GDP Quarterly National Accounts: 2024 Quarter 3 (July to September)

Key Points

• In 2025 quarter 3, Scotland’s onshore GDP is estimated to have grown by 0.4%, revised up from the first estimate of 0.3% growth published on 27 November 2024. This follows an unrevised growth of 0.4% in 2024 quarter 2.
• In the latest quarter, output grew by 0.5% in the services sector, was unchanged in the production sector (0.0% growth), and grew by 0.7% in the construction sector.
• The household saving ratio is estimated at 4.1% in the latest quarter, up from 2.4% at the same point last year.
• This release includes revisions to all components of GDP back to 1998 following the release of the latest supply and use tables in December 2024 and the annual process of constraining to these. Further details can be found in the following pages.

Introduction

This publication includes updated estimates of gross domestic product (GDP) for Scotland, along with a range of additional statistics which are used for economic forecasting and modelling.

These statistics continue to be affected by the impacts of the coronavirus pandemic on both data collection and on the structure of the economy itself. As a result, estimates for the years 2020 to 2022 in particular are subject to more uncertainty than for other years and may continue to 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 still 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 in the coming years.

An Accredited Official Statistics Publication for Scotland

These statistics are accredited official statistics. The Office for Statistics Regulation has independently reviewed and accredited these statistics as complying with the standards of trustworthiness, quality, and value in the Code of Practice for Statistics. Quarterly National Accounts Scotland was accredited in January 2014, as detailed in Assessment Report 272.

Accredited official statistics are called National Statistics in the Statistics and Registration Service Act 2007.

Scottish Government statistics are regulated by the Office for Statistics Regulation (OSR). OSR sets the standards of trustworthiness, quality and value in the Code of Practice for Statistics that all producers of official statistics should adhere to.