Scotland's PMI indicator recorded at 58.3 in September

Bank of ScotlandAccording to the latest survey, Scotland's private sector economy has shown sings of recovery in September with higher output, new business and job creation.

The latest Bank of Scotland PMI survey, the PMI indicator that shows combined manufacturing and services output, rose remained at a higher of 58.3 during the month of September. The data showed that the service sector expanded at its fastest rate in the survey's history. There was a slowdown in the seasonally-adjusted rate of growth in manufacturing as it grew at its lowest rate since May from 56.7 to 53.4.

The report pointed out that private sector economy is continuing to grow in the country and is recording a gaining momentum. The Bank of Scotland PMI survey showed that output and new business in September remained at its highest level.

Donald MacRae, chief economist at Bank of Scotland, said, "September's PMI showed the private sector of the Scottish economy continuing to expand across both manufacturing and service sectors providing further evidence of the strengthening of the recovery. Output and new business rose at survey-record equalling rates accompanied by growing employment and rising new export orders."

Enterprise Minister Fergus Ewing cited figures to say that Scotland's economy is strengthening.