Publication - Statistics

GDP first quarterly estimate: 2022 Q4 (October to December)

Published: 1 March 2023
Directorate: Chief Economist Directorate
Topic: Economy

Gross Domestic Product (GDP) statistics measure the output of the economy in Scotland. The GDP first quarterly estimate is a national statistics publication for Scotland.

Headline Results

Scotland’s GDP grew by 0.1% in real terms during the fourth quarter of 2022 and is still 0.3% below pre-pandemic levels (2019 Q4). Over the same period, GDP in the UK as a whole remained flat (0.0% change) and is now 0.8% below pre-pandemic levels.
Compared to the same quarter last year, Scotland’s GDP grew by 0.6%. Over the same period, the UK as a whole grew by 0.4%.
In 2022 Scotland’s GDP grew by 5.0% compared to 2021. Over the same period, the UK as a whole grew by 4.0%.
The largest contribution to change this quarter came from the growth in Government and Other Services.

What’s in the first quarterly estimate of GDP?

The first quarterly estimate of GDP covers the output approach to GDP and reports on:

Real terms – results have been seasonally adjusted and had the effect of price changes removed to allow for meaningful comparisons over time
Onshore economy – figures do not include the output of offshore oil and gas extraction (which is included in the headline UK figures)
Revisions – There are no revisions to previous quarters in this release. The GDP Quarterly National Accounts, published on 26 April 2023, will include an updated second estimate of GDP for 2022 Q4 and revisions to previous quarters.