Publication - Statistics

GDP quarterly national accounts for Scotland: 2018 Q4

Published: 1 May 2019
Directorate: Chief Economist Directorate
Topic: Economy

GDP Quarterly National Accounts (QNAS) statistics for 2018 Q4, produced by the Scottish Government.

Headline Results

Scotland’s GDP grew by 0.3% in real terms during the fourth quarter of 2018 compared to the previous quarter, unrevised from the first estimate. The equivalent growth rate for the UK as a whole was 0.2%.
Compared to the same quarter last year, Scotland’s GDP has grown by 1.3%, unrevised from the first estimate. Equivalent UK growth over the year was 1.4%.
In 2018, Scotland’s annual GDP grew by 1.3% compared to 2017, revised down from 1.4% in the first estimate. Equivalent annual UK growth was 1.4%.
In 2018, the value of Scotland’s GDP is estimated at £178.6 billion, or £32,800 per person, including oil and gas extraction in Scottish waters.
In 2018, the most influential industry sector was manufacturing, with output increasing by 3.2% in total. This included strong increases from the manufacture of computer, electrical and optical products, food and drink, and the miscellaneous other manufacturing subsector.
This release includes the first results of new experimental statistics on the expenditure approach to GDP in real terms. In 2018, it is estimated that in expenditure terms the largest contribution to growth was from an improvement in the net trade balance due to exports increasing at a faster rate in real terms than imports.

About the GDP Quarterly National Accounts

This publication includes the second estimate of onshore GDP growth for 2018 Quarter 4 (October-December), which uses additional data released since the GDP First Estimate published on 20 March. This release is consistent with the UK Quarterly National Accounts for Quarter 4.

In addition to the second estimate of onshore growth in real terms, the GDP Quarterly National Accounts also includes:

Total GDP in cash terms for the onshore economy and the wider economy including offshore activities
Onshore GDP in cash terms broken down using all three of the output, expenditure and income approaches
The Index of Manufactured Exports (IME) in real terms
Household Sector income and expenditure accounts for Scotland, including Gross Disposable Household Income (GDHI) and the Savings Ratio;
Public sector revenues.