CONFIDENCE among businesses in Scotland decreased by 16 points in September, reaching 48% as per the most recent Business Barometer from Bank of Scotland.
Firms in Scotland showed a decrease in their confidence regarding their business’s future prospects over the month, dropping by 19 points to 47%. This decline is in contrast to their optimism regarding the economy, which also decreased by 13 points to 49%. Together, these factors result in a primary confidence score of 48%, compared to 64% in August.
Scottish companies placed their primary focus on growth areas such as entering new markets (37%), enhancing their workforce (35%), and adopting new technology (30%).
The overall confidence of businesses in the UK decreased slightly in September, dropping to 47% from 50% in August.
The outlook for production varied across different sectors, with some experiencing notable shifts from previous forecasts. In the construction industry, the significant increase seen last month was largely negated by a decrease in September’s expectations, dropping by 12 points to 46%.
Likewise, in the manufacturing sector, there was a decline in trading prospects for the second month in a row to 53%, though this remains higher than the same period last year. However, the decreases in the manufacturing and construction sectors were more than compensated by a slight increase in retail and a more significant increase in the leading service sector.
