Publication - Statistics

GDP Quarterly National Accounts: 2022 Quarter 1 (January to March)

Published: 27 July 2022
Directorate: Chief Economist Directorate
Part of: Economy

This publication includes the updated second estimate of onshore GDP growth in real terms for the latest quarter, along with additional breakdowns of GDP by categories of income and expenditure, and key household sector economic statistics.

Key results

In 2022 Quarter 1 (January to March), Scotland’s onshore GDP is estimated to have grown by 1.0% compared to the previous quarter, unrevised from the first estimate for the quarter published on 1 June.
In quarterly terms, the level of GDP is 0.1% below the pre-coronavirus level in 2019 Quarter 4 (Oct-Dec).
Output in the services sector outputis estimated to have increased by 0.9% compared to the previous quarter, production sector output increased by 1.9%, and construction sector output increased by 1.4%.
The household savings ratio is estimated at 6.4 per cent in 2022 Quarter 1, at a similar level seen in the years prior to the coronavirus pandemic. This is down sharply from the recent peak of 26.4 per cent in 2020 Quarter 2 when expenditure was curtailed during the first lockdown restrictions.

Information About This Release

The coronavirus pandemic has led to a number of challenges in collecting and processing the data to calculate GDP. As a result, estimates from 2020 onwards are subject to more uncertainty than usual and may be more prone to revision over time. International comparisons, and comparisons within the UK, should be made with appropriate caution for the levels of uncertainty and variations in methods in use by different statistical institutes around the world. Since the start of the COVID-19 pandemic, the Scottish Government has developed faster monthly estimates of GDP growth. The latest estimates are for May 2022. The next GDP release, incorporating monthly GDP for June 2022 and the First Estimate for 2022 Quarter 2 will be published on 31 August.