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    Hope for Scottish economy “remains positive” amid growth

    Category: Scottish Economy — Paul Morgan on July 14, 2012

    A new survey has indicated that the country’s economy performed better in the last month, with Scotland outperforming the rest of the UK in many key areas.

    The findings have been announced in the Bank of Scotland Purchasing Managers’ Index (PMI) for June. The data has shown that growth was seen in manufacturing and the service sector, with employment levels rising.

    The PMI also showed that there was an increase in business levels in the private sector.

    It also indicated that Scottish growth was at a stronger rate than in the UK as a whole, with output and new orders all up on the national averages.

    In the private sector, employment has been on the rise for the last few months, with only one month in the last seven seeing a drop. This has been largely as a result of new business, with companies managing to expand, with new strategies such as invoice factoring being a help.

    The chief economist at the Bank of Scotland, Donald McRae, said:

    “The June PMI showed a welcome pick-up in the Scottish economy with both manufacturing and services recording growth.

    “Employment rose across all sectors while cost pressures continued to ease.”

    McRae went on to say that there we still challenges ahead though, with the slowdown continuing in Europe and across the UK.

    However, the news was welcomed at Holyrood, where Finance Secretary John Swinney said:

    “Despite the ongoing challenges, there are positive indications that the recovery continues in Scotland.”

    He went on to highlight how, according to the survey, growth in the private sector is positive for the 18th month in a row, and that new business generally is on the increase.

    'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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