Northern Ireland emerged from recession in the final quarter of 2022, official figures suggest
BBC News NI economics and business editor
Northern Ireland emerged from a technical recession in the final quarter of 2022 with growth of 1.4%.NI Statistics and Research Agency figures suggest output fell by 0.3% in the second quarter of 2022 and a further 0.3 per cent in the third quarter.Northern Ireland's economic output is now 5.6% above pre-pandemic levels and has finally surpassed its previous peak in the third quarter of 2007.After that bubble burst economic output fell sharply and only recovered very slowly.
It said the services sector, which accounts for the majority of output, "continues to have a strong recovery post pandemic and has been the main driver of growth".Last week the head of the Bank of England has said he isfor the UK economy after the bank's analysts said the UK was no longer heading into an immediate recession.
However, Andrew Bailey warned that the UK was "not off to the races", with the economy expected to grow only slightly in the coming months.Last month the independent forecaster the Office for Budget Responsibility said that household incomes - once rising prices were taken into account - would drop by 6% this year and next.
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