GDP First Quarterly Estimate 2024 Q4 (October to December)

Change in gross domestic product (GDP) is the main indicator of economic growth in Scotland. There are three ways in which GDP can be measured which should all produce the same result. Each of these approaches allows GDP to be broken down into different categories.

The first quarterly estimate of GDP contained in this publication covers the output approach to GDP and its breakdowns. The second estimate of GDP published in Quarterly National Accounts covers all three approaches and their different breakdowns.

If you are looking for cash value GDP data or output estimates which include the offshore economy these are available in the GDP Quarterly National Accounts. The most recently published Quarterly National Accounts estimate is available up to 2024 Quarter 3 (which is fully comparable to these data) at http://www.gov.scot/gdp.

If you are looking for information on the relative size of industries within the economy please refer to the Scottish Supply and Use Tables at http://www.gov.scot/input-output. The most recent figures were published on 11th December 2024 and cover the years 1998 to 2021.

This publication uses the Scottish Supply and Use Tables for 2021, published on 11th December 2024. The coronavirus pandemic led to a number of challenges in collecting and processing the data to calculate GDP, as well as leading to large impacts on structures and behaviours in the economy. As a result, estimates for 2020 and 2021, in particular, are subject to more uncertainty than usual and may be more prone to revision over time. As the economy in 2024 is more similar to that of 2019 than 2020 we continue to weight industries according to the 2019 weights.