Ulster Bank survey reveals a decline in business activity and new orders in Northern Ireland, marking a shift from earlier growth. Despite the downturn, staffing levels rose, and the service sector saw output increase in the third quarter.
Business activity in Northern Ireland's private sector contracted in December for the first time in over a year, according to a survey conducted by Ulster Bank. The monthly survey, which gathers insights from firms across the private sector regarding their order books, staffing levels, and exports, is widely regarded as a reliable gauge of economic performance.
December's report revealed a decline in business activity among Northern Ireland companies, accompanied by a further decrease in new orders. NatWest chief economist Sebastian Burnside characterized the end-of-year performance as a 'marked turnaround' from the growth observed earlier in the year, noting the softening trend. Despite the reductions in output and new orders, Northern Ireland stood out as the only region within the UK to experience an increase in staffing levels. The survey indicated that business confidence in Northern Ireland was weaker than the average observed throughout the year. This waning confidence, according to the report, stemmed from a combination of factors, including the UK government's recent Budget and concerns surrounding water and development constraints in Northern Ireland. Official figures detailing the performance of the Northern Ireland economy during the third quarter of 2024 are anticipated to be released later this week. Preliminary data, made available in December, suggested that the service sector, the largest contributor to the economy, witnessed a 1.1% expansion in output compared to the preceding quarter. Notably, this report coincides with developments regarding the 'step forward' progress on the Scotland-NI electricity link and the return of NI medicine regulation to the UK under the Windsor Framework
NORTHERN IRELAND ECONOMY BUSINESS ACTIVITY PRIVATE SECTOR Ulster Bank SURVEY SERVICE SECTOR
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Northern Ireland Coach Ben Heron Hosts Ireland's Biggest Men's Development EventBen Heron, a Northern Ireland based fitness coach, is hosting 'New Year, New Man', a major event aimed at helping men achieve their physical and personal best. The event, taking place on January 5th at Windsor Park, encourages men to connect, learn and grow together.
Read more »
Ice Warning Issued for Northern Ireland, Power Outages in Republic of IrelandA fresh ice warning has been issued for Northern Ireland, with icy conditions expected to create travel disruptions. Meanwhile, thousands of homes remain without power in the Republic of Ireland due to severe weather conditions.
Read more »
Derry City: Brandywell side sign Northern Ireland internationals Liam Boyce and Gavin WhyteNorthern Ireland internationals Liam Boyce and Gavin Whyte join League of Ireland side Derry City.
Read more »
Northern Ireland Seeks ETA Exemption to Protect TourismConor Murphy, Northern Ireland's economy minister, is urging Westminster to exempt Northern Ireland from the Electronic Travel Authorisation (ETA) scheme. He warns that the new digital travel permit will negatively impact tourism, as 70% of international tourists arrive from the Republic of Ireland via the land border. Murphy advocates for a time-limited exemption for tourists visiting Northern Ireland for up to seven days, highlighting the island's unified marketing and the importance of tourism to the peace process.
Read more »
UK private sector employment shrinks at fastest pace since 2021S&P data for December follows tax rises on business in autumn Budget
Read more »
Rethinking US Infrastructure: A Proposal for Private Sector LeadershipThis article argues for a shift in US infrastructure management, advocating for increased private sector involvement. While the recent bipartisan infrastructure bill represents a significant investment, the author contends that continued reliance on traditional government-led spending is unsustainable. Drawing on historical precedents, the article proposes a model where the private sector takes a more active role in managing and operating infrastructure assets, with the government focusing on regulation.
Read more »