Scottish economic growth continues for ninth successive month

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A report by the Bank of Scotland has shown that Scotland’s economy continued to grow throughout September.

The survey of business managers, the  Bank of Scotland Purchasing Managers’ Index (PMI) showed that output grew for the ninth month running.

The recovery was best in manufacturing where there was a solid rise in output and the numbers in employment rose the sharpest for four months. 

Bank of Scotland Chief Economist Donald MacRae said: “Both jobs and new orders fell in the month but new export orders saw a modest increase.

“Manufacturers increased output at a solid rate despite strong cost pressures.

“This month’s PMI suggests the Scottish economy continues to grow but is slowing in common with the rest of Europe.”

Finance Secretary John Swinney said: “It is positive news that private sector business activity in Scotland expanded for the ninth consecutive month in September, but this survey confirms that there is absolutely no room for complacency.”

Mr Swinney repeated his call for the UK coalition to switch to the plan MacB and accelerate capital investment.

The Finance Secretary also insisted that Scotland needed greater access to key levers of economic growth, such as control over corporation tax and more borrowing powers.