Scotland’s GDP fails to grow as much as predicted, figures show
Scotland’s onshore GDP grew by 0.7% in the third quarter of last year, but remained 2.2% below pre-pandemic levels.
Scotland’s Gross Domestic Product (GDP) grew by less than previously believed in the third quarter of 2021, figures show.
The latest GDP estimates indicate growth of 0.7% between July and September, rather than the 1% prediction towards the end of last year.
It means that the Scotland’s GDP is now 2.2% below the level recorded in the final quarter of 2019, before the coronavirus pandemic.
The figures, published by Scottish Government relate to the country’s onshore economy and exclude the output from oil and gas extraction.
The onshore GDP of Scotland is estimated to have been £164.7 billion in total over the last four quarters, or £30,113 per person, down from £167.2 billion in 2019.
If oil and gas extraction in Scottish waters were included, Scotland’s GDP was estimated to be £173.6 billion in total, or £31,748 per person, and is down from a value of £180.7 billion in 2019.
In the third quarter of 2021, there was growth of 1.7% in the services sector, a significant decrease from the 6.4% growth recorded increase in the previous three months when restrictions had been eased.
Output in the production sector fell by 3.5% between July and September, after growing by 3.6% in the second quarter, while construction output fell by 0.7% after growing by 3.5% in quarter two.