Scottish Business Monitor Q4 2022

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 December and January from across the Scottish economy.

The survey examined business sentiment in the fourth quarter of 2022 and the outlook and expectations for the year ahead.

Our survey results show the net balance of all of our core business activity indicators for Q4 2022 are negative for the first time since Q1 2021. However, after slipping into the red last  quarter, business sentiment bounced
back ever so slightly and has returned to positive territory.


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.

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).

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.