Scotland’s recovery hit by December’s big freeze

| March 28, 2011 | 0 Comments

According to the latest Lloyds TSB Business Monitor, Scotland’s economic recovery has been hit by the severe wintry weather at the end of last year.

For the three months to the end of February, almost half of companies experienced a decline in turnover, one third experienced level, or “static”, turnover, while a quarter noted an increase.

However, on a positive note, the majority of the 420 businesses surveyed said they were optimistic about the short-term with expectations for turnover in the next six months rising across all the firm types in the survey to their highest level for three years.

Almost one third (32%) expect their turnover to increase in the six months to August, 42% expect a level position, while just over a quarter (26%) expect their turnover to drop.

Commenting, Donald MacRae, chief economist at Lloyds TSB Scotland, said: “The latest Business Monitor shows the recovery from recession in the Scottish economy severely interrupted by the adverse weather in December 2010.

“Following four consecutive quarters of improvement, the Business Monitor showed the economy deteriorating in early 2010 as a direct result of the severe winter weather. These latest results show the recovery stalling due to the poor winter weather of late 2010.

“However, the recovery from recession is likely to resume, with expectations for the next six months at their highest level for three years,” he concluded.

Tags: , , , ,

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 1464 times, 2 so far today