Scotland’s economy is growing at the fastest rate seen in almost four years.
The Royal Bank of Scotland (RBS) will deliver the upbeat news today as it publishes its latest monthly snapshot. It reveals that January 2004 marked the strongest rise in private sector output since May 2000.
The bank’s Purchasing Managers’ Index (PMI), a barometer of gross domestic product (GDP), has bounced to 55.8, from 54.3 in December 2003. It is the seventh consecutive month above the 50-line, which divides growth from recession. About 32 per cent of firms saw their business climb higher on the month, versus around 20 per cent in decline and 48 per cent unchanged.
The financial services sector enjoyed a particularly robust start to the year. Nearly 34 per cent of companies reported a better January than December.
