Economy grows by 0.1% in the fourth quarter of 2022

The Chief Statistician has released statistics showing that the economy grew by 0.1% during the fourth quarter of 2022, covering the period October to December.

Change in gross domestic product (GDP) is the main indicator of economic growth. Over the year, compared to the fourth quarter of 2021, the economy has grown by 0.6%.

During the fourth quarter output in the Construction sector grew by 0.6%, output in Production contracted by -0.2%, and output in the Services sector remained unchanged (0.0% growth).

Monthly statistics also released today show that GDP is estimated to have contracted by -0.6% in December, with weak growth in the construction sector and decreases across the services and production sectors.

The second estimate of GDP for the fourth quarter of 2022 will be available in Quarterly National Accounts Scotland, published on 26 April 2023.

Background

Read the quarterly statistical publication and data

Read the monthly GDP estimate for December

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.