[Economics] Economy in NI shows strong growth in first quarter

[-_-Moltres-_-]

 

Northern Ireland’s economy grew strongly in the first quarter of 2024, official data suggests. The economy expanded by 1.4% compared to the final quarter of 2023. Most of that growth came from the services sector - which is the largest part of the economy. There was also growth in the construction sector, however manufacturing output continued to decline. Northern Ireland’s economy was essentially flat during 2023 as high inflation hit consumer spending and a series of public sector strikes also affected output. The broader economic environment has been improving recently with the rate of inflation easing and public sector pay disputes being resolved. That is reflected in a better performance for consumer services with the broad retail and hospitality sector growing by 2.2% in the first quarter of the year.Best performing part of economy Services is the largest part of the economy and includes business services. Business services, which include law, accountancy and management consulting, has been the best performing part of the NI economy since the pandemic. Output in that sector is at a 10-year high and has expanded by more than 30% since its pre-pandemic level at the end of 2019. It continued to expand in the first quarter of this year although the rate of expansion has moderated with quarterly growth of 0.7%. The strong performance may reflect the work that Northern Ireland-based employees do for GB and international customers.Glandore serviced office space has taken over seven floors of Arthur House in Belfast city centre and is expanding in response to increased demand for flexible working. The company's head of member engagement Nial Borthistle said the last six months of 2023 were "challenging". "But in terms of service providers, this year has been a really good start," he added.

https://www.bbc.com/news/articles/ck7g2e41jwvo