State of the economy: May 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.


Footnotes

1. WEO/Issues/2022/04/19/world-economic-outlook-april-2022">World Economic Outlook, April 2022: War Sets Back The Global Recovery (imf.org)

2. Monthly GDP Estimate: February 2022: https://www.gov.scot/publications/monthly-gdp-february-2022/

3. GDP monthly estimate, UK - Office for National Statistics (ons.gov.uk)

4. RBS Purchasing Managers Index: 3584a89617ad452f9e1370a1f294fa99 (markiteconomics.com)

5. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

6. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

7. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

8. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

9. RBS Purchasing Managers Index: 3584a89617ad452f9e1370a1f294fa99 (markiteconomics.com)

10. Quarterly Economic Indicator - Scottish ChambersScottish Chambers

11. GDP Quarterly National Accounts: 2021 Quarter 4 (October to December) - gov.scot (www.gov.scot)

12. scc qei template (scottishchambers.org.uk)

13. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

14. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

15. UK regional trade in goods statistics: fourth quarter 2021 - UK Trade Info

16. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

17. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

18. UK trade in the wake of Brexit - UK in a changing Europe (ukandeu.ac.uk)

19. Post-Brexit: UK Trade in Goods « UK Trade Policy Observatory (sussex.ac.uk)

20. Labour market statistics - gov.scot (www.gov.scot)

21. Earnings and employment from Pay As You Earn Real Time Information, UK - Office for National Statistics (ons.gov.uk)

22. Scotland data (not seasonally adjusted) JM22 - Office for National Statistics (ons.gov.uk)

23. Royal Bank of Scotland Report on Jobs – April 2022 | NatWest Group

24. Online job advert estimates - Office for National Statistics (ons.gov.uk)

25. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

26. BICS weighted Scotland estimates: data to wave 55 - gov.scot (www.gov.scot)

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

28. The rates of earnings growth during the pandemic need to be interpreted with caution as base effects, compositional factors and the furlough scheme have all influenced the data.

29. The latest consumer sentiment survey was undertaken between 30 March – 24 April 2022.

30. Scottish Consumer Sentiment Indicator : Monthly Data - gov.scot (www.gov.scot)

31. The figures are taken from Covid-19 Community Mobility Reports published by Google and represent 7-day moving averages to control for daily volatility.

32. Retail sales, Great Britain - Office for National Statistics (ons.gov.uk)

33. Money and Credit - March 2022 | Bank of England

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

35. Monetary Policy Report - May 2022 | Bank of England

36. Producer price inflation, UK - Office for National Statistics (ons.gov.uk)

37. Monetary Policy Report - May 2022 | Bank of England

38. WEO/Issues/2022/04/19/world-economic-outlook-april-2022">World Economic Outlook, April 2022: War Sets Back The Global Recovery (imf.org)

39. OECD Economic Outlook

40. Economic and fiscal outlook - March 2022 - Office for Budget Responsibility (obr.uk)

41. Monetary Policy Report - May 2022 | Bank of England

42. Forecasts for the UK economy: April 2022 - GOV.UK (www.gov.uk)

43. Outlook for growth in 2022 worsens as cost increases begin to bite | FAI (fraserofallander.org)

Contact

Email: OCEABusiness@gov.scot

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