OFFSHORE and overseas economic activity boosted Scotland’s gross domestic product (GDP) by £8.4 billion last year, according to official figures.
The data, from Scotland’s chief statistician, Roger Halliday, for the third quarter (Q3) of last year, cover the 12 months from October 2016 to last September, and show that the value of onshore GDP was estimated at £151.2bn, or £27,874 per person, at current prices.
When a geographical share of UK offshore and overseas economic activity was included, Scottish GDP rose to a total of £163.8bn, or £30,196 per person.
The increase in GDP over the year to 2017 Q3, compared to 2016 Q3, was mostly driven by consumer spending, but with a positive contribution made by net trade. Capital investment made a negative contribution to GDP growth over the latest year.
The quarterly national accounts show manufactured exports made up around half of the value of exports from Scotland to the rest of the world, excluding oil and gas.
Comparing the most recent four quarters to the previous four quarters, the volume of manufactured exports increased by 4.2 per cent.
Gross disposable household income was estimated to have risen by 3.6 per cent and the household savings ratio – the percentage of disposable income saved – was 7.9 per cent in the latest quarter, compared to 9.4 per cent during 2016.
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