GDP Quarterly National Accounts: 2023 Quarter 1 (January to March)

A National Statistics Publication for Scotland

Key results

• In 2023 Quarter 1, Scotland’s onshore GDP is estimated to have grown by 0.2% compared to the previous quarter, revised down from the first estimate of 0.4% published on 31 May.
• In the latest quarter there was growth of 0.3% in the services sector and growth of 0.4% in the construction production sector, offset by a fall of 0.3% in the production sector.
• The household saving ratio was 8.0% in the latest quarter, up from 7.5% at the same point last year, and similar to pre-pandemic levels. Over the last year there has been a 7.6% increase in consumer expenditure, driven by high price inflation, which has outpaced growth in households’ disposable income of 6.6%. This indicates a fall in non-pension savings, however the overall savings ratio has been boosted by very high levels of the adjustment for the change in pension entitlements, because of high gilt yields since the second half of 2022.

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.