Economic data 'credibility boost'

An expenditure-based measure could be added to the output-based one

Using an expenditure-based measure of Gross Domestic Product would give Scotland a "credibility boost", a report has said.

Consultants DTZ said data was already available to provide such GDP figures.

Their report for the Scottish Government said the new measure would help put Scotland on a par with other developed countries.

A government spokesman said they would consider the possibility of publishing the expenditure-based data.

Gross Domestic Product is the total market value of all the goods produced by a specific country over a period of time, usually a year.

Increasing sustainable economic growth and ending years of economic underperformance is our overarching purpose Scottish Government spokesman

DTZ economist Richard Marsh said: "An expenditure measure of GDP is desirable which would put us on a par with other developed countries such as Ireland and New Zealand.

"[Such a] measure is a building block for understanding the economy. A new series based on this would boost the credibility of Scottish economic statistics.

"It would provide a comparative point of view with the UK, an invaluable source of information given how major economic events such as the credit crunch are unfolding differently in Scotland. "

A Scottish Government spokesman said its quarterly output measure of GDP was a key indicator of the performance of the Scottish economy.

He added: "The research found that an expenditure approach measure is possible and would meet international standards set by the International Monetary Fund (IMF).

"We will consider the possibility of developing a GDP expenditure series within the wider ongoing programme for developing economic statistics on the Scottish economy."