GDP Quarterly National Accounts: 2024 Quarter 1 (January to March)

GDP in nominal terms

Annual GDP to 2023 is unrevised from the statistics published in the previous quarterly national accounts release.

In 2023 as a whole, annual onshore GDP is estimated to have been £198.6 billion in total, or £36,175 per person. This increased by £10.1 billion, or 5.4%, compared to 2022 due to the combination of real terms growth of 0.1% and an increase in the GDP deflator by 5.3% which reflects the relatively high levels of price inflation which persisted throughout the year. 

Including oil and gas extraction in Scottish waters, Scotland’s GDP in 2023 is estimated to be £218.0 billion in total, or £39,707 per person. While the value of GDP in the onshore economy has increased during the 2023, the gross value added from oil and gas extraction in Scottish adjacent waters has decreased over the year due to the fall in energy prices from the peak levels seen in 2022.

Although GDP statistics in real terms are available for the onshore economy only, estimates of GDP in nominal terms are produced for both the onshore and wider economy including oil and gas extraction. These are widely used for international comparisons and fiscal analysis.

Additional measures of economic activity

GDP (or GDP per person) is the most widely known indicator of economic activity and is frequently used to make comparisons between places or over time. There are also a range of other measures which can be used to indicate different aspects of economic activity and wellbeing.

Within this publication, Gross Disposable Household Income is the most comprehensive direct measure of the money earned by people in Scotland, including income earned in other parts of the UK or abroad, and accounting for transfers such as pensions, taxes and benefits. 

Gross National Income (GNI) is a measure which accounts for income flows between countries or territories for all sectors of the economy, such as outflows of profits generated by foreign owned companies. Experimental estimates of GNI and primary income flows for Scotland up to 2021 are available.

Labour productivity statistics, which report GDP per job or per hour worked are available up to 2023.

Looking beyond GDP and the economy, Scotland’s National Performance Framework (NPF) includes a range of economic, social and environmental indicators which give a wider indication of national wellbeing. Further information can be found at nationalperformance.gov.scot.