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Latest data on the Scottish economy - Update 24th July 2020

24th July 2020

Photograph of Latest data on the Scottish economy - Update 24th July 2020

From Fraser of Allender Institute 24 July 2020.

This update provides a snapshot of new data on the Scottish economy and households.

The latest data shows consumer interest in some sectors rebounding but a sizeable proportion of Scottish businesses who remain closed and do not intend to restart trading soon. Furthermore, almost a third of all eligible jobs in Scotland had been furloughed at the start of July. Estimates of the financial impact on households of Coronavirus so far show a large real-terms fall in typical incomes in the range of 4.5%.

Next week sees the launch of our latest Scottish Business Monitor with Addleshaw Goddard and will give further insight as to what capacity businesses will be operating at in the coming months and also business's views on the SG and UKG's handling of the crisis.

Proportion of businesses that have temporarily closed or ceased temporarily trading: the proportion of businesses surveyed by the ONS that report they are temporarily not trading has fallen across the UK since the height of the lockdown. Around 12% of businesses report that they were still not open in Scotland at the end of June, an improvement on the 18% proportion reported at the end of May.

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