Menu
15/01/2016
Poor Economic Growth Forecast For NI
The economy spokesperson for the Ulster Unionist Party, has said the latest in a series of poor economic growth forecasts for Northern Ireland must lead to action from the Enterprise Minister and the Executive.
NI's economy is expected to expand by 1.8% this year compared to 2.3%, according to the latest report by Danske Bank.
Mr Adrian Cochrane-Watson said: "The Danske Bank report downgrading its forecast of economic growth in Northern Ireland in 2016 from 2.3% to 1.8% is the latest in a series of reports which suggest that Northern Ireland's economy is stagnating, compared to both the rest of the United Kingdom and the Republic of Ireland.
"This comes on the back of similar forecasts from the likes of PwC, Ernst and Young, as well as the British Chamber of Commerce, all suggesting the same thing.
"In the rest of the United Kingdom economic growth is forecast to be around 2.6%, whilst a figure of around 1.7% is often quoted for Northern Ireland. We know, from the Office of National Statistics, that out of 12 UK regions, Northern Ireland contributes least to UK manufacturing turnover at 3.4% in 2012.
"These figures must be a cause of concern. With the Assembly back in session, I hope the Enterprise Minister Mr Bell will return to the despatch box without the arrogant and complacent attitude he demonstrated last year."
Danske Bank's Chief Economist Angela McGowan said: "The Northern Ireland economy should continue with its recovery in 2016, however the pace of growth will not be overly exciting.
"Although the annual growth rate is expected to be around 1.8 per cent, there are, as always, a small number of sectors that will grow at an 'above average' rate and of course the public sector will continue to shrink."
(CD/JP)
NI's economy is expected to expand by 1.8% this year compared to 2.3%, according to the latest report by Danske Bank.
Mr Adrian Cochrane-Watson said: "The Danske Bank report downgrading its forecast of economic growth in Northern Ireland in 2016 from 2.3% to 1.8% is the latest in a series of reports which suggest that Northern Ireland's economy is stagnating, compared to both the rest of the United Kingdom and the Republic of Ireland.
"This comes on the back of similar forecasts from the likes of PwC, Ernst and Young, as well as the British Chamber of Commerce, all suggesting the same thing.
"In the rest of the United Kingdom economic growth is forecast to be around 2.6%, whilst a figure of around 1.7% is often quoted for Northern Ireland. We know, from the Office of National Statistics, that out of 12 UK regions, Northern Ireland contributes least to UK manufacturing turnover at 3.4% in 2012.
"These figures must be a cause of concern. With the Assembly back in session, I hope the Enterprise Minister Mr Bell will return to the despatch box without the arrogant and complacent attitude he demonstrated last year."
Danske Bank's Chief Economist Angela McGowan said: "The Northern Ireland economy should continue with its recovery in 2016, however the pace of growth will not be overly exciting.
"Although the annual growth rate is expected to be around 1.8 per cent, there are, as always, a small number of sectors that will grow at an 'above average' rate and of course the public sector will continue to shrink."
(CD/JP)
Related Northern Ireland News Stories
Click here for the latest headlines.
13 January 2004
NI Economic Research Institute swings into operation
The new Economic Research Institute will play an important role in contributing to economic debate and understanding in Northern Ireland and in the development of the local economy", according to Ian Pearson Parliamentary Under-Secretary of State.
NI Economic Research Institute swings into operation
The new Economic Research Institute will play an important role in contributing to economic debate and understanding in Northern Ireland and in the development of the local economy", according to Ian Pearson Parliamentary Under-Secretary of State.
20 September 2002
Sustainable development does not mean 'sacrificing economic progress'
Recognising the importance of sustainable development does not mean sacrificing economic progress, the First and Deputy First Ministers said today.
Sustainable development does not mean 'sacrificing economic progress'
Recognising the importance of sustainable development does not mean sacrificing economic progress, the First and Deputy First Ministers said today.
13 January 2022
Danske Bank Lowers Economic Growth Forecast
Danske Bank has announced that it has lowered its forecast for the growth of the Northern Ireland economy in 2022. The bank has said that it expects the pace of economic growth to have slowed in the final quarter of 2021, in part due to the impact of the Omicron coronavirus variant on consumer-focused sectors.
Danske Bank Lowers Economic Growth Forecast
Danske Bank has announced that it has lowered its forecast for the growth of the Northern Ireland economy in 2022. The bank has said that it expects the pace of economic growth to have slowed in the final quarter of 2021, in part due to the impact of the Omicron coronavirus variant on consumer-focused sectors.
26 January 2007
Minister unveils plan to transform NI economy
The Finance Minister David Hanson has today launched the Northern Ireland Regional Economic Strategy for public consultation.
Minister unveils plan to transform NI economy
The Finance Minister David Hanson has today launched the Northern Ireland Regional Economic Strategy for public consultation.
16 April 2014
Infrastructure Spending 'Critically Important' – Finance Minister
The Northern Ireland Executive investing in Northern Ireland's infrastructure is of "critical importance", Finance Minister Simon Hamilton has said. Minister Hamilton highlighted the importance of infrastructure spending to drive economic growth, adding: "The argument in favour of investing in infrastructure barely needs to be made.
Infrastructure Spending 'Critically Important' – Finance Minister
The Northern Ireland Executive investing in Northern Ireland's infrastructure is of "critical importance", Finance Minister Simon Hamilton has said. Minister Hamilton highlighted the importance of infrastructure spending to drive economic growth, adding: "The argument in favour of investing in infrastructure barely needs to be made.
-
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.
