The survey – conducted by the Fraser of Allander Institute – revealed that companies across Scotland have reported improved growth in Q3 2017, with construction performing well and financial and business services and tourism all enjoying above average growth.

The research also found that inflationary pressures are leading to rising costs for the majority of companies, with capital investment continuing the downward trend which began at the start of 2017.

The survey of more than 400 Scottish businesses revealed that more than one in three (33%) witnessed an increase in export activity in the three months to September, compared with one in five (21%) who reported a decline.

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On balance, businesses are optimistic that the trend will continue, with a net 6% expecting export activity to rise over the next six months.

The monitor also revealed that more than a third (36%) of firms reported an increase in the total volume of business during the last quarter, compared with 27% who witnessed a fall in activity.

“These results provide welcome confirmation of continued, albeit modest growth and the prospect that the economy will continue to expand into 2018,” said Stephen Boyle, chief economist at RBS.

“The apparent return of sustained export growth is especially notable, likely underpinned by both sterling’s depreciation and the recovery in demand in the euro area economies.”