According to Daily Business on the 8th March:
‘Scots factories shrug off Brexit to ‘get on with it….. After the initial shock of last year’s Brexit vote, Scottish engineering companies have adopted the usual pragmatic approach and buckled down to getting on with business.’
With particular regard to manufacturing exporters, 30% of businesses have indicated increased activity due in part but not entirely to, weakness in the pound.
The Daily Business piece also reports:
‘Private sector growth picked up in the three months to February, according to the CBI’s latest Growth Indicator. The survey of 778 respondents across the manufacturing, distribution and service sectors showed that growth rose to a balance of +15%, climbing from the balance of +10% in the three months to January.’
Scottish GDP is growing faster than the UK average and has now reached the same rate. Noting that much of UK growth is due to population growth with associated costs for the infrastructure and services required for a bigger population whereas Scotland’s is due to increased productivity there is good reason for optimism. Of course, with oil and gas revenue added as the sectors recover, Scottish GDP will soon exceed the UK average.
Of course, with oil and gas revenue added as the sectors recover, Scottish GDP will soon far exceed the UK average. See these for evidence: