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The Scottish economy [April 1976]

Bell, David N. F. and Carruth, Alan and McGilvray, James W. and O'Sullivan, N. and Oswald, Andrew J. and Simpson, David R. F. (1976) The Scottish economy [April 1976]. Quarterly Economic Commentary, 1 (4). pp. 9-23. ISSN 0306-7866

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The first quarter of 1976 has seen a slowing down in the rate of increase of unemployment, of prices, and of unit costs, the flattening out of output and healthier order books. The principal factors in bringing about this relative improvement have been a reduced rate of de-stocking and a better export performance. These generalisations, however, conceal wide disparities of experience among sectors. The greater variation in the state of business expectations and confidence which we anticipated in our last Commentary was confirmed by the latest CBI Industrial Trends survey. For a number of industries, both domestic and export, order books showed a distinct improvement in the last quarter of 1975.