More Economic Recovery After Referendum Uncertainty

Scotland's economy seems to be bouncing back after the referendum.

Growth in the private sector hit an 18 month low in September because of uncertainty over the possibility of independence.

But last month it was back on track according to the Bank of Scotland's monthly PMI report.

Donald MacRae, Chief Economist at Bank of Scotland, said:  “October’s PMI bounced back from September’s referendum induced low to reach 54.2.  Both services and manufacturing sectors recorded growth with a welcome increase in the level of new business particularly in financial services.  But the level of new export orders at manufacturers fell for the fourth month in succession illustrating the effect of the slowdown in the Eurozone.  The Scottish economic recovery continues but at a reduced rate compared to the first half of the year.”