Scottish Business Monitor : 2023 Q1

McGeoch, Adam and Williamson, Jack and Catalano, Allison (2023) Scottish Business Monitor : 2023 Q1. University of Strathclyde, Glasgow.

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This report summarises the key results from our latest Fraser of Allander (FAI) Scottish Business Monitor, published in partnership with Addleshaw Goddard. The survey sampled 400 firms in April from across the Scottish economy. The survey examined business sentiment in the first quarter of 2023 and the outlook and expectations for the year ahead. Overall, the outlook of firms has improved since the beginning of 2023 with business sentiment rising to its highest level since 2021. The survey results also indicate that employee costs have overtaken energy costs as the key driver of cost pressures faced by businesses. Last quarter, more than 75% of firms expected growth in the Scottish economy over the year to be weak or very weak. This quarter, 62% are expecting weak/very weak growth.