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GDP for first quarter of 2007
25/07/2007
Gross Domestic Product (GDP) in Scotland rose by 2.4 per cent over the year to the end of 2007 Q1 and grew by 0.2 per cent in the first quarter of 2007, according to provisional estimates released today by the Scottish Executive.
The main findings are:
- GDP rose by 2.4 per cent annually and increased by 0.2 per cent over the first quarter of 2007 (seasonally adjusted)
- Over the year to the end of 2007 Q1, annual output in the Scottish service sector grew by 2.9 per cent, compared with a 0.8 per cent decrease in the production sector and a 5.4 per cent rise in construction
- In the first quarter of 2007, the service sector grew by 0.8 per cent, the construction sector declined by 0.6 per cent and the production sector declined by 2.3 per cent
UK Figures:
- The UK figures show that GDP rose by 3.0 per cent over the year to the end of 2007 Q1 and by 0.7 per cent over the quarter
- In the year to the end of 2007 Q1, the UK experienced a 3.7 per cent growth in services, a 0.2 per cent growth in production and the construction sector grew by 1.8 per cent
Industry Analysis:
- Over the first quarter of 2007, the service sector in Scotland grew by 0.8 per cent. Within services, transport (+4.7 per cent), communication (+ 4.7per cent), other services (+4.3 per cent) and financial services (+1.9 per cent) all experienced growth. There was however some decline in real estate and business services (-0.6 per cent)
- Output in the production sector declined by 2.3 per cent over the quarter. Within production, the electricity, gas & water supply sector experienced an unusually large fall in output, declining by 13.3 per cent. Manufacturing also declined by 0.5percent
- Within manufacturing, metals and metal products (-3.2 per cent), engineering and allied industries (-0.5 per cent) and refined petroleum products and nuclear fuel (-9.4 per cent) experienced decline over the quarter. This was partially offset by growth in chemicals and man made fibres (+1.7 per cent), and food, drink and tobacco (+0.6 per cent)
Gross Domestic Product (GDP) is a measure of the value added to materials and other inputs in the production of goods and services by resident organisations; before allowing for depreciation or capital consumption. Net receipts from interest, profits and dividends abroad are excluded. The estimates produced in this publication measure GDP at basic prices (also referred to as gross value added (GVA).