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Sunday, June 16, 2024

Scotland’s GDP Has Fallen by 2.5%

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Scotland’s GDP is confirmed to have fallen by 2.5% during the first quarter of 2020, according to statistics announced today by the Chief Statistician.

The change in the latest quarter has not been revised from the first estimate published on 17 June.

During the first quarter, the updated figures show that output in the services sector fell by 2.4%, output in the production sector fell by 2.9%, and output in the construction sector fell by 3.6% compared to 2019 quarter 4.

These results include the initial direct impacts of the coronavirus (COVID-19) pandemic, including the start of the lockdown period in March, but do not include the large fall which has been reported in monthly statistics for April.

The GDP Quarterly National Accounts publication includes the second estimate of growth for the October to December period.

This uses data which has been released since the first estimate was published.

The Quarterly National Accounts also includes a range of other statistics which are used for economic analysis, forecasting and modelling.

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