finance

Scottish GDP rises marginally, but still below pre-pandemic levels



Scotland’s onshore gross domestic product (GDP) grew by 0.4% in September, with output now 1.1% below the pre-pandemic level in February 2020.

Using the experimental monthly statistics for the third quarter as a whole, the Chief Statistician stated that GDP is provisionally estimated to have grown by 0.8% compared to the previous quarter.

This reflects a slowdown in growth after the increase of 5.6% from April to June, as the easing of restrictions after the winter lockdown has less of an impact on the latest results.

In quarterly terms output is now 2.1% below the pre-pandemic level in the fourth quarter of 2019.

Output in the services sector, which accounts for around three quarters of the economy, grew by 0.5% in September, with increases in nine of the 14 sub-sectors.

Output in the production sector, which accounts for around 16% of the economy, contracted by 0.9% in September. There were falls in the two of the four sub-sectors, which offset growth of 0.3% in the manufacturing sub-sector.

Output in the construction sector, which accounts for around 6% of the economy, is estimated to have grown by 1.9% in September.

Finance Secretary Kate Forbes said: “These latest GDP figures underscore Scotland’s continuing economic recovery from coronavirus.

“Over the coming weeks I will deliver a Budget to help households, communities and businesses across the country and launch our National Strategy for Economic Transformation, setting out how Scotland will harness innovation and entrepreneurship to create green, fair and sustainable jobs over the next decade.

“Challenges remain, but the indicators show we are in a strong position from which to drive Scotland’s economic recovery and renewal.”

GDP growth relates to Scotland’s onshore economy, so does not include the output of offshore oil and gas extraction.

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