Menu
31/07/2012
Northern Bank Makes Gloomy NI Economy Predictions For 2012
Northern Bank has downgraded its 2012 economic forecasts for Northern Ireland, predicting that the economy here will grow by just 0.1% for the rest of the year.
The estimate has dropped from 0.3% after a slow few months, with the European debt crisis holding growth back.
Northern Bank's chief economist Angela McGowan told the BBC that despite this, the impact of the European downturn would not be as bad in Northern Ireland as in the rest of the UK.
She said: "This is simply because Northern Ireland's private sector is small and its export base limited."
The most recent quarter has seen the UK economy as a whole shrink much more than expected.
Gross Domestic Product (GDP) fell by 0.7% in figures for economic output in the second quarter of 2012.
That means we are into a third quarter of the second dip of this recession, which has naturally impacted Northern Bank's forecast.
The Northern Bank predicts that Northern Ireland's construction sector will contract by 2.58%, but other sectors such as IT, agriculture and hospitality are faring better.
As inflation falls back, people will have more disposable income.
However, Ms McGowan thinks that depending on domestic markets is still a risky strategy.
"Although conditions are difficult, significant export opportunities still exist in emerging markets," she said.
(NE)
The estimate has dropped from 0.3% after a slow few months, with the European debt crisis holding growth back.
Northern Bank's chief economist Angela McGowan told the BBC that despite this, the impact of the European downturn would not be as bad in Northern Ireland as in the rest of the UK.
She said: "This is simply because Northern Ireland's private sector is small and its export base limited."
The most recent quarter has seen the UK economy as a whole shrink much more than expected.
Gross Domestic Product (GDP) fell by 0.7% in figures for economic output in the second quarter of 2012.
That means we are into a third quarter of the second dip of this recession, which has naturally impacted Northern Bank's forecast.
The Northern Bank predicts that Northern Ireland's construction sector will contract by 2.58%, but other sectors such as IT, agriculture and hospitality are faring better.
As inflation falls back, people will have more disposable income.
However, Ms McGowan thinks that depending on domestic markets is still a risky strategy.
"Although conditions are difficult, significant export opportunities still exist in emerging markets," she said.
(NE)
Related Northern Ireland News Stories
Click here for the latest headlines.
16 June 2006
NI economy continues to perform well
A report published today has shown that the Northern Ireland economy continues to perform well. The Northern Ireland labour market is currently benefiting from historically high levels of employment and continuing low unemployment, and the latest figures show that annual economic growth is above the UK average.
NI economy continues to perform well
A report published today has shown that the Northern Ireland economy continues to perform well. The Northern Ireland labour market is currently benefiting from historically high levels of employment and continuing low unemployment, and the latest figures show that annual economic growth is above the UK average.
11 April 2007
Community Interest Companies for NI
A new type of company, a Community Interest Company, has been introduced in Northern Ireland, following the implementation of new legislation here.
Community Interest Companies for NI
A new type of company, a Community Interest Company, has been introduced in Northern Ireland, following the implementation of new legislation here.
30 April 2024
Economy Minister Proposes Fracking Ban In Northern Ireland
Economy Minister Conor Murphy has announced his intention to bring forward proposed legislation to ban onshore oil and gas exploration and production in Northern Ireland.
Economy Minister Proposes Fracking Ban In Northern Ireland
Economy Minister Conor Murphy has announced his intention to bring forward proposed legislation to ban onshore oil and gas exploration and production in Northern Ireland.
05 July 2002
Northern Ireland economy needs to do better
The Northern Ireland economy is showing signs of recovery after two difficult years, but needs to improve in order to close the prosperity gap with the rest of the UK, business advisors, PricewaterhouseCoopers (PwC) have said.
Northern Ireland economy needs to do better
The Northern Ireland economy is showing signs of recovery after two difficult years, but needs to improve in order to close the prosperity gap with the rest of the UK, business advisors, PricewaterhouseCoopers (PwC) have said.
26 February 2002
Northern Ireland economy set to continue growth
PricewaterhouseCoopers (PwC) have said they expect Northern Ireland's economy to continue to grow in 2002 but warned of complacency about the local economy. The global business advisers made the statement as they released their UK Economic Outlook and Regional Trends survey published on Tuesday February 26.
Northern Ireland economy set to continue growth
PricewaterhouseCoopers (PwC) have said they expect Northern Ireland's economy to continue to grow in 2002 but warned of complacency about the local economy. The global business advisers made the statement as they released their UK Economic Outlook and Regional Trends survey published on Tuesday February 26.
-
Northern Ireland WeatherThis Evening and Tonight:Largely dry with clear spells at first, a few showers in the north and west. Becoming cloudier with rain spreading east through the early hours. Becoming windy, westerly gales developing along the north coast. Minimum temperature 6 °C.
