Quarterly National Accounts Scotland
Quarter 4 2016
A National Statistics Publication For Scotland
Date: 10 May 2017
- This release includes results for the fourth quarter of 2016 (October-December) and for 2016 as a whole. It reports on a variety of economic statistics for Scotland, including components of GDP, the Index of Manufactured Exports (IME), households disposable income, and public sector revenues.
- During the fourth quarter of 2016, Scottish onshore GDP decreased by 0.2% in real terms. In 2016 as a whole, GDP increased by 0.4% compared to 2015. These results are re-printed in this publication without revision following their release on 5 April 2017.
- During 2016 as a whole, the value of Scottish onshore GDP is estimated at £149.8 billion in total, or £27,839 per person.
- Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £159.0 billion during 2016, or £29,554 per person.
- Analysis of the expenditure measure of onshore GDP shows that growth over the latest 12 months was mostly driven by consumer spending, but with positive contributions also made by government, capital investment and exports. There was a negative contribution to GDP growth from the widening of the onshore net trade deficit, due to the increasing value of imports.
- Manufactured Exports make up around half of the total value of exports from Scotland to the rest of the world (excluding oil and gas). The Index of Manufactured Exports (IME) fell by 2.3% in volume terms during the fourth quarter of 2016. Comparing the most recent four quarters to the previous four quarters (4Q-on-4Q growth), the volume of manufactured exports fell by 5.3 per cent.
- Over the year to 2016 Quarter 4, total consumer spending by the Household and NPISH sectors is estimated to have increased by 2.9% in current prices (unadjusted for inflation, not real terms)
- Gross Disposable Household Income (GDHI) is estimated to have increased by 1.6% over the year to 2016 Quarter 4 (in current prices, not real terms). The Household Savings Ratio is 2.6 per cent in the latest quarter.
ABOUT THIS PUBLICATION
Quarterly National Accounts Scotland (QNAS) includes a range of economic statistics for Scotland including:
estimates of the Gross Domestic Product (GDP) of the onshore economy measured using all three of the output, income and expenditure approaches;
alternative estimates of GDP for Scotland including two illustrative shares of UK extra-regio (offshore and overseas) activities attributable to Scotland;
the Index of Manufactured Exports (IME);
Household & NPISH Sector income and expenditure accounts for Scotland, including Gross Disposable Household Income (GDHI) and the Savings Ratio;
Scottish public sector revenue.
Unless specifically marked as including a share of extra-regio activity (offshore and overseas), the statistics in this release relate to the onshore Scottish economy (that is, excluding any extra-regio activity). Further information on these statistics, and on revisions in this release, is available in the background notes.
23 May 2017 Following pubication, a minor error was found in the calculation of GDHI per person published in Summary Table I. This has now been corrected.