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Scotland's GDP Grew by 2.3% in Q4 2020 - Perthshire Chamber of Commerce

Scotland's GDP Grew by 2.3% in Q4 2020

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Scotland’s GDP is now estimated to have grown by 2.3% during the final quarter of 2020, according to statistics announced today by Scotland’s Chief Statistician.

The new figure is revised up from the first estimate of 2.0% published in March.

For 2020 as a whole, annual GDP is estimated to have fallen by 9.6% in real terms compared to 2019, unrevised from the first estimate.

The GDP Quarterly National Accounts publication includes the second estimate of growth for the October to December period. This uses additional data which has been released since the first estimate was published in March.

In 2020 Q4, the latest estimates are that Services output increased by 2.8%, Production output fell by 0.4%, and Construction sector output increased by 4.0% compared to the previous quarter.

These results reflect a slowdown from the sharp rebound seen in the summer months when most sectors of the economy re-opened after the initial lockdown between March and June.

During Q4, restrictions on economic activity began to be reintroduced with the regional Protection Levels system, with parts of retail, hospitality and other consumer facing services required to close or restrict trading across large parts of Scotland during November and December. From 26 December, protection level 4 restrictions were in place across all of mainland Scotland.

The recently developed Monthly GDP estimates (which are experimental statistics) indicate that output fell in real terms in both November and December, after recovering from the first lockdown for six consecutive months between May and October.

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