GDP Quarterly National Accounts for 2018 Quarter 3

The Scottish economy grew by 0.2% during the third quarter of 2018, according to updated statistics announced today by Scotland’s Chief Statistician. The quarterly growth rate has been revised down from the first estimate of 0.3% published on 19 December. Compared to the same time last year, the Scottish economy is now estimated to have grown by 1.3%.

The GDP Quarterly National Accounts publication includes a second estimate of growth for 2018 Quarter 3 (July to September) using data which has been released since the first estimate was published. The Quarterly National Accounts also includes a range of other statistics which are used for economic analysis, forecasting and modelling.

During the third quarter of 2018, the latest data shows output in the Services sector grew by 0.2%, output in Production fell by 0.9% and output in the Construction sector grew by 2.9%. The largest factor leading to the downward revision to growth was from updated electricity data being lower than originally estimated in December.

Change in gross domestic product (GDP) is the main indicator of economic growth in Scotland. Two estimates of Scotland’s GDP growth are now published each quarter on a faster timetable than previously available. The first estimate for 2018 Quarter 4 will be published on 20 March.

Background

Read the full statistical publication and data.

All headline 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. The cash value of Scotland’s GDP including offshore activities is also available in the publication.

Further information on Scottish economic statistics.

These estimates are compiled in line with the Code of Practice for Official Statistics.