According to a report from the Bank of Scotland, the Scottish economy is set to have a successful 2015, following a productive 2015, albeit at a slower rate. The report also had positive news for those seeking and in employment, with employment rising at one of the fastest rates in 17 years.
The report, which analysed around 600 businesses from the bank’s Purchasing Managers Index, found that business output grew in the final month of 2014 and that business output and economic would continue to grow in 2015, although at a slower rate than 2014.
Employment “Fastest Rate in 17 Years”
December 2014 saw new business grow at the fastest rate in the past five months, with employment rising at one of the fastest rates seen in the surveys 17 year history.
Despite the overall positive outcome of the report there were a few negatives in regards to exports, with chief economist of the bank Donald MacRae stating: "Both manufacturing and services sectors employed more people and experienced welcome increases in the level of new orders."
Export Challenges
However, new export orders fell for the 10th time in 11 months, highlighting the issue with trading with a weaker Eurozone MacRae said: "The Scottish economy continued to recover in the second half of 2014 and looks set to expand during 2015, but with growth easing compared to the high levels of the first six months of 2014."
Scotland Office Minister David Mundell said it provided "more encouraging news for Scotland".
He added: "Employment levels have risen among the fastest in the 17-year survey history and private sector business activity continues to rise solidly.
"Against a backdrop of a struggling eurozone economy and oil prices in steep decline, the fall in export orders show challenges remain for our businesses."
Deputy First Minister John Swinney said: "Whilst the survey highlights that conditions for exporters remain challenging - particularly with continued weakness in some of Scotland's key export markets - the PMI still points to a solid end to 2014."
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