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Economic Research alert – October 2023

Aims

This paper provides an overview of research in the public domain over the last month with a focus on jobs, innovation, international and investment.

Methods

The methodology consisted of desk research.

Findings

Jobs - 73% of UK businesses trying to recruit have faced difficulties and hospitality businesses remain the most likely to report challenges in hiring staff finds the BCC Quarterly Recruitment Outlook. A study by the Society for Occupational Medicine finds that long-term sickness in women across all age groups has been rising since 2014, with women becoming economically inactive at a higher rate than men. Innovation - Switzerland, Sweden, the US, the UK and Singapore are the world’s most innovative economies in 2023, according to WIPO’s Global Innovation Index. 20% of UK SMEs have invested in green energy solutions including solar panels, battery storage, heat pumps and electric vehicle charging points suggests research from Scottish Power. International - Scotland's International Goods Trade report (Q2) finds the value of Scotland’s international goods exports increased by 12.6% to £36.7 billion. The UK saw a 12.2% increase. Businesses who export benefit from a “positive feedback loop” that boosts their productivity – and which in turn makes them better prepared to trade internationally suggests a report from the London School of Economics. Investment - Research from the Social Market Foundation suggests although the UK has a positive business environment and is a very attractive place for startups, it struggles to help them achieve scale. The NE Quarterly Economic Survey suggests the North-east economy is now outperforming the UK in several key business metrics however, inflation – driven primarily by rising labour costs – continues to squeeze profitability among companies based in Aberdeen and Aberdeenshire more than elsewhere.

Recommendations

The report makes no recommendations.

Document
Author Scottish Enterprise
Published Year 2023
Report Type Research
Theme/Sector
  • Internationalisation
    Exporting