EY Scottish ITEM Club: Summer update 2014
Focussing on the Scottish economy and its position in the UK, Eurozone and global market, the Scottish ITEM Club is the only Scotland focussed non-governmental economic forecasting group to use HM Treasury’s model of the UK economy.
Summer update 2014: Key findings
- A revival in consumer confidence and the prospect of an improved global economy has led the EY Scottish ITEM Club to upwardly adjust its 2014 growth forecast to 2.4%.
- Further growth of 1.9% is predicted in 2015 and 2016.
- Total employment in Scotland is forecast to grow by 1.7% this year and 1.2% in 2015. This creates the prospect of jobs figures exceeding their pre-crisis peak by 2018.
- Average house prices in Scotland are predicted to rise by nearly 7% this year and 5% in 2015.
- However, there are a number of factors – international and home-grown – that render the report’s predictions susceptible to change.