.

Scotland’s GDP is now estimated to have grown by 15.8% during Quarter 3, revised down from the first estimate of 16.0% published in December, according to statistics announced today by the Chief Statistician. The growth in the latest quarter follows contractions of 19.1% and 3.3% in the previous two quarters. Over the year, GDP is now estimated to have fallen by an upwardly revised 9.4% compared to 2019 Quarter 3.

During the third quarter, the latest estimates are that Services output increased by 13.5%, Production output increased by 18.8%, and Construction sector output increased by 52.0%, after most of the sectors and workplaces which were closed during the first lockdown were permitted to be open during this time.

The GDP Quarterly National Accounts publication includes the second estimate of growth for the July to September period. This uses additional data which has been released since the first estimate was published in December. The Quarterly National Accounts also includes a range of other statistics which are used for economic analysis, forecasting and modelling.

Background

The full statistical publication and data are available at: https://www.gov.scot/publications/gdp-quarterly-national-accounts-2020-q3 

The Scottish Government has developed new faster economic statistics which help to track the impact of the COVID-19 pandemic on the economy. Experimental monthly GDP estimates up to November 2020 are available at: https://www.gov.scot/publications/monthly-gdp-november-2020 

Change in gross domestic product (GDP) is the main indicator of economic growth. 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. Estimates of the cash value of Scotland’s GDP are available excluding and including oil and gas extraction.

Further information on GDP statistics

These estimates are compiled in line with the Code of Practice for Statistics.