The Scottish Government is introducing a new publishing model for Quarterly GDP to provide a timelier measure of Scotland’s economic performance.
Starting in September, Scotland’s GDP growth will change from being updated once each quarter to a cycle of two updates, similar to the new publishing model being introduced by ONS for UK GDP statistics.
- There will be an earlier ‘first estimate’ of GDP released approximately 80 days after the end of each quarter, instead of the 95-110 days currently.
- This will be followed by an updated ‘second estimate’ of GDP in Quarterly National Accounts Scotland (QNAS) at approximately 120-130 days after the end of the quarter.
- These publications will be 5 ½ weeks after the corresponding UK new First Estimate of GDP, and 4 ½ to 5 ½ weeks after the UK Quarterly National Accounts respectively.
This change is being made in response requests from across the user community, and will enhance the public value of the statistics by supporting society’s needs for information.
This paper explains the developments in more detail, the changes to methodology required, and the expected impact on the reliability of the statistics. The move to two updates of GDP each quarter will also require a new approach to the handling of any revisions in the statistics, which is also explained in this paper.