THE north west private sector economy grew solidly in October, despite high input costs.

That's the encouraging conclusion of the latest business survey data produced for the Royal Bank of Scotland by NTC Research.

Commenting on the results, Stuart Green of the Royal Bank said: "Output in the north west expanded solidly in October, but the rate of growth eased in line with the current soft patch in the UK economy. Input costs increased as high oil and commodity prices squeezing margins.

"However, firms remain upbeat about the future and new orders continued to grow strongly. The current blip in activity is not expected to last. Interest rates are close to their peak and oil prices have been easing."

He concluded: "Moreover, the US economy rebounded sharply in the third quarter from its own soft patch earlier this year, and this should provide a boost to export companies in the region in the months ahead."