Lloyds TSB: Scottish economy in good shape

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Lloyds TSB: Scottish economy in good shape

Research from Lloyds TSB Scotland indicates that while the country's economy may experience a slowdown, it is well-prepared to weather any storms.

In addition, chief economist Professor Donald MacRae said that business and consumer confidence remain positive.

Figures for the three months ending in November 2007 showed that more businesses reported an increase in turnover than a fall.

In addition, Scottish house prices are continuing to rise broadly in line with increases in income.

Mr MacRae 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."

He went on to say that he expected the Scottish economy to grow at a rate of about 2.3 per cent in 2008.

The BBC reported that the Confederation of British Industry Scotland and the Institute of Directors Scotland representatives had urged the Scottish executive to tackle transport links in an effort to make the country economically competitive.
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