Quarterly National Accounts Scotland
Quarter 3 2017
A National Statistics Publication For Scotland
Date: 7 February 2018
This publication includes results for the third quarter of 2017 (July-September).
Over the latest 12 months, from October 2016 to September 2017, the value of Scotland’s onshore GDP is estimated at £151.2 billion in total, or £27,874 per person, in current prices.
Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £163.8 billion in total, or £30,196 per person during the latest 12 months.
Over the year to 2017 Q3, compared to 2016 Q3, the expenditure measure of onshore Gross Domestic Product shows that the increase in GDP in current prices (not real terms) was mostly driven by consumer spending, but with a positive contribution also made by net trade. Capital investment made a negative contribution to GDP growth over the latest year.
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) increased by 3.6% in volume terms during the third quarter of 2017. On a rolling annual basis, comparing the most recent four quarters to the previous four quarters, the volume of manufactured exports increased by 4.2%.
Over the year to 2017 Quarter 3, total consumer spending by the Household and Non-Profit Institutions Serving Households (NPISH) sectors is estimated to have increased by 3.0% in current prices (unadjusted for inflation, not real terms).
Gross Disposable Household Income (GDHI) is estimated to have increased by 3.6% over the year to 2017 Quarter 3 (in current prices, not real terms). The Household Savings Ratio is 7.9 per cent in the latest quarter, compared to an average value of 9.4 per cent during 2016.
- In this publication there are no updates or revisions to the headline GDP growth rate of 0.2% in the latest quarter, and 0.6% compared to the same quarter last year, published in Scotland’s Gross Domestic Product on 17 January 2018.
ABOUT THIS PUBLICATION
Quarterly National Accounts Scotland (QNAS) includes a range of economic statistics for Scotland including:
- Gross Domestic Product (GDP) of the onshore economy and components of 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.
Estimates of the Scottish shares of UK extra-regio GVA have been updated in this release to be consistent with the latest UK regional accounts published by the ONS on 20 December 2017. This has resulted in an upward revision to the nominal value of extra-regio GVA from 2015 onwards. There is further information on updates and revisions in the background notes.