GDP Quarterly National Accounts: 2023 Quarter 1 (January to March)

GDP in nominal terms

In 2022 as a whole, annual onshore GDP is estimated to have been £187.3 billion in total, or £34,229 per person. This has increased by £18.5 billion, or 11.0% compared to 2021 due to a combination of real terms growth of 4.9% and an increase in the GDP deflator by 5.8%, which reflects the high levels of price inflation experienced during 2022. In financial year 2022-23, the level of onshore GDP is estimated at £189.6 billion in total, or £34,642 per person. 

Including oil and gas extraction in Scottish waters, Scotland’s GDP in 2022 is estimated to be £212.5 billion in total, or £38,848 per person. As well as the sharp rise in the nominal value of onshore GDP during 2022, the gross value added from oil and gas extraction in Scottish adjacent waters also increased strongly due to high oil prices and increased profitability during the year. In financial year 2022-23, the level of GDP including oil and gas extraction in Scottish waters is estimated at £212.9 billion, or £38,903 per person.

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. A range of other statistics on oil and gas activity in Scottish waters is available at https://www.gov.scot/collections/economy-statistics/.