Scottish economic bulletin: November 2025

Footnotes

1 Economy statistics - gov.scot (www.gov.scot) , GDP monthly estimate, UK Statistical bulletins - Office for National Statistics (ons.gov.uk)

2 Based on 3-monthly data.

3 Consumer price inflation, UK - Office for National Statistics

4 Monetary Policy Report - November 2025 | Bank of England

5 Bank Rate maintained at 4% - November 2025 Monetary Policy Summary and Minutes | Bank of England

6 Investor Panel: Mobilising international capital to finance the transition to Net Zero - gov.scot

7 https://www.gov.scot/isbn/9781806433742

8 Investor Panel: Mobilising international capital to finance the transition to Net Zero - gov.scot

9 Royal Bank of Scotland Regional Growth Tracker report for October 2025 | Royal Bank of Scotland

10 Business and innovation statistics - gov.scot

11 Royal Bank of Scotland Regional Growth Tracker report for October 2025 | Royal Bank of Scotland

12 The future of the ONS Annual Population Survey in Scotland - Changes to Labour Market Statistics in Scotland: What You Need to Know - gov.scot

13 Based on the Labour Force Survey: Labour market statistics - gov.scot

14 Labour market in the regions of the UK - Office for National Statistics

15 Earnings and employment from Pay As You Earn Real Time Information, seasonally adjusted - Office for National Statistics

16 Nomis - Official Census and Labour Market Statistics

17 In May 2024, the Department for Work and Pensions increased the administrative earnings threshold for full work search conditionality. This change affected around 180,000 claimants in the UK, increasing the Claimant Count at the time of the change.

18 Textkernel new online job adverts - Office for National Statistics

19 Earnings and employment from Pay as You Earn Real Time Information, seasonally adjusted - Office for National Statistics (ons.gov.uk)

20 Agents' summary of business conditions - 2025 Q3 | Bank of England

21 Economy statistics - gov.scot (www.gov.scot)

22 UK Consumer confidence increases two points in October to -17 - NIQ

23 Retail sales, Great Britain - Office for National Statistics

24 Monthly Direct Debit failure rate and average transaction amount - Office for National Statistics

25 Monetary Policy Report - November 2025 | Bank of England

26 Effective interest rates - A visual summary of our data | Bank of England

27 Forecasts for the UK economy - GOV.UK

28 Monetary Policy Report - November 2025 | Bank of England

29 World Economic Outlook, October 2025: Global Economy in Flux, Prospects Remain Dim

30 Scotland’s Economic and Fiscal Forecasts – May 2025 | Scottish Fiscal Commission

31 FAI Economic Commentary Q3 2025 | FAI