Scottish private wealth could decline

The private wealth of Scottish individuals may have been affected by a recent slowdown in economic recovery reported by the Royal Bank of Scotland.

Bank data reveals private sector performance in the most northerly part of the British Isles declined in June and trailed behind UK-wide performance.

Private wealth invested in manufacturing in the country may have fared best, as the sector continued to expand.

However, a negligible rise in service industry activity dragged economic performance down overall, as the Purchasing Managers’ Index (PMI) fell from 53.1 to 52.9.

Commenting on the mixed results, chief economist at the financial group Donald MacRae reassured: ’Recovery in the Scottish economy is underway, albeit at a slower rate than the UK as a whole.’

Last month’s PMI may have been more welcome to those with private wealth in Scottish industries, as data showed rapid job creation combined with the fastest output growth rate in three months. ADNFCR-2318-ID-19884695-ADNFCR