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13/09/2001
Confidence in the Northern Ireland economy at all time low
A Business Confidence Survey published by CBI Northern Ireland has revealed that confidence in the Northern Ireland economy has fallen to its lowest level since the Survey was started in 1986.
The survey also revealed that companies' confidence in their own businesses had continued to fall since the previous survey in May, with manufacturers more pessimistic than they have been for three years.
Deirdre Stewart, Assistant Director of CBI Northern Ireland said: "These very negative trends appear to be due to a combination of factors at this particular time.
“The plummeting confidence in the Northern Ireland economy, which is also still recovering from the foot and mouth crisis earlier in the year, is undoubtedly linked to the continuing lack of political stability and apprehension about the future of the Assembly.
“The lack of confidence of companies in their own businesses is related to the general global slowdown impacting in all markets both home and export for manufacturers and the service sector - the first time that this happened at the same time for many years.”
The strength of sterling was also a continuing problem, with difficulty in obtaining labour the other major problem most frequently reported. This continues to affect all sectors and types of business, from technical production to engineering consultants and skilled building tradesmen to accounting staff.
Increasing competition, costs of raw materials and low margins were also highlighted as concerns. (MB)
The survey also revealed that companies' confidence in their own businesses had continued to fall since the previous survey in May, with manufacturers more pessimistic than they have been for three years.
Deirdre Stewart, Assistant Director of CBI Northern Ireland said: "These very negative trends appear to be due to a combination of factors at this particular time.
“The plummeting confidence in the Northern Ireland economy, which is also still recovering from the foot and mouth crisis earlier in the year, is undoubtedly linked to the continuing lack of political stability and apprehension about the future of the Assembly.
“The lack of confidence of companies in their own businesses is related to the general global slowdown impacting in all markets both home and export for manufacturers and the service sector - the first time that this happened at the same time for many years.”
The strength of sterling was also a continuing problem, with difficulty in obtaining labour the other major problem most frequently reported. This continues to affect all sectors and types of business, from technical production to engineering consultants and skilled building tradesmen to accounting staff.
Increasing competition, costs of raw materials and low margins were also highlighted as concerns. (MB)
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
