Fresh data released by the Bank of Scotland has shown the private sector in the country is growing, with both employment and output on the increase.
It represents the 16th monthly increase in a row in the private sector, with the highest rates of expansion presently being seen in the services industry.
Whilst the bank has said the results of its analysis are encouraging for the rest of the year, it did warn that the manufacturing sector is showing signs of difficulty. There was a decline in output in the sector in April, following two successive months of growth.
With service sector appointments exceeding manufacturing sector redundancies, the month also saw significant new work opportunities, with many companies looking at different options for commercial finance in Scotland to expand. It builds on good job creation numbers in March.
The news will be welcomed by the UK government, which has always maintained that the private sector is key to economic recovery. Nowhere is this more important on a national level than in Scotland where the public sector, one of the largest employers, is seeing sweeping cuts.
Welcoming the news, the finance secretary for Scotland, John Swinney, said the Bank of Scotland survey results indicated:
“positive signs of economic recovery in Scotland’s private sector.”
Going on to mention that Scottish exports are growing ahead of England, Northern Ireland and Wales, My Swinney went on to say:
“[It demonstrates] that Scottish government efforts to strengthen our economic links in overseas markets are paying off.”