8 September 2014

Quarterly sector forecasts for Northern Ireland

The Northern Ireland economy is increasingly showing signs of life with a recent run of positive economic indicators. As the economy continues to strengthen, the Danske Bank forecast suggest economic output will grow by 2.4% in 2014 and 2.4% in 2015.

In conjunction with Regional Forecasts (a division of Oxford Economics), we have commenced a quarterly publication examining the economic outlook in terms of growth and employment for all the main industrial sectors in Northern Ireland.

The recovery in Northern Ireland’s economy has taken hold with recent economic indicators remaining encouraging. Unemployment has continued to fall, shrinking by 8,400 claimants, to 55,500 in the year to May 2014, though its rate of decline has become more sluggish relative to the UK as a whole. The Danske Bank Consumer Confidence Survey reported that confidence rose 9 points in the first quarter of 2014, hitting its highest point since 2008. In addition, a myriad of local business surveys are reporting an improving corporate environment. As the recovery gathers momentum and the economy continues to strengthen, the Danske Bank forecasts suggest that economic output will grow by 2.4% in 2014 and 2.4% in 2015.

Download the full report from the Danske Bank website using the link below.