The Scottish economy [January 1978]

Bell, D N F and Danson, M W and Glassford, M E and Kirwan, F X and Morton, A J and Simpson, D R F and Wingfield, Alison A. (1978) The Scottish economy [January 1978]. Quarterly Economic Commentary, 3 (3). pp. 6-37. ISSN 0306-7866

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The outlook for the Scottish economy during 1978 depends primarily on the extent to which the Chancellor decides to reflate the UK economy in his April budget. Performance during 1977 was disappointing. A substantial rise in unemployment over the year was accompanied by no real rise in output (see Industrial Performance). Without some substantial stimulus to demand during 1978, the outlook is equally bleak. For the first time, this analysis groups economic indicators under broad headings to give a more complete view of recent and forthcoming changes in the major economic aggregates in Scotland. Three headings have been chosen for this issue, namely, production, investment and consumption.