EY Scottish ITEM Club 2014 summer update

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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.