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Economics

Royal Bank of Scotland Regional Growth Tracker report for July 2024

Service sector activity supports Scottish growth.

Key findings

  • Private sector activity rises solidly,  driven by the service sector
  • Manufacturing output falls further
  • Renewed rise in inflows of new work

 

Latest Regional Growth Tracker data from the Royal Bank of Scotland pointed to a solid rise in private sector activity. Private sector firms across Scotland signalled a solid rise in activity at the start of the second half of the year. The rate of increase picked up from June, supported by a renewed expansion in the inflows of new work. In line with rising business requirements, firms also raised their employment figures at a quicker pace. Price pressures also intensified during July, as a sharper uptick in input costs fed through to higher charges.

Judith Cruickshank, Chair, Scotland Board, Royal Bank of Scotland, commented:

"The Scottish private sector signalled a solid start to the second half of the year, backed up by a strongly performing service sector. Growth in the service sector was again able to mask the downturn at manufacturers, with service firms noting improving underlying demand trends. Moreover, optimism towards the year ahead outlook was firmly optimistic, as confidence levels strengthened on the month. Private sector employment also ticked up in July, the rate of job creation quickening from June. Meanwhile, inflationary pressures intensified during the latest survey period and could pose a concern to firms in the coming months."

 

Please see the regional report in full:

Royal Bank of Scotland UK Regional Growth Tracker (PDF, 1,009KB)

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