Inverness is one of the fastest-growing economic areas in the UK, according to a new study by Royal Bank of Scotland (RBS).
In its latest Regional Growth Tracker report, which for the first time includes Scotland, RBS says the fastest growing “local areas” during the third quarter of the year were led by east London.
Milton Keynes was not far off and east Merseyside, Bath, Cambridgeshire and Inverness made up the rest of the top spots, the Edinburgh-based bank adds.
On a regional basis, London has reclaimed top spot as the UK’s fastest growing location.
RBS has used second quarter gross value added (GVA) figures – a measurement of economic growth – from the Scottish Government as part of its third quarter analysis.
Stephen Boyle, the group’s head of economics, says: “It was a good performance for Scotland in Q2.
“Growth of 0.9% (quarter on quarter) put it among the fastest growing UK regions.
“Inverness and Aberdeen topped the local area charts (for year-on-year growth).
“The former has benefited from a surge in competitiveness over the past decade, while the basis for the latter’s success it well know – its dynamic oil industry.”
Mr Boyle said Inverness and Aberdeen/Aberdeenshire contributed the most to healthy Scottish year-on-year performance, with growth of 4.4% and 3.9% respectively.
Inverness Chamber of Commerce chief executive Stewart Nicol said he was not too surprise to see Inverness so high up the list of the UK’s faster growth locations following a strong summer for tourism in the Highlands and islands.
He added: “We are also seeing developments taking place with health and bio-science companies and there are a number of our businesses showing good growth on an international basis.
“Food and drink businesses are also continuing to perform superbly.”
Introducing the RBS report, senior ecoomist Rupert Seggins says the UK saw continued broad based growth in the third quarter of the year.
He adds: “All of the regional economies have surpassed their pre-crisis sizes.
“If the first three months of the year was a manufacturing story, the second has been about services.
“The top performing sectors were professional, scientific and medical; administrative and support; and distribution and transport services.”