Lloyds TSB: Scottish economic growth slows, but expectations remain high

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Lloyds TSB: Scottish economic growth slows, but expectations remain high

Wed 26th Mar 2008

Lloyds TSB Scotland's latest Business Monitor has found that growth has slowed for many firms over the three months leading to February, but that there has also been an upturn in positive expectations for the next six months.

The survey recorded 36 per cent of firms reporting an increase in turnover, 36 per cent saying they had static turnover in the three month period and 28 per cent reporting a decrease.

That gives a net balance of plus eight per cent, which is down from the previous quarter and less than a third of that recorded for the same period one year ago.

Professor Donald MacRae, chief economist at Lloyds TSB Scotland, noted that despite slowing economic growth, consumer confidence "remains robust" and unemployment is at its lowest level for over 33 years.

"Business expectations for the next six months have improved. There is no evidence of restriction in credit or rising levels of concern about credit costs. Costs overall are however a concern for most Scottish businesses," he added.

Recently Lloyds TSB found that in the three months to January 31st 2008, the quarterly price index for the average domestic property in Scotland fell by 1.6 per cent.

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