Financial recovery back on track in Scotland

According to a new report the economic recovery in Scotland is now back on track despite of the blip caused by the poor winter.

The business monitor of Scotland Lloyds TSB has seen an improvement in the turnover of companies in last five quarters.

The survey has also detected a significant improvement in the manufacturing and service sectors. Despite of the improvement in the market, the expectations of the increased turnover remained low for upcoming six months.

According to the report, 33% of the companies showed an increase in their turnover for the three months up to May, but on the other hand, 40% of firms reported to have a decline in their turn over. In total it gave a net balance of 7%, which is a good improvement as compared to the previous quarter of 22%.

The business monitor Lloyds TSB has said that it was the strongest outcome recorded in the last two years.

The report showed four consecutive quarters of improvement which is very good news for the economy of Scotland. The service sector has improved with a fall in turnover of 10% as compared to the 17% of the previous quarter.