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Scottish economy: Slower pace of growth, says Bank of Scotland | Scottish economy: Slower pace of growth, says Bank of Scotland |
(about 17 hours later) | |
The Scottish private-sector economy is continuing to grow but the pace of growth is declining, a study has said. | The Scottish private-sector economy is continuing to grow but the pace of growth is declining, a study has said. |
The Bank of Scotland's Purchasing Managers' Index (PMI) report for December showed the rise in business activity was the weakest since May. | |
The bank said the overall PMI at 54.5 remained high, suggesting the economic recovery would continue into 2014. | The bank said the overall PMI at 54.5 remained high, suggesting the economic recovery would continue into 2014. |
However, this signalled a slower pace of expansion than observed across the UK as whole. | |
A PMI of 58.8 has been reported for the UK for December. | |
In Scotland, employment rose for the thirteenth month in a row but the rate of net job creation was the slowest for eight months. | In Scotland, employment rose for the thirteenth month in a row but the rate of net job creation was the slowest for eight months. |
The figures for December also showed a strengthening of inflationary pressures in Scotland, with both input and output prices rising faster than a month before. | The figures for December also showed a strengthening of inflationary pressures in Scotland, with both input and output prices rising faster than a month before. |
Businesses cited transport costs and utility bills as key factors. | Businesses cited transport costs and utility bills as key factors. |
Export drop | Export drop |
The bank reported a dip in new export orders at manufacturers, the sharpest since October 2012. | The bank reported a dip in new export orders at manufacturers, the sharpest since October 2012. |
Some firms attributed the drop to a strengthening of the pound against the currencies of key client markets. | Some firms attributed the drop to a strengthening of the pound against the currencies of key client markets. |
Donald MacRae, chief economist at Bank of Scotland, said: "New manufacturing export orders showed a disappointing fall perhaps due to a strong pound. | Donald MacRae, chief economist at Bank of Scotland, said: "New manufacturing export orders showed a disappointing fall perhaps due to a strong pound. |
"The overall PMI at 54.5 remains high suggesting the recovery in the Scottish economy continued at the end of last year and looks set to persist throughout 2014." | "The overall PMI at 54.5 remains high suggesting the recovery in the Scottish economy continued at the end of last year and looks set to persist throughout 2014." |
Scotland's finance secretary John Swinney welcomed the "positive end to 2013" and noted that private sector output had expanded for the fifteenth month in a row. | Scotland's finance secretary John Swinney welcomed the "positive end to 2013" and noted that private sector output had expanded for the fifteenth month in a row. |
He added: "We also continued to see growth in new orders in service and manufacturing firms, which should help to get 2014 off to a solid start. | He added: "We also continued to see growth in new orders in service and manufacturing firms, which should help to get 2014 off to a solid start. |
"2013 has seen improvements in both output and the jobs market in Scotland but challenges remain. | "2013 has seen improvements in both output and the jobs market in Scotland but challenges remain. |
"That's why there will be no let-up in the Scottish government's determination to secure economic growth through our investment programme in skills and capital projects." | "That's why there will be no let-up in the Scottish government's determination to secure economic growth through our investment programme in skills and capital projects." |
Scottish Labour's finance spokesman Iain Gray said: "These figures illustrate exactly why we cannot be complacent about economic recovery. | Scottish Labour's finance spokesman Iain Gray said: "These figures illustrate exactly why we cannot be complacent about economic recovery. |
"While there continues to be some signs of growth the economy remains fragile with a slowdown in work coming in for businesses and a decrease in export orders." | "While there continues to be some signs of growth the economy remains fragile with a slowdown in work coming in for businesses and a decrease in export orders." |
He said there needed to be a government that would help businesses achieve sustained growth and he claimed the SNP would not deliver this. | He said there needed to be a government that would help businesses achieve sustained growth and he claimed the SNP would not deliver this. |
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