Scottish recovery maintained, report shows

Date: 9th August 2010

The recovery of the economy in Scotland continued at a "slow and steady" pace last month, according to a new report.

This could come as good news to a number of small businesses across the country as the latest PMI report from the Bank of Scotland revealed that new order growth continued to increase throughout July.

However, according to the report, the increase was the lowest recorded for three months.

Donald MacRae, chief economist at the Bank of Scotland, said: "This month's data shows a thirteenth consecutive rise in business activity across Scotland, with recovery remaining manufacturer led.

"Overall, there is positive news in most areas, signalling Scotland's economy is in recovery, albeit somewhat subdued."

Data from the report also showed that the business and financial services sectors enjoyed particular growth in July, while activity in the travel and tourism industries also continued to rise.

The overall index score from the report edged up to 53.0 from 52.9 in the previous month.

Posted by Jacob Williams