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Home arrow Holyrood news arrow News categories arrow Business, Industry & Economy (HCL04) arrow Scottish economy faces slowdown from 'strong position'
Scottish economy faces slowdown from 'strong position' Print E-mail
Friday, 04 January 2008

The latest Lloyds TSB Scotland Business Monitor, now in its tenth year, has shown the Scottish economy continuing to grow, but at a reduced rate compared to six months ago. 

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, said: “The Scottish economy is facing a slowdown but from a strong position.

"Although business confidence has fallen particularly in the service sector, consumer confidence has not. In 2007 the Scottish economy should grow at around 2.3 per cent.  Despite the 'credit crunch' the Scottish economy is in good shape to face the challenge of 2008."

The survey, for the three months ending November 2007, shows 42 per cent of firms surveyed reporting an increase in turnover, 32 per cent reporting static turnover and 26 per cent reporting a decrease.

This gives a net balance of +16 per cent, down from the previous quarter and less than half that recorded for the same quarter one year ago. However, this is very close to the long term average of the Business Monitor.

The slowdown in growth is affecting both manufacturing and service businesses, both of which have experienced a decline in volumes of new business compared to the last quarter. 

The good news is that, while both sectors are experiencing a slowdown, they are continuing to grow. For example, almost half of service businesses experienced an increase in turnover in the period.

Expectations of increasing turnover in the next six months has fallen, although by less than in the previous quarter.

Scottish house prices are continuing to increase - but at a rate nearer to the increase in average earnings.
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