Business confidence in Scotland has dropped significantly below the average for the UK as a whole.
The latest ICAEW/Grant Thornton business monitor found optimism among firms north of the border fell to the lowest level since the first quarter of last year in the 12 weeks to July 23.
This was despite continuing positive sales trends that have seen volumes increase 4.5% in the past year and exports move ahead by 4.9%, a performance which outstrips the wider UK.
The survey found Scots firms increasingly eyeing long-term investment opportunities as a smaller proportion of businesses reported problems accessing growth capital than at the same point a year ago.
Grant Thornton UK’s managing partner in Scotland Kevin Engel said the findings were “slightly concerning” but “not entirely surprising.”
“Earlier this year, business confidence in Scotland rose to record levels, buoyed by a resurgence in economic activity,” he said.
“Businesses continue to report strong sales growth with exports now outpacing the rest of the UK.
“There are some clear areas of concern for Scotland’s businesses, but the long-term outlook remains positive.”
ICAEW Scotland president Paul Adderley said: “There is still some way to go before we fully return to where we were pre-crisis.”