For the three months ending November 2010, a third of firms reported an increase in turnover, 34 per cent experienced static turnover, while a third experienced a decrease, according to the Lloyds TSB Scotland Business Monitor.
Donald MacRae, chief economist at Lloyds TSB Scotland, said: "Manufacturing is leading the emergence from recession. However, a slowdown to low growth is in place at the end of 2010.
"Both consumer and business confidence remain positive but at low levels, keeping consumer spending and retail sales increasing at moderate rates. The fragile recovery will be restrained by cuts in government spending in 2011. Growth in the Scottish economy of 1.25 per cent is expected for 2011."