Economy falls by 0.2% in the third quarter of 2022

The Chief Statistician has released statistics showing that the economy fell by 0.2% during the third quarter of 2022, covering the period July to September.

Monthly statistics also released today show that GDP is estimated to have contracted by 0.6% in September, with decreases across the construction and production sectors.

Change in gross domestic product (GDP) is the main indicator of economic growth. Over the year, compared to the third quarter of 2021, the economy has grown by 2.9%.

During the third quarter output in the Construction sector fell by 0.3%, output in Production contracted by 1.0%, and output in the Services sector remained unchanged (0.0% growth).

The second estimate of GDP for the third quarter of 2022 will be available in Quarterly National Accounts Scotland, published on 1 February 2023.

Background

Read the quarterly statistical publication and data.

Read the monthly GDP estimate for September.

All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP growth in this publication relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.

Further information on GDP statistics.

These estimates are compiled in line with the Code of Practice for Statistics – more information on the standards of official statistics can be accessed on the Code of Practice for Statistics webpage.