Scotland’s recovery is gathering pace it has been claimed, with the latest Bank of Scotland survey showing record increases in business activity and work levels.
According to Donald MacRae, the chief economist for the national bank, the recovery rate is “clearly quickening”.
He made the claims after the bank’s latest Purchasing Managers Index showed that employment in the country has risen at its fastest rate since 2007.
According the index, a record high of 58.3 was achieved, beating the July reading of 56.7 by some margin. With any reading over 50 showing an expansion in work levels, it is very welcome news.
Many firms are in a far better position than they were some years ago. A large number have been helped by invoice discounting, as well as the assistance of factoring companies in Scotland, to shore up their operations.
Once again, the service industry was the leading light of the survey results, whilst new business landing at the doors of manufacturers in Scotland also saw a record rise. An increase in general confidence in the market place also contributed significantly.
According to anecdotal evidence from the survey, the major growth areas are in the new economies of the world; showing just how vital exports are to the country.
As well more export activity to Brazil and China, increased orders from Saudi Arabia were also significant. However, whilst it is great news for the Scottish recovery, the pace is still at a lower rate to that of the UK on a national average.