SMALL and medium-sized enterprises in Scotland are particularly pessimistic about the outlook for the UK economy, but expect to achieve modest growth in revenue this year, a survey shows.

The SME Growth Tracker, a report by Capital Economics commissioned by Amazon UK and Enterprise Nation, shows small and medium-sized businesses in Scotland are the least confident in the UK about the economic outlook.

They signalled a view there would be a significant deterioration in the UK economy over the coming year.

Small and medium-sized enterprises in Scotland signalled a belief that growth in revenue over the coming year would be slightly greater than that in the preceding 12 months.

However, an already modest pace of job creation was forecast to slow.

Small and medium-sized businesses in Scotland signalled revenue growth over the coming year of 1.2 per cent, according to the SME Growth Tracker. Revenue rose, on average, by 0.9 per cent over the prior 12 months.

Meanwhile, Scottish SMEs projected an overall increase in headcount of 0.4 per cent over the next 12 months, having raised their employment by 0.7 per cent during the previous year.

Glasgow-based Shearer Candles was highlighted by those behind the survey as one of thousands of small and medium-sized enterprises in Scotland hoping for growth in 2018, with this company’s annual growth put at up to 40 per cent.

Ian Barnet, managing director of Shearer Candles, said: “2017 has been a great year for us and, despite challenging conditions, we’re hoping for more growth in 2018. We’re proud to be able to sell to customers in both our brick-and-mortar stores and online.”

Shearer Candles has been operating in Glasgow for more than a century.