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10/11/2014
Business Growth Slows
Growth in Northern Ireland business activity has slowed to a 16-month low, according to the latest Purchasing Managers' Index (PMI) from Ulster Bank.
The report shows that private sector output grew in October, albeit at a slower rate than recorded in September. It was also slower than the UK average.
"October saw Northern Ireland's private sector recovery extended to 16 months, however, the latest report marked the slowest rate of growth in business activity during that period," said Ulster Bank chief economist Richard Ramsey.
"All sectors saw a slowdown, however this was most marked within the services and retail sectors. Indeed, local retailers were the only sector to report an outright decline in business activity.
"Despite the overall slowdown in growth, the near-term outlook remains relatively positive, as there is significant momentum in the local economy and its key trading partners, GB and the Republic of Ireland. This momentum should drive the local economy into 2015."
(IT/JP)
The report shows that private sector output grew in October, albeit at a slower rate than recorded in September. It was also slower than the UK average.
"October saw Northern Ireland's private sector recovery extended to 16 months, however, the latest report marked the slowest rate of growth in business activity during that period," said Ulster Bank chief economist Richard Ramsey.
"All sectors saw a slowdown, however this was most marked within the services and retail sectors. Indeed, local retailers were the only sector to report an outright decline in business activity.
"Despite the overall slowdown in growth, the near-term outlook remains relatively positive, as there is significant momentum in the local economy and its key trading partners, GB and the Republic of Ireland. This momentum should drive the local economy into 2015."
(IT/JP)
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