GDP Quarterly National Accounts: 2026 Quarter 2 (April to June)

GDP in nominal terms

In 2025 as a whole, annual onshore GDP is estimated to have been £224.8 billion in current prices (or nominal terms), or £40,537 per person. This increased by £10.9 billion, or 5.1%, compared to 2024 due to the combination of real terms growth of 1.2% and an increase in the GDP deflator by 3.8% which reflects the overall levels of price inflation throughout the year. 

Including oil and gas extraction in Scottish waters and other extra-regio activity, Scotland’s total GDP in 2025 is estimated to be £235.3 billion in total in current prices, or £42,431 per person.

Table 2: GDP in current prices, including extra-regio economic activity

UK extra-regio gross value added (GVA) is defined in the system of national accounts as economic activity from parts of the economy which are not assigned to a single statistical region such as Scotland, Wales, Northern Ireland and the English regions. The estimates of a geographical share of this for Scotland are based on offshore oil and gas extraction within the Scottish adjacent waters boundary, and also include a population share of overseas public administration and defence activities in UK territorial enclaves such as embassies and military bases.

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 economy and the wider economy including the extra regio activity which is mostly oil and gas extraction. These are widely used for international comparisons and fiscal analysis.