Publication - Statistics

GDP Quarterly National Accounts: 2022 Quarter 3 (July to September)

Published: 1 February 2023
Directorate: Chief Economist Directorate
Topic: Economy

This publication includes updated estimate of onshore GDP growth in real terms up to the third quarter of 2022, along with additional breakdowns of GDP by categories of income and expenditure, and key household sector economic statistics, which are used for economic forecasting and modelling.

Key results

In 2022 Quarter 3, Scotland’s onshore GDP is estimated to have fallen by 0.1% compared to the previous quarter. This result is revised up from the first estimate for the quarter of a 0.2% fall published on 30 November.
In the latest quarter, output grew by 0.1% overall in the Services sector, and fell by 1.0% in the production sector and fell by 1.0% in the construction sector.
All estimates in this release have been updated to be consistent with the latest annual Supply and Use Tables for 1998-2019. As such, results for all periods back to 1998 are subject to revision. Further information is available in the Revisions section of the full publication (pdf).
Annual GDP is now estimated to have grown by 8.4% in 2021, after falling by 12.2% in 2020.
Compared to the same quarter in 2021, income from employment is estimated to have increased by 5.9%. After accounting for other income, interest payments, taxes and social contributions, total gross disposable income is up by 4.3%. Over the same period, total consumer expenditure is estimated to have increased by 8.1%, driven by high price inflation. These movements have seen the household savings ratio fall back over the last year from the high levels estimated during the coronavirus pandemic, and indicates a tightening in household finances.

Information About This Release

The coronavirus pandemic led to a number of challenges in collecting and processing the data to calculate GDP. 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. International comparisons, and comparisons within the UK, should be made with appropriate caution for the levels of uncertainty and variations in methods in use by different statistical institutes around the world.