World Economy

Scottish Economy Contracts

Scottish Economy ContractsScottish Economy Contracts

Scottish economic output contracted for a second consecutive month in August amid continued oil sector weakness, and the plunge in sterling following the Brexit vote has ramped up companies’ cost burdens, a key survey shows, AAP reported. Scottish manufacturers’ costs rose in August at the fastest pace in 59 months. The latest purchasing managers’ index report, published Monday by Bank of Scotland, shows the pace of contraction of the Scottish private sector economy accelerated slightly between July and August to its fastest pace since March. The Scottish economy has contracted in each of the two full months following the Brexit vote.