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Only one sector of the Scottish economy still reporting yearly rise in turnover

Most companies in Scotland continue to report decreases in turnover over the year, according to new search.

The Scottish Government’s Monthly Business Turnover Index for June found a value for all included sectors of 24.6. Whilst this represented an increase on May’s 23.3, it remains below the expected index range of 45 to 55 seen since 2011.

Food retail is the only sector in the country to have seen a rise in turnover last month with an index value of 58, with nine of the total 10 sectors measured reporting drops.

Accommodation and food services sector was the worst hit area of the economy with an index value of 5, as the majority of businesses in this sector remained closed during this period.

The latest Monthly Business Turnover Index figures don’t take into account Scotland’s transition to Phase 3 of the country’s exit from lockdown, which took place on June 29.

It means figures don’t factor in the reopening of several areas of the economy, with many pubs, hotels and restaurants not reopening until July 15 at the earliest.

The Monthly Business Turnover Index is based on data from the ONS Monthly Business Survey and Retail Sales Inquiry.

Commenting on today’s figures, Euan Murray, Relationship Director, Barclays Corporate Banking, Scotland, said: “Food retail continued to prop up retail spending for the month of June as people remained largely at home, with restaurants, pubs and non-essential shops not yet allowed to open.

“Online shopping helped to boost other retail spending to some extent however it seems many were being cautious, with economic uncertainty tightening purse strings and putting a halt on discretionary spending.

“Clothing and footwear are areas which have struggled as people have had nowhere to go and no reason to buy new outfits. There is hope that the re-opening of hairdressers and non-essential shops in July will drive much needed footfall back to the high street. Time will tell whether the longer-term outlook is better but we can take some comfort from the fact the index has risen slightly since May.”

Published in Insider -