Scotland’s economy stuttered to a slower than expected start to 2015.
The latest quarterly Scottish Chambers of Commerce economic indicator survey, produced in collaboration with the Fraser of Allander Institute, found growth across most sectors slowed considerably in the first three months of this year.
The results came as official figures released yesterday showed the Scottish economy grew by 0.6% in the final quarter of 2014.
The rise in GDP between October and December was largely driven by growth in the construction sector, which was up by 6.1%.
The SCC survey also looked at construction and four other key businesss sectors: financial and business services, manufacturing, retail and wholesale and tourism.
SCC chief executive Liz Cameron said the Scottish economy had returned to pre-recession levels, but growth faltered in the first months of this year.
“Scotland needs to up our game and our targets. Other economies have moved on, and we need to catch up and overtake them,” she said.
“Sales revenue and profits declined noticeably in the construction and tourism sectors and, although revenues grew for financial and business services, manufacturing and retail and wholesale firms all increased at slower rates than in the previous quarter. Employment growth was also weaker than at the end of 2014 across all sectors.
“It is encouraging, however, that spending on investment increased in every sector.”
Deputy First Minister John Swinney said: “Scotland’s economy continues to show strength, growing 0.6% in the final quarter of 2014, with growth of 2.7% across 2014 as a whole the fastest since 2006.
“The Scottish economy is now 2.3% above the pre-recession peak.
“During 2014, the construction sector expanded by 13%, and the sector is also now performing above pre-recession levels.”