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10/02/2014
Strong Increase In NI Business Growth
The growth of new business in Northern Ireland has reached its highest level in almost a decade, a new survey has indicated.
According to the Ulster Bank Northern Ireland Purchasing Managers' Index (PMI) survey for January, it seems recovery within the region's private sector is continuing to improve.
Firms in Northern Ireland recorded the strongest rise in new business since the creation of the survey in August 2002, and is reflective of improved success in securing new contracts.
The rate of growth in NI was also faster than the UK rate.
Services companies posted the strongest rise in new business, while only construction saw the rate of expansion ease from December. Elsewhere, increasing workloads led to a seventh successive monthly increase in employment.
Commenting on the latest survey, Richard Ramsey, Chief Economist Northern Ireland, Ulster Bank, said: "The Northern Ireland economy has started 2014 the way it ended 2013 with the broad-based recovery continuing to gather momentum.
"In recent months, the Ulster Bank PMI reports have been peppered with survey highs.
"January's report continues this theme and signals that rather than slowing down, the pace of economic recovery is in fact accelerating. All sectors of the economy reported record highs of some form or another across a range of performance indicators."
He continued: "Last month local firms posted a marked acceleration in the rate of growth in business activity. Indeed, firms reported their fastest rate of growth in almost 10 years with January's growth rate exceeded on only one other occasion since the survey began.
"Furthermore, the pace of growth recorded by Northern Ireland's private sector exceeded their counterparts in the equivalent UK survey for the first time since October 2007."
(JP/CD)
According to the Ulster Bank Northern Ireland Purchasing Managers' Index (PMI) survey for January, it seems recovery within the region's private sector is continuing to improve.
Firms in Northern Ireland recorded the strongest rise in new business since the creation of the survey in August 2002, and is reflective of improved success in securing new contracts.
The rate of growth in NI was also faster than the UK rate.
Services companies posted the strongest rise in new business, while only construction saw the rate of expansion ease from December. Elsewhere, increasing workloads led to a seventh successive monthly increase in employment.
Commenting on the latest survey, Richard Ramsey, Chief Economist Northern Ireland, Ulster Bank, said: "The Northern Ireland economy has started 2014 the way it ended 2013 with the broad-based recovery continuing to gather momentum.
"In recent months, the Ulster Bank PMI reports have been peppered with survey highs.
"January's report continues this theme and signals that rather than slowing down, the pace of economic recovery is in fact accelerating. All sectors of the economy reported record highs of some form or another across a range of performance indicators."
He continued: "Last month local firms posted a marked acceleration in the rate of growth in business activity. Indeed, firms reported their fastest rate of growth in almost 10 years with January's growth rate exceeded on only one other occasion since the survey began.
"Furthermore, the pace of growth recorded by Northern Ireland's private sector exceeded their counterparts in the equivalent UK survey for the first time since October 2007."
(JP/CD)
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Cocaine found in Derry hedge
Cocaine with a street value of over £100,000 has been found in a hedgerow in County Derry. The discovery of the Class A drugs at Shanreagh Park in Limavady was the latest in the war against rising supply of cocaine in Northern Ireland, police have said. No arrests have been made during the operation which took place on Monday.
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Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
