Record fall in private sector business
Private sector activity in Scotland fell at an unparalleled level in April, according to a survey.
The Royal Bank of Scotland (RBS) PMI shows inflows of new business declined the most on record, as the Covid-19 pandemic continued to clatter the sector’s economy.
Services once again recorded a quicker decline than manufacturing, although both industries saw the most marked reductions in activity on record.
Malcolm Buchanan, chairman of the bank’s Scotland Board, said: “The Covid-19 pandemic continued to cause severe repercussions for the Scottish economy in April, with latest data pointing to an unprecedented reduction in private sector activity.”