- 31 Oct 2018
- Scotland’s GDP grew by 0.5% in real terms during the second quarter of 2018, unrevised from the first estimate. The equivalent growth rate for the UK as a whole was 0.4%.
- Compared to the same quarter last year, Scotland’s GDP has grown by 1.7%, unrevised from the first estimate. Equivalent UK growth over the year was 1.2%.
- The largest single contribution to growth this quarter came from the Business Services and Finance sector, which has seen growth revised up from 0.3% to 0.6% in the latest quarter. The Distribution, Hotels & Catering sector is unrevised, and now the second largest contributor to growth.
- Using the expenditure approach, the largest contribution to GDP growth over the year has been an improvement in the onshore net trade balance, due to the value of exports increasing by more than the value of imports. As part of this, manufactured exports have increased by 6.0% in real terms compared to the same quarter last year.
- Over the last year, the level of households’ spending has continued to increase at a faster pace than disposable income. As a result, the household savings ratio is estimated to have fallen to 2.7% in the latest quarter, down from 3.7% at the same point last year.
About the GDP Quarterly National Accounts
This publication includes the second estimate of onshore GDP growth for 2018 Quarter 2 (April-June), which uses data released since the GDP First Estimate published on 19 September. This release is consistent with the UK Quarterly National Accounts for 2018 Quarter 2.
In addition to the second estimate of onshore growth in real terms, the GDP Quarterly National Accounts also includes:
Total GDP in cash terms for the onshore economy and the wider economy including offshore activities
Onshore GDP in cash terms broken down using all three of the output, expenditure and income approaches
The Index of Manufactured Exports (IME) in real terms
Household Sector income and expenditure accounts for Scotland, including Gross Disposable Household Income (GDHI) and the Savings Ratio;
Public sector revenues.
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