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Tough trading dogs Scottish economy in Q1 27 March 2012

Over a third of Scottish businesses experienced a decrease in their turnover in the three months ending February 2012, according to research released today.

The poll, released by Lloyds TSB Scotland, found 35% of firms experienced a decrease in turnover during the three month period, while a further 36% saw no movement in turnover levels. Just 29% polled an increase in turnover during the period.

A slight deterioration in Scotland’s rate of economic recovery was suggested by the figures.

Service businesses saw their net turnover balances drop 11%, which was worse than the 8% witnessed in the previous quarter, but was much improved from the drop of 22% witnessed in the same quarter a year ago.

Donald MacRae, chief economist at Lloyds TSB Scotland, said the latest report suggests the muted recovery in the Scottish economy has yet to pick up pace.

He explained: “There is no definite sign of a lapse into a ‘double dip’ but every indication of a continuing slow recovery with negligible growth in the latest quarter.

“However, there is a discernible uplift in business confidence with expectations recovering from the downwards plunge of last quarter. The risk of a return to recession or a ‘double dip’ has reduced and the likelihood of growth, albeit low, in the Scottish economy for 2012 has improved.”

 

 

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