No Triple Dip Recession For NI

Finance Minister Sammy Wilson has said that the latest figures released under the composite economic index results, which reports that economic activity has risen in three of the last four quarters, is very encouraging and totally rebuts the recent negative reporting that Northern Ireland may be heading for a triple dip recession.

Mr Wilson said: "I am very optimistic about Northern Ireland making its way out of the current economic difficulties.

"The results from the Northern Ireland Composite Economic Index report are very promising confirming that Northern Ireland’s economic activity has continued to increase over the last year. These figures alongside other positive indicators, including the recent data that there has been an increase in the construction sector, albeit a small rise in activity, and the recent house sales under the co-ownership scheme are evidence that some confidence is returning.

"It is not helpful to the industry and businesses when people speculate about Northern Ireland heading for a triple dip recession. The fact that the Chancellor has said only this morning that there are signs that the UK economy is healing is also positive."

Commenting on the Executive's commitment to rebuild and rebalance Northern Ireland’s economy the Minister said: "The Executive will have spent well over £1billion – both this year and next year – on capital projects.

"After the Chancellor's Budget in March the Executive now has £367million more Capital Departmental Expenditure Limits (DEL) over the next two years than was planned when the four year Budget was originally set back in 2011. Indeed, our planned capital DEL in 2014-15 will be some 26 % higher than the original Capital DEL budget set for that year.

"The allocation of this additional capital DEL should fund additional investment in areas such as roads, schools, hospitals etc. This will generate immediate benefits for the local economy and especially for our construction sector - only yesterday the First and Deputy First Ministers visited the proposed redevelopment of the Maze site, a project that has the potential to provide up to 5,000 jobs.

"The Executive has also taken action to boost the housing sector by committing an additional £48million towards the Co-ownership scheme over this Budget period. This means that during last year and this year we expect to assist more than 1,500 first time buyers getting on to the property ladder."

(CD)