Abstract. Land–atmosphere exchange of carbon dioxide (CO2) in peatlands exhibits marked seasonal and inter-annual variability, which subsequently affects the carbon sink strength of catchments across multiple temporal scales. Long-term studies are needed to fully capture the natural variability and therefore identify the key hydrometeorological drivers in the net ecosystem exchange (NEE) of CO2. NEE has been measured continuously by eddy-covariance at Auchencorth Moss, a temperate lowland peatland in central Scotland, since 2002. Hence this is one of the longest peatland NEE studies to date. For 11 yr, the site was a consistent, yet variable, atmospheric CO2 sink ranging from −5.2 to −135.9 g CO2-C m−2 yr−1 (mean of −64.1 ± 33.6 g CO2-C m−2 yr−1). Inter-annual variability in NEE was positively correlated to the length of the growing season. Mean winter air temperature explained 87% of the inter-annual variability in the sink strength of the following summer, indicating a phenological memory-effect. Plant productivity exhibited a marked hysteresis with respect to photosynthetically active radiation (PAR) over the growing season, indicative of two separate growth regimes. Ecosystem respiration (Reco) and gross primary productivity (GPP) were closely correlated (ratio 0.74), suggesting that autotrophic processes were dominant. Whilst the site was wet most of the year (water table depth <5 cm) there were indications that heterotrophic respiration was enhanced by drought, which also depressed GPP. NEE was compared to 5 other peatland sites which have published long-term NEE records. The CO2 uptake rate during the growing season was comparable to 3 other European sites, however the emission rate during the dormant season was significantly higher.