By Daniel Hunter

The latest Lloyds TSB Scotland Business Monitor shows the recovery in the Scottish economy has yet to pick up pace.

In the three months ending February 2012, just under a third (29%) of firms surveyed increased turnover, 36% experienced static turnover, and just over a third (35%) experienced a decrease.

This gave a net balance of -6%; a slight deterioration from the -3% of the previous quarter but a substantial improvement on the -20% of the same quarter one year ago.

“This latest Business Monitor suggests the muted recovery in the Scottish economy has yet to pick up pace," Donald MacRae, chief economist, Lloyds TSB Scotland said.

"However, there is no definite sign of a lapse into a “double dip” but every indication of a continuing slow recovery with negligible growth in the latest quarter. However, there is a discernible uplift in business confidence with expectations recovering from the downwards plunge of last quarter.

"The risk of a return to recession or a “double dip” has reduced and the likelihood of growth, albeit low, in the Scottish economy for 2012 has improved."

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