GDP Growth and Quarterly National Accounts Scotland, 2018 Q1

The latest publication of Quarterly National Accounts Scotland (QNAS) was announced today by Scotland’s Chief Statistician. This publication includes statistics for the first quarter of 2018 (January-March) including a revised estimate of GDP growth. Key statistics in the publication are:

• GDP growth for 2018 Quarter 1 is now estimated at 0.4%. This has been revised from the first estimate of 0.2% published on 28 June, due to updates to reflect newly updated data and methodological improvements. Since 2017 Quarter 1 GDP has grown by 1.3%, revised up from 0.8%. Revisions have also been made to earlier years’ data.
• All statistics have been updated in line with the annual supply and use tables for 1998-2015 published on 18 July 2018.
• During financial year 2017-18, the value of Scotland’s onshore GDP is estimated at £156.5 billion in total, or £28,797 per person, in current prices.
• Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £170.4 billion in total, or £31,367 per person during 2017-18.
• Manufactured Exports make up around half of the total value of exports from Scotland to the rest of the world (excluding oil and gas). The Index of Manufactured Exports (IME) increased by 3.6% in volume terms during the first quarter of 2018. On a rolling annual basis, comparing the most recent four quarters to the previous four quarters, the volume of manufactured exports increased by 8.7%.