GDP Quarterly National Accounts for 2020 Quarter 4

Scotland’s GDP is now estimated to have grown by 2.3% during 2020 Quarter 4, revised up from the first estimate of 2.0% published in March, according to statistics announced today by the Chief Statistician.

For 2020 as a whole, annual GDP is estimated to have fallen by 9.6% in real terms compared to 2019, unrevised from the first estimate.

The GDP Quarterly National Accounts publication includes the second estimate of growth for the October to December period. This uses additional data which has been released since the first estimate was published in March. The Quarterly National Accounts also includes a range of other statistics which are used for economic analysis, forecasting and modelling.

Background

Full statistical publication and data 

The Scottish Government has developed new faster economic statistics which help to track the impact of the COVID-19 pandemic on the economy. Experimental monthly GDP estimates are available up to February 2021. 

Change in gross domestic product (GDP) is the main indicator of economic growth. 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. Estimates of the cash value of Scotland’s GDP are available excluding and including oil and gas extraction.

Further information on GDP statistics

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