News

GDP Quarterly National Accounts for 2021 Quarter 1

Published: 04 Aug 2021 09:30

A National Statistics Publication for Scotland.

Scotland’s GDP is now estimated to have fallen by 1.8% during 2021 Quarter 1, when coronavirus (COVID-19) restrictions were tightened over the winter months. The latest quarter has been revised up from the previous estimate of a 1.9% fall published in June.

In quarterly terms, the level of GDP is now 8.1% below the level in 2019 Quarter 4, prior to the direct impacts of the coronavirus pandemic.

The GDP Quarterly National Accounts publication includes the second estimate of growth for the January to March period. This uses additional data which has been released since the first estimate was published in June. 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 on the Scottish Government website.  

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 May 2021 can be found on the Scottish Government website.

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.