Bank of Scotland economist buoyed by latest PMI data

10 June 2013

Chief economist at the Bank of Scotland Donald MacRae is upbeat after new statistics revealed the nation's economy is in rude health.

According to the latest Purchasing Managers' Index (PMI) figures compiled by Markit, factory production grew at its fastest rate for 12 months in May, while activity in the services sector was at a 13-month high.

Overall, Scotland's economy posted a score of 54.4 on the index, which was up from 53.1 in April.

Any readout that surpasses the 50 mark represents growth and this is the eighth consecutive month that the country's economy has been above this threshold.

The UK's economy has been mired in negativity in the past year, with the Office for National Statistics recently confirming the nation only narrowly missed out on falling into a triple-dip recession in the first quarter of 2013. That said, business confidence seems to be picking up, particularly north of the border.

"These results show the recovery in the Scottish economy is becoming more strongly embedded with every passing month," Mr MacRae remarked.

By Asim Shah

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