Tourism supports Scotland’s economic growth as optimism improves in the mid-market sector
Royal Bank of Scotland publishes new special report of its Scotland Growth Tracker reflecting on the performance of the Scottish economy in H1 2025.
Royal Bank of Scotland publishes new special report of its Scotland Growth Tracker reflecting on the performance of the Scottish economy in H1 2025.
Download the Royal Bank of Scotland Growth Tracker Special Report
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Notes to editors
The Royal Bank of Scotland Growth Tracker is compiled by S&P Global from responses to questionnaires sent to Scottish companies that participate in S&P Global's Scotland manufacturing and services PMI surveys.
Survey responses are collected in the second half of each month and indicate the direction of change compared to the previous month. A diffusion index is calculated for each survey variable. The index is the sum of the percentage of ‘higher’ responses and half the percentage of ‘unchanged’ responses. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted.
Small companies have been defined as those with 1-49 employees. The Mid-market covers companies with 50-2500 employees.
A breakdown of the sector definitions by Standard Industrial Classification (SIC) code can be provided on request.
For further information on the Growth Tracker survey methodology, please contact economics@spglobal.com.
About PMI
Purchasing Managers’ IndexTM (PMI®) surveys are now available for over 40 countries and also for key regions including the eurozone. They are the most closely watched business surveys in the world, favoured by central banks, financial markets and business decision makers for their ability to provide up-to-date, accurate and often unique monthly indicators of economic trends. To learn more, go to www.spglobal.com/marketintelligence/en/mi/products/pmi.
About NatWest
NatWest serves customers in England and Wales, supporting them with their personal, private, and business banking needs. NatWest helps customers at all stages in their lives, from opening student accounts, to buying their first home, setting up a business, and saving for retirement. Alongside a wide range of banking services, NatWest offers businesses specialist sector knowledge in areas such as manufacturing and technology, as well as access to specialist entrepreneurial support.
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