Quarterly National Accounts Scotland, 2016 Q2

The latest publication of Quarterly National Accounts Scotland statistics was announced today by Scotland’s Chief Statistician. This release includes results for the second quarter of 2016 (April-June) 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 second quarter of 2016, Scottish onshore GDP grew by 0.4% 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 12 October 2016.
• During the latest 12 months (July 2015-June 2016), the value of Scottish onshore GDP is estimated at £147.7 billion in total, or around £27,500 per person.
• Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £156.4 billion during the latest four quarters, or £29,100 per person.
• Analysis of the expenditure measure of onshore GDP shows that growth over the last year was driven by increases in consumer spending and capital investment. Government spending and onshore exports 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). In 2016 Quarter 2, the volume of manufactured exports fell by 0.8%. Compared to the same quarter last year, the Index of Manufactured Exports (IME) fell by 5.1% in real (volume) terms. Over the same period, the value of manufactured exports decreased by 5.0% in current prices, indicating close to zero inflation in average export prices.
• Over the year to 2016 Quarter 2, total consumer spending by the Household and NPISH  sectors is estimated to have increased by 3.2% in current prices (unadjusted for inflation, not real terms)
• Gross Disposable Household Income (GDHI) is estimated to have increased by 2.9% over the year to 2016 Quarter 2 (in current prices, not real terms). The Household Savings Ratio has decreased to 2.8 per cent in the latest quarter.

Background

The full statistics publication, including quarterly results back to 1998, is available at: http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy/QNA2016Q2

In this release, the Index of Manufactured Exports (IME) is included in Quarterly National Accounts Scotland for the first time. Manufactured exports make up around half of Scotland’s onshore exports to the rest of the world (ROW), and are an important component of GDP. From 2016 Quarter 3, IME will be solely published within the Quarterly National Accounts Scotland statistics bulletin. Further information can be found in the IME statistics bulletin, also published today at
http://www.gov.scot/Topics/Statistics/Browse/Economy/IME2016Q2.

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

The figures released today were produced in accordance with professional standards set out in 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