SCOTLAND'S economic growth forecast for 2023 has been revised down due to the impacts of cost increases on consumers and businesses, and the likelihood that these will persist for longer than previously thought, according to the Fraser of Allander Institute (FAI) at the University of Strathclyde.
In the Deloitte-sponsored Economic Commentary, the FAI forecasts growth of 3.8% in 2022 and 0.5% in 2023, a significantly poorer outlook than previously estimated, with more than half of consumers spending less on non-essentials, and another third spending less on food and other essentials, as property rental and ownership costs also increase significantly.
