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23/08/17 09:30

Quarterly National Accounts Scotland, 2017 Q1

Quarterly National Accounts Scotland, 2017 Q1: National Statistics

A National Statistics Publication for Scotland.

The latest publication of Quarterly National Accounts Scotland (QNAS) was announced today by Scotland’s Chief Statistician.

This publication includes statistics for the first quarter of 2017 (January-March). Exceptionally in this release, QNAS also includes an updated estimate of GDP growth for the latest quarter. This is due to the annual process of updating industry weights in the national accounts.

Key statistics in the publication are:

  • During the first quarter of 2017, Scotland's onshore GDP is now estimated to have grown by 0.7% in real terms, based on 2014 weights. This has been revised from the estimate of 0.8% published on 5 July.
  • Over the latest 12 months, corresponding to financial year 2016-17, the value of Scotland's onshore GDP is estimated at £150.0 billion in total, or £27,854 per person, in current prices.
  • Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £159.4 billion in total, or £29,593 per person during financial year 2016-17.
  • The expenditure measure of onshore GDP shows that the increase in GDP over the latest year, in current prices (not real terms), was mostly driven by consumer spending, but with positive contributions also made by government spending, capital investment and net trade.
  • 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 7.2% in volume terms during the first quarter of 2017. On a rolling annual basis, comparing the most recent four quarters to the previous four quarters, the volume of manufactured exports decreased by 2.8%.
  • Over the year to 2017 Quarter 1, total consumer spending by the Household and Non-Profit Institutions Serving Households (NPISH) sectors is estimated to have increased by 2.5% in current prices (unadjusted for inflation, not real terms)
  • Gross Disposable Household Income (GDHI) is estimated to have increased by 0.7% over the year to 2017 Quarter 1 (in current prices, not real terms). The Household Savings Ratio is 4.5 per cent in the latest quarter, compared to an average value of 5.1 per cent during 2016.

Background

Quarterly National Accounts Scotland (QNAS) 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.

In the latest release, all statistics have been updated in line with the annual supply and use tables for 1998-2014 published on 26 July 2017. The latest weights used for calculating GDP growth have now been moved forward to 2014, from 2013. All quarters back to 1998 have been open for revision, including 2017 Quarter 1.

The full statistics publication, including quarterly results back to 1998, is available at: http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy/QNA2017Q1

Further information on Scottish economic statistics is available at http://www.scotland.gov.uk/Topics/Statistics/Browse/Economy

The figures released today were produced in accordance with professional standards set out in the Code of Practice for Official Statistics. More information on the standards of official statistics in Scotland can be accessed at: http://www.scotland.gov.uk/Topics/Statistics/About

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