Scots GDP measured at £165.4bn in latest figures

Scotland’s onshore GDP for the whole of 2017 is estimated at £152.1 billion, or £28,046 per person in current prices, according to the latest Quarterly National Accounts Scotland (QNAS) announcement by Scotland’s Chief Statistician.

Including a geographical share of UK extra-regio (offshore and overseas) economic activity, Scottish GDP is estimated at £165.4 billion in total, or £30,482 per person, during the latest 12 months, the Scottish government said.

The report includes statistics for the final quarter of 2017 (October-December).

Other key statistics in the publication are:

  • Over the year to end 2017, compared to 2016, 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 and 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) decreased by 2.9% in volume terms during the final 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 7.4%.
  • Over the year to 2017 Quarter 4, total consumer spending by the Household and Non-Profit Institutions Serving Households (NPISH) sectors is estimated to have increased by 3.3% in current prices (unadjusted for inflation, not real terms).
  • Gross Disposable Household Income (GDHI) is estimated to have increased by 1.7% over the year to 2017 Quarter 4 (in current prices, not real terms). The Household Savings Ratio is 6.8 per cent in the latest quarter, compared to an average value of 7.6 per cent during 2017.