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Northern Ireland’s recovery picks up speed

THE recovery in the Northern Ireland private sector gathered momentum last month, with growth of new business increasing at the fastest rate in more than 10 years.

This in turn contributed to faster rises in output and employment, according to the latest Ulster Bank Northern Ireland Purchasing Managers’ Index (PMI).

Both input costs and output prices rose at similar rates to those seen at the end of last year.

Richard Ramsey, Ulster Bank Northern Ireland chief economist, said the broad-based recovery in the Northern economy was continuing to gather momentum.

“In recent months, the Ulster Bank PMI reports have been peppered with survey highs,” Mr Ramsey said.

“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.”

Companies in Northern Ireland posted the strongest rise in new business since the survey began in August 2002, reflecting improved success in securing new contracts.

The rate of growth was faster than seen across the UK as a whole. Rising workloads led to a seventh successive monthly increase in employment.

 

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