EY Scottish ITEM Club 2014 summer update
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 forecast 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.