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Scottish economy picks up in June

Scotland experienced an upturn in its economic performance last month, a new bank claim reveals.

The Bank of Scotland PMI data shows that output in the private sector expanded faster in June than it had done in the previous month.

Job creation was one contributor to the improved figures, while there was also a small rise in new work intakes. In addition, backlogs were reduced in comparison to May.

Donald MacRae, chief economist at the bank, 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."

One issue that Scottish businesses chose to raise was the continuing increase in many costs, such as utilities and labour.

An upturn in economic fortune could persuade many consumers to start spending on credit cards, with the recent downturn said to have resulted in 34 per cent of consumers using plastic less, according to research by MoneySupermarket.com.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801403321-ADNFCR



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