Review of Scottish business surveys [March 2013]

Lockyer, Cliff and Malloy, Eleanor (2013) Review of Scottish business surveys [March 2013]. Fraser of Allander Economic Commentary, 36 (3). pp. 33-37. ISSN 2046-5378

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Signs of a modest improvement in the Scottish economy were evident in the more recent PMI reports, and in the Scottish Engineering report for Q 4 2012, and were more strongly evident in the Oil & Gas UK index (and commercial surveys as to UKCS drilling activity) but were less evident in other surveys. Whether or not the more recent monthly surveys are picking up signs of a recovery, whilst the quarterly surveys tend to reflect the weaker conditions through the fourth quarter, is uncertain. Nevertheless, the quarterly surveys suggest some signs of a slight improvement looking forward to Q1 2013. However, there is more agreement as to the increased activity in oil and gas sectors and it is likely that this is having a spill over effect into Scottish engineering.