Review of Scottish business surveys [November 2012]

Lockyer, Cliff and Malloy, Eleanor (2012) Review of Scottish business surveys [November 2012]. Fraser of Allander Economic Commentary, 36 (2). pp. 30-34. ISSN 2046-5378

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    Abstract

    A wider sense of despondency was evident amongst business surveys commenting on the third quarter results, with the exception of the oil and gas sector, the emphasis was on a weakening economy, with weak consumer demand, output down in construction, declining export activity and more concerns as to activity over the year ahead. Both the latest Scottish Chambers Business (Q3) and Lloyds TSB Business Monitor survey (Q3 to August) commented on the 'stagnating' Scottish economy. The Bank of Scotland PMI (September data) noted a decline in private sector output, reflecting a declining trend in new work, a reduction in backlogs and accelerating input price inflation due to rising fuel and commodity prices. The CBI data for Q3 similarly noted a decline in both new orders and output. Declining trends in export orders and Eurozone uncertainties were seen as contributing to a decline in orders was reported by Scottish Engineering (Q3).