Scottish Economy 'Growing Too Slowly'

The Scottish economy needs to "up its game" to get back to where it was before the recession.

According to figures released by the Scottish Chamber of Commerce, businesses reported slower than average growth during the first quarter of 2015. That say that pre-recession levels have been reached, but growth needs to quicken to maintain that position.

These findings, released in collaboration with the University of Strathclyde’s Fraser of Allander Institute show the position of businesses for the first quarter of 2015.

Liz Cameron, Director and Chief Executive of Scottish Chambers of Commerce said:

"Our first economic indicator covering 2015 depicts an economy that has returned to pre-recession levels and is now on a path of slower growth.  However, it is not enough to get back to where we were – that wasn’t good enough then and it isn’t good enough now. 

"The indicator shows that growth levels across most sectors have slowed considerably compared with the final quarter of last year, but most indicators still remain above pre-recession levels and long term averages, and some point towards an improved performance from Scotland’s businesses going forward.

"It is encouraging however that spending on investment increased in every sector. Alongside improved productivity, Scotland can only fuel long term economic growth through increasing capital and labour inputs. If we want to encourage businesses to continue to invest, and to stimulate much needed consumer demand, interest rates must not be raised above current levels, at least for the remainder of this year."