Quarterly National Accounts Scotland, 2017 Q3

The latest publication of Quarterly National Accounts Scotland (QNAS) was announced today by Scotland’s Chief Statistician. This publication includes statistics for the third quarter of 2017 (July-September). Key statistics in the publication are:

• Over the latest 12 months, from October 2016 to September 2017, the value of Scotland’s onshore GDP is estimated at £151.2 billion in total, or £27,874 per person, in current prices.
• Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £163.8 billion in total, or £30,196 per person during the latest 12 months.
• Over the year to 2017 Q3, compared to 2016 Q3, the expenditure measure of onshore Gross Domestic Product shows that the increase in GDP in current prices (not real terms) was mostly driven by consumer spending, but with a positive contribution also made by net trade. Capital investment made a negative contribution to GDP growth over the latest year.
• 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 third quarter of 2017. On a rolling annual basis, comparing the most recent four quarters to the previous four quarters, the volume of manufactured exports increased by 4.2%.
• Over the year to 2017 Quarter 3, total consumer spending by the Household and Non-Profit Institutions Serving Households (NPISH) sectors is estimated to have increased by 3.0% in current prices (unadjusted for inflation, not real terms).
• Gross Disposable Household Income (GDHI) is estimated to have increased by 3.6% over the year to 2017 Quarter 3 (in current prices, not real terms). The Household Savings Ratio is 7.9 per cent in the latest quarter, compared to an average value of 9.4 per cent during 2016.

Background

The full statistics publication, including quarterly results back to 1998, is available at: http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy/QNA2017Q3

Quarterly National Accounts Scotland (QNAS) 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.

In this publication there are no updates or revisions to the headline GDP growth rate of 0.2% in the latest quarter, and 0.6% compared to the same quarter last year, published in Scotland’s Gross Domestic Product on 17 January 2018.

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