Economic Journal Summary | Summer 2023
The Scottish monthly economic brief for June 2023, saw the Scottish Fiscal Commission forecast the Scottish economy to grow 0.2% in 2023. Whilst this is revised up from their previous forecast, it is arguably subdued overall. >Read More >
In Perth and Kinross, the Economic Journal for the 12-month period to end of July 2023 has shown small signs of improvement, although anecdotal evidence from businesses suggests that the cost of sales and increase in essential overheads are cutting into any gains made in turnover.
With that said, increases in business start ups, residents earnings, and the overall wellbeing score are encouraging markers during this challenging time.
NEW BUSINESS START-UPS
12 months to July 2023
745 new businesses were registered in the Perth and Kinross area in the 12-month period ending in July 2023, which was 5.4% higher than the previous 12-month period.
The top 3 sectors, accounting for 51% of new businesses are:
- Real estate, professional services & support activities (20.8% of new businesses)
- Recreational, personal & community service (15.2%)
- Construction (15%).
70.2% of the new business registrations are based in small towns and rural parts of Perth and Kinross and the ward with the most registrations is Perth City Centre (100 new businesses).
EARNINGS
Resident earnings increased to £658.70 for a full-time week, a 13.8% increase from the year before and currently 3% higher than the Scottish national average. Resident earnings refer to the earnings of people living in Perth and Kinross, some of whom will have their workplace in the area, some of whom will commute out with.
WELLBEING
The overall life satisfaction score in Perth and Kinross area was 7.65 out of a maximum 10 in 2021/22. This is not quite at pre-pandemic level, but an improvement from 7.49 the year before, and 2.6% above the Scottish average.
Perth and Kinross Happiness score of 7.51 was an increase on the previous year, placing the area 11th in Scotland. With regards to how worthwhile people feel, Perth and Kinross ranked 6th in Scotland with a score of 7.92 out of 10.
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