2015 Scottish Economy Prospects

The Scottish economy is growing at pre-recession levels but at a much slower pace.

A Bank of Scotland report shows that turnover fell in November by 14% on the previous quarter.

41% of firms surveyed increased turnover, 34% experienced static turnover, and 25% experienced a decrease. 

The overall net balance of turnover for firms in the production sector in the three months to end November 2014 was +12%, down on the +35% of the previous quarter but is identical to the +12% of the same quarter one year ago.
 
Service businesses showed an overall net balance for turnover for the three months ending November of +19%, down on the +27% of the previous quarter and up on the +17% of the same quarter one year ago. Growth has been maintained over the year but the rate of increase has eased.
 
Volumes of repeat business remained at high levels in this latest quarter, with a net balance of +15%, which is identical to the +15% of the previous quarter and is higher than the +10% of the same quarter one year ago. 
 
Donald MacRae, chief economist, Bank of Scotland said: "The surge in economic activity identified in summer 2013 has been maintained throughout 2014. 

"Expectations have fallen slightly but are close to pre-recession levels, suggesting the recovery will continue into 2015 but the rate of growth will ease. Further increases in investment by firms would enhance and embed the recovery."