Scottish Business Monitor, 2023 Q2

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.




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.

Ciara is an Associate Economist at the Fraser of Allander Institute. She has a broad research experience across different areas including poverty and inequality, the voluntary sector, health, education, trade, and renewables and climate change. Ciara has an MSc in Applied Economics (Distinction) and a first-class BA Honour’s degree in Economics and Finance, both from the University of Strathclyde.

Owen Boyle

Owen has recently completed an Economic Futures work placement at the Fraser of Allander Institute. He is currently studying towards the MSc Applied Economics at the University of Strathclyde, and has a Bachelor’s degree in Economics and Marketing from Strathclyde.

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.