The Scottish economy entered recession this year and real household income is expected to see its sharpest decline since 1998 🔴 ChrisGreenNews
It said that Scotland had most likely already entered a recession that would last for more than a year, broadly mirroring the one predicted to affect the UK as a whole.
However, the Scottish economy is not expected to recover to its pre-recession peak until the first quarter of 2025, one quarter behind the UK. Rising interest rates will also add to the costs of mortgages and other forms of debt, but it said that because Scotland has lower average house prices and lower average household debt as a share of income, this would have a smaller effect than in the rest of the UK.
“The rise in energy and traded goods prices being driven by the conflict in Ukraine has been greater than expected earlier in the year, pushing up inflation.
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