State of the economy: October 2022

This report summarises recent developments in the global and Scottish economy and provides an analysis of the performance of, and outlook for, the Scottish economy.

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1. Sources in the table below: Economic Performance: GDP statistics, S&P Global RBS PMI. Labour Market: Labour Market Statistics, S&P Global RBS Report on Jobs, Business Insights and Conditions Survey (BICS), ONS Real Time Information Statistics. Trade: HMRC Regional Trade Statistics, S&P Global UK PMI, Economic Policy Uncertainty (EPU), BICS. Prices: ONS, Food and Agricultural Organisation of the UN. UK Public Finances: ONS. Outlook: S&P Global RBS PMI, Scottish Consumer Sentiment Indicator, Economic Policy Uncertainty.

2. We also continue to monitor a wide range of indicators in our Monthly Economic Brief: Monthly economic briefs - (

3. Consumer price inflation, UK - Office for National Statistics

4. Economy statistics - ( , GDP monthly estimate, UK - Office for National Statistics (

5. Royal Bank of Scotland PMI report for September 2022 | Royal Bank of Scotland (

6. Economy statistics - (

7. Retail sales, Great Britain - Office for National Statistics (

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

9. Labour market statistics - (

10. Royal Bank of Scotland Report on Jobs – October 2022 | NatWest Group

11. World Economic Outlook, October 2022: Countering the Cost-of-Living Crisis (

12. Monetary Policy Report - August 2022 | Bank of England

13. Bank Rate increased to 2.25% - September 2022 | Bank of England

14. Bank of England announces gilt market operation | Bank of England

15. Bank Rate increased to 2.25% - September 2022 | Bank of England

16. Energy Trends: UK electricity - GOV.UK (

17. The long squeeze: rising inflation and the current government support package | Institute for Fiscal Studies (

18. Producer price inflation, UK - Office for National Statistics (

19. BICS weighted Scotland estimates: data to wave 66 - (

20. Business energy spending: experimental measures from the Office for National Statistics' business surveys - Office for National Statistics (



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