GDP Quarterly National Accounts: 2023 Quarter 2 (April to June)

A National Statistics Publication for Scotland

Key results

• In 2023 Quarter 2, Scotland’s onshore GDP is estimated to have fallen by an unrevised 0.3% compared to the previous quarter. This follows unrevised growth of 0.2% in 2023 Quarter 1. 
• In the latest quarter, output fell by 0.1% in the services sector and fell by 1.9% in production sector, partially offset by growth of 0.8% in the construction sector. 
• The household saving ratio is estimated at 4.9% in the latest quarter, up from 4.5% at the same point last year. The savings ratio has fallen back from higher levels in 2020 and 2021, and is now slightly below pre-pandemic levels. 

Information About This Release

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.

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. The estimates of GDP from 2020 onwards are continuing to evolve as more data becomes available, and it is likely that these results, including comparative positions relative to pre-pandemic levels, will continue to change over the next several years.