Monday, May 27, 2024
Monday, May 27, 2024
Home » Northern Ireland Economy Showing Signs of Improvement – Ulster Bank

Northern Ireland Economy Showing Signs of Improvement – Ulster Bank

by Paul Williamson
0 comment 96 views


The Northern Ireland economy showed unexpected signs of improved performance in February, an Ulster Bank survey suggests.

Every month the bank surveys about 200 firms, asking about things like employment, new orders and exports.

In February, firms reported their first rise in output and new orders in 10 months.

Ulster Bank’s Richard Ramsey said the survey could be summed up in one word – “improvement”.

“All 10 indicators of local business conditions improved in February relative to the previous month,” he added.

The survey also showed business confidence reached its highest level since Russia’s invasion of Ukraine.

Mr Ramsey, who is the bank’s chief economist, said the improvement was recorded ahead of the unveiling of the Windsor Framework, so “we may see further rises in sentiment in the coming months if it is accepted more universally than the Northern Ireland Protocol was”.

In the UK as a whole, recent economic performance has been a little better than forecast, helped by a fall in some energy prices.

On Friday, official figures suggested the UK economy expanded by 0.3% in January, rebounding from a sharp fall in December.

Higher school attendance and the return of Premier League football after the World Cup helped boost the figure.

However, economic output was no higher than it had been in January 2022.

Official figures suggest that Northern Ireland entered a recession in the third quarter of 2022.

The figures for the fourth quarter of 2022 are due to be released at the end of this month.

Source: British Broadcasting Corporation

You may also like

Yew Media is a global leader in the online news. We seek to inform and engage with our readers. Staffed 24 hours, seven days a week by a dedicated team around the globe, we deliver news from journalists around the world. We are contrarian truth-seekers and truthtellers. We are journalists united by a mission to inform and engage with our readers. We bear witness to history as it unfolds and explain not just what happened, why it happened and what it means to our readers and the public. We are contrarian, we are committed to the news, speaking truth to power.

Yew Media, A Media Company – All Right Reserved.