Bank of Scotland barometer reveals slight dip in business confidence
Scottish business confidence has experienced a decrease, falling nine points to 22% in May, according to the latest Business Barometer from the Bank of Scotland Commercial Banking.
The drop came as firms reported a slight dip in faith in their own business prospects, which fell two points to 30%. Economic optimism also decreased, plunging 20 points to 14%.
Despite this downturn, Scottish businesses are focusing on growth areas over the next six months. The main targets are evolving their offerings (45%), investing in their teams (35%), and breaking into new markets (29%). A net balance of 29% of regional firms are planning to expand their staff in the upcoming year, albeit this is down three points from the previous month.
Chris Lawrie, area director for Scotland at Bank of Scotland Commercial Banking, said: “Despite a slight drop, business confidence figures remain positive and it’s great to see so many firms planning to invest in their teams.
“On the ground we’re hearing that more and more companies are setting their sights on new goals in the coming twelve months. Whether going after new markets, or making new
hires to help during busier periods, it’s important that businesses ensure their working capital is in rude health.
“Having a keen eye on forecasting and finances can help firms to move swiftly when new opportunities arise. We’ll remain by the side of Scottish businesses to support them and help them to capitalise on growth opportunities this summer.”