Scottish Economic Insights: April 2025

Footnotes

1 Economic Policy Uncertainty Index

2 Economic Policy Uncertainty Index

3 Sources include: Economic Performance: GDP statistics, S&P Global RBS PMI. Labour Market:

Labour Market Statistics, ONS Textkernel and Real Time Information Statistics, and Business Insights and Conditions Survey (BICS). Trade: HMRC Regional Trade Statistics, S&P Global UK PMI, BICS, Economic Policy Uncertainty (EPU). Prices: ONS, Bank of England, Food and Agricultural Organisation of the UN. UK Public Finances: ONS. Outlook: S&P Global RBS PMI, Scottish Consumer Sentiment Indicator, Economic Policy Uncertainty.

4 Economy statistics - gov.scot

5 Royal Bank of Scotland Regional Growth Tracker report for March 2025 | Royal Bank of Scotland

6 Business and innovation statistics - gov.scot

7 Scottish Business Monitor Q1 2025 | FAI

8 Quarterly Economic Indicator - Scottish ChambersScottish Chambers

9 The work on development of the BSI has been undertaken by Dr Angelos Theodorakopoulos as part of his UKRI policy fellowship in the Office of the Chief Economic Adviser in the Scottish Government

10 For more details on the construction of the index, see the accompanying published technical paper. https://www.gov.scot/isbn/9781836914891

11 Economy statistics - gov.scot

12 UK Consumer confidence up one point in March - NIQ

13 Consumer price inflation, UK - Office for National Statistics

14 Energy price cap | Ofgem

15 Bank Rate maintained at 4.5% - March 2025 | Bank of England

16 Request to suspend APS accreditation – Office for Statistics Regulation

17 Scottish Government, November (2014): “Statement from the Chief Statistician on the Annual Population Survey”

18 The Scottish Government’s Quality Assessment of the Office for National Statistics Labour Force Survey and Annual Population Survey data for Scotland - gov.scot

19 Resolution Foundation (2024): Get Britain’s Stats Working: Exploring alternatives to Labour Force Survey estimates

20 Scottish Health Equity Research Unit (2025): A new model for economic inactivity in Scotland: Replicating alternative labour market projections

21 Royal Bank of Scotland Regional Growth Tracker report for March 2025 | Royal Bank of Scotland

22 Business and innovation statistics - gov.scot

23 Textkernel new online job adverts - Office for National Statistics

24 Scottish Business Monitor Q1 2025 | FAI

25 Scotland’s Economic and Fiscal Forecasts – December 2024 | Scottish Fiscal Commission

26 Economic and fiscal outlook – March 2025 - Office for Budget Responsibility

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

28 Average weekly earnings in Great Britain - Office for National Statistics

29 Monthly Decision Maker Panel data - March 2025 | Bank of England

30 Agents' summary of business conditions - 2025 Q1 | Bank of England

31 Scotland’s Economic and Fiscal Forecasts – December 2024 | Scottish Fiscal Commission

32 Economic outlook | OECD

33 World Economic Outlook, April 2025: A Critical Juncture amid Policy Shifts

34 Economic and fiscal outlook – March 2025 - Office for Budget Responsibility

35 Monetary Policy Report - February 2025 | Bank of England