According to a latest survey, the economy of Scotland has been showing signs of recovery and the new survey has confirmed that the business confidence is rising in the region.
The survey showed that the latest Purchasing Managers' Index rose to 57 points in June compared to 54.4 in the previous month. A rating of more than 50 points showed growth in the economy while a rating of below 50 points shows contraction. The survey produced by the Bank of Scotland showed that Scottish firms recorded are showing higher confidence levels.
Donald MacRae, chief economist at Bank of Scotland, said, "June's PMI rose to the highest level since May 2007, signalling a sharp acceleration in growth of the private sector of the Scottish economy in the month. This growth spurt is domestic based with new export orders outwith the UK falling for the second successive month. Nevertheless, these results provide more welcome evidence of the growing strength of the recovery in the Scottish economy."
The data also showed that the growth in Scotland was above that of the United Kingdom as a whole. The Bank of Scotland noted that the growth was mainly backed by the growth in domestic demand in Scotland.
Source: Top News