Quarterly National Accounts Scotland, 2016 Q4

The latest publication of Quarterly National Accounts Scotland statistics was announced today by Scotland’s Chief Statistician. This release includes results for the fourth quarter of 2016 (October-December) and for 2016 as a whole. It reports on a variety of economic statistics for Scotland, including components of GDP, the Index of Manufactured Exports (IME), households disposable income, and public sector revenues.

• During 2016 as a whole, the value of Scottish onshore GDP is estimated at £149.8 billion in total, or £27,839 per person.
• Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £159.0 billion during 2016, or £29,554 per person.
• Analysis of the expenditure measure of onshore GDP shows that growth over the latest 12 months was mostly driven by consumer spending, but with positive contributions also made by government, capital investment and exports. There was a negative contribution to GDP growth from the widening of the onshore net trade deficit, due to the increasing value of imports.
• 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) fell by 2.3% in volume terms during the fourth quarter of 2016. Comparing the most recent four quarters to the previous four quarters (4Q-on-4Q growth), the volume of manufactured exports fell by 5.3 per cent.
• Over the year to 2016 Quarter 4, total consumer spending by the Household and NPISH sectors is estimated to have increased by 2.9% in current prices (unadjusted for inflation, not real terms)
• Gross Disposable Household Income (GDHI) is estimated to have increased by 1.6% over the year to 2016 Quarter 4 (in current prices, not real terms). The Household Savings Ratio is 2.6 per cent in the latest quarter.

Background

The full statistics publication, including quarterly results back to 1998, is available at: http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy/QNA2016Q4

Further information on Scottish economic statistics is available at http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy

The figures released today were produced in accordance with professional standards set out in the Code of Practice for Official Statistics. More information on the standards of official statistics in Scotland can be accessed at: http://www.scotland.gov.uk/Topics/Statistics/About