Monthly GDP Estimates for October

Scotland’s onshore GDP increased by 0.4% in October, according to statistics announced by the Chief Statistician. Output remains above the pre-pandemic level of February 2020, by 0.5%.

In the three months to October, GDP is estimated to have fallen by 0.1% compared to the previous three month period. This indicates a slight increase in growth in Quarter 4 so far, after GDP fell by 0.2% in 2022 Quarter 3 (July to September).

Output in the services sector, which accounts for around three quarters of the economy, increased by 0.3% in October. Output in agriculture, forestry and fishing, construction and production increased by 0.6%.

Background

The latest publication is available at: https://www.gov.scot/publications/gdp-monthly-estimate-october-2022/

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

Gross Domestic Product (GDP) measures the output of the economy in Scotland. The monthly estimates have been developed to help track the economic impact of the COVID-19 pandemic. These are designated as experimental official statistics. This means that they are still in development but have been released to enable their use at an early stage. All results are provisional and subject to relatively high levels of uncertainty.

Further information on GDP statistics is available at http://www.gov.scot/gdp

These estimates are compiled in line with the Code of Practice for Statistics – more information on the standards of official statistics can be accessed at: https://www.statisticsauthority.gov.uk/code-of-practice/