Economy stagnates in the summer

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Scotland’s economy stagnated during the summer, new figures have revealed, although a flurry of activity in exports suggests the nation continues the slow recovery from recession.

For the three months to August, 34 per cent of firms surveyed increased their turnover, 32 per cent said it remained the same while 34 per cent experienced a fall in business.

The figures from the latest Lloyds TSB Scotland Business Monitor show a net increase in turnover of zero per cent, down from two per cent in the previous quarter, but a significant improvement on minus-seven per cent for the same quarter last year.

The survey showed Scotland’s export activity was experiencing a strong recovery with an overall net balance of a ten per cent increase, compared with three per cent of the previous quarter and two per cent on the same time last year.