Scottish Business Monitor : 2023 Q2

Spowage, Mairi and McGeoch, Adam and Crummey, Ciara and Boyle, Owen (2023) Scottish Business Monitor : 2023 Q2. University of Strathclyde, Glasgow.

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Abstract

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 July from across the Scottish economy. The survey examined business sentiment in the second quarter of 2023 and the outlook and expectations for the year ahead. Over Quarter 2, businesses typically experienced a contraction in business sales, turnover, investment, and export activity, with just employment increasing on Quarter 1. 2 in 5 firms surveyed reported cancelling or delaying investments – primarily physical assets – over the past year. Last quarter, 62% of firms expected growth in the Scottish economy over the year to be weak or very weak. This quarter, 71% are expecting weak/very weak growth.

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