Economic Research alert – October 2023

This paper provides an overview of research in the public domain over the last month with a focus on jobs, innovation, international and investment.

The methodology consisted of desk research.

Jobs - 73% of UK businesses trying to recruit have faced difficulties and hospitality businesses remain the most likely to report challenges in hiring staff finds the BCC Quarterly Recruitment Outlook. A study by the Society for Occupational Medicine finds that long-term sickness in women across all age groups has been rising since 2014, with women becoming economically inactive at a higher rate than men. Innovation - Switzerland, Sweden, the US, the UK and Singapore are the world’s most innovative economies in 2023, according to WIPO’s Global Innovation Index. 20% of UK SMEs have invested in green energy solutions including solar panels, battery storage, heat pumps and electric vehicle charging points suggests research from Scottish Power. International - Scotland's International Goods Trade report (Q2) finds the value of Scotland’s international goods exports increased by 12.6% to £36.7 billion. The UK saw a 12.2% increase. Businesses who export benefit from a “positive feedback loop” that boosts their productivity – and which in turn makes them better prepared to trade internationally suggests a report from the London School of Economics. Investment - Research from the Social Market Foundation suggests although the UK has a positive business environment and is a very attractive place for startups, it struggles to help them achieve scale. The NE Quarterly Economic Survey suggests the North-east economy is now outperforming the UK in several key business metrics however, inflation – driven primarily by rising labour costs – continues to squeeze profitability among companies based in Aberdeen and Aberdeenshire more than elsewhere.

The report makes no recommendations.