25 Years of the Scottish Business Monitor

Launched in 1998 and now in its 25th year, the Scottish Business Monitor is one of Scotland’s preeminent trackers of business sentiment and activity. The Scottish business survey is compiled by the Fraser of Allander Institute, an independent economics research institute at the University of Strathclyde, and is produced in partnership with Addleshaw Goddard, an international law firm.

Over 25 years, Scotland has experienced many ups and downs, with economic crises and periods of growth influenced by domestic and global economic conditions. Today, Scotland finds itself in yet another difficult economic period, following years of turmoil for businesses, including the UK’s exit from the European Union, COVID-19, and now the cost-of-doing business crisis.

Despite these unprecedented challenges, the Scottish business base continues to show significant resilience.

In celebration of 100 business monitors, this report looks at the past 25 years of business in Scotland, highlighting how Scottish firms have coped with significant changes in the economic landscape, and analysing key business indicators.


Kate is a Knowledge Exchange Assistant at the FAI working across a number of project areas. She is currently studying for her MSc in Economics at the University of Edinburgh and has a bachelor’s degree in Economics from the University of Strathclyde. Kate is also the Outreach Coordinator at the Women in Economics Initiative which aims to encourage equal opportunity and improve representation in the field.

Atika Dalwai

Atika is a student in the MSc Economics and Finance program at the University of Strathclyde and has a bachelor’s degree in Commerce (Financial Accounting and Auditing) from the University of Mumbai. She has previously worked as a Staff Accountant at B S R & Associates LLP (a KPMG network firm in Mumbai, India).

Adam is an Economist Fellow at the FAI who works closely with FAI partners and specialises in business analysis. Adam's research typically involves an assessment of business strategies and policies on economic, societal and environmental impacts. Adam also leads the FAI's quarterly Scottish Business Monitor.

Find out more about Adam.

Mairi is the Director of the Fraser of Allander Institute. Previously, she was the Deputy Chief Executive of the Scottish Fiscal Commission and the Head of National Accounts at the Scottish Government and has over a decade of experience working in different areas of statistics and analysis.

Part of Collection

The quarterly Fraser of Allander Scottish Business Monitor, in partnership with Addleshaw Goddard, provides a snapshot of activity and business sentiment in the Scottish economy.