World Economy

Scottish Business Drops

Scottish Business DropsScottish Business Drops

Scotland’s economy contracted last month as a result of a downturn in the oil and gas industry, according to a new report, Yahoo reported. The latest Bank of Scotland monthly purchasing managers index found that business activity in the private sector dropped in November after modest growth the month before. The bank’s headline figure for private sector activity, which measures month-by-month changes in output in both manufacturing and services, fell to 49.8 from 50.9 in October. The decline stemmed from the manufacturing sector, where the rate of contraction was the sharpest in just over three years.