GDP Quarterly National Accounts: 2024 Quarter 1 (January to March)
An accredited official statistics publication.
This release includes updated estimates of gross domestic product (GDP) for Scotland, along with a range of additional economic statistics which are used for economic forecasting and modelling.
Gross Disposable Household Income (GDHI)
Gross Disposable Household Income (GDHI) is a measure of how much money the population has for spending or saving after earnings and transfers such as pensions, taxes and benefits are accounted for. GDHI includes income earned in other areas of the UK or from abroad (for example, offshore workers’ income or income from overseas investments) which are not part of onshore GDP.
In 2024 Quarter 1, GDHI is estimated to have increased by 6.2% in nominal terms (without adjusting for inflation) over the year compared to 2023 Quarter 1. The largest part of GDHI is income from employment, which is up by 4.7% over the year.
Household Savings Ratio
The household saving ratio is estimated at 10.7% in the latest quarter, up from 6.6% at the same point last year. This reflects disposable income increasing by more than household spending over the last 12 months.
The household saving ratio represents funds which are available for adding to savings, including into pension funds, or paying off debt. It is not a measure of actual deposits made to savings accounts, or of savings accounts balances, but is a useful indicator of trends in overall household finances.
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