GDP Quarterly National Accounts: 2024 Quarter 4 (October to December)
An accredited official statistics publication.
This release includes updated estimates of gross domestic product (GDP) for Scotland, along with a range of additional economic statistics which are used for economic forecasting and modelling.
Part of
GDP in nominal terms
In 2024 as a whole, annual onshore GDP is estimated to have been £209.6 billion in total in current prices (or nominal terms), or £37,834 per person. This increased by £8.8 billion, or 4.4%, compared to 2023 due to the combination of real terms growth of 1.2% and an increase in the GDP deflator by 3.1% which reflects the overall levels of price inflation which persisted throughout the year.
Including oil and gas extraction in Scottish waters, Scotland’s GDP in 2024 is estimated to be £223.4 billion in total in current prices, or £40,339 per person. While the value of GDP in the onshore economy increased during the 2024, the additional gross value added from oil and gas extraction in Scottish adjacent waters decreased during 2024, as it did in 2023, due to falling production volumes and a further fall in oil and gas prices from the peak price levels seen in 2022.
Table 1: GDP in current prices, including extra-regio economic activity
|
Year |
Onshore GDP: £ million |
Onshore GDP: £ per head of population |
GDP including a geographical share of extra regio: £ million |
GDP including a geographical share of extra regio: £ per head of population |
|
2019 |
167,639 |
30,980 |
184,268 |
34,053 |
|
2020 |
156,785 |
28,986 |
167,160 |
30,905 |
|
2021 |
169,460 |
31,307 |
189,235 |
34,960 |
|
2022 |
189,843 |
34,853 |
218,291 |
40,075 |
|
2023 |
200,719 |
36,560 |
218,934 |
39,878 |
|
2024 |
209,559 |
37,834 |
223,436 |
40,339 |
Although GDP statistics in real terms are available for the onshore economy only, estimates of GDP in nominal terms are produced for both the onshore and wider economy including oil and gas extraction. These are widely used for international comparisons and fiscal analysis.
Contact
For enquiries about this publication please contact:
National Accounts Unit,
Directorate for Chief Economist
E-mail: economic.statistics@gov.scot
For general enquiries about Scottish Government statistics please contact:
Office of the Chief Statistician
e-mail: statistics.enquiries@gov.scot