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10/02/2014
Strong Increase In NI Business Growth
The growth of new business in Northern Ireland has reached its highest level in almost a decade, a new survey has indicated.
According to the Ulster Bank Northern Ireland Purchasing Managers' Index (PMI) survey for January, it seems recovery within the region's private sector is continuing to improve.
Firms in Northern Ireland recorded the strongest rise in new business since the creation of the survey in August 2002, and is reflective of improved success in securing new contracts.
The rate of growth in NI was also faster than the UK rate.
Services companies posted the strongest rise in new business, while only construction saw the rate of expansion ease from December. Elsewhere, increasing workloads led to a seventh successive monthly increase in employment.
Commenting on the latest survey, Richard Ramsey, Chief Economist Northern Ireland, Ulster Bank, said: "The Northern Ireland economy has started 2014 the way it ended 2013 with the broad-based recovery continuing to gather momentum.
"In recent months, the Ulster Bank PMI reports have been peppered with survey highs.
"January's report continues this theme and signals that rather than slowing down, the pace of economic recovery is in fact accelerating. All sectors of the economy reported record highs of some form or another across a range of performance indicators."
He continued: "Last month local firms posted a marked acceleration in the rate of growth in business activity. Indeed, firms reported their fastest rate of growth in almost 10 years with January's growth rate exceeded on only one other occasion since the survey began.
"Furthermore, the pace of growth recorded by Northern Ireland's private sector exceeded their counterparts in the equivalent UK survey for the first time since October 2007."
(JP/CD)
According to the Ulster Bank Northern Ireland Purchasing Managers' Index (PMI) survey for January, it seems recovery within the region's private sector is continuing to improve.
Firms in Northern Ireland recorded the strongest rise in new business since the creation of the survey in August 2002, and is reflective of improved success in securing new contracts.
The rate of growth in NI was also faster than the UK rate.
Services companies posted the strongest rise in new business, while only construction saw the rate of expansion ease from December. Elsewhere, increasing workloads led to a seventh successive monthly increase in employment.
Commenting on the latest survey, Richard Ramsey, Chief Economist Northern Ireland, Ulster Bank, said: "The Northern Ireland economy has started 2014 the way it ended 2013 with the broad-based recovery continuing to gather momentum.
"In recent months, the Ulster Bank PMI reports have been peppered with survey highs.
"January's report continues this theme and signals that rather than slowing down, the pace of economic recovery is in fact accelerating. All sectors of the economy reported record highs of some form or another across a range of performance indicators."
He continued: "Last month local firms posted a marked acceleration in the rate of growth in business activity. Indeed, firms reported their fastest rate of growth in almost 10 years with January's growth rate exceeded on only one other occasion since the survey began.
"Furthermore, the pace of growth recorded by Northern Ireland's private sector exceeded their counterparts in the equivalent UK survey for the first time since October 2007."
(JP/CD)
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The average house price in Northern Ireland is continuing to slow down, latest figures have revealed. Issued on behalf of University of Ulster, Bank of Ireland and the Northern Ireland Housing Executive, the latest University of Ulster Quarterly House Price Index showed that annual growth rate in house prices is now 5.36%.
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NI economic growth second largest in 2002
Northern Ireland's economic growth was second to only the south west of England during 2002, it was revealed today. According to figures from Office of National Statistics Northern Ireland’s annual growth rate of 5.6% during the year was above the UK average of 5.1%. Enterprise Trade and Investment Minister, Barry Gardiner, welcomed the figures.
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Cocaine found in Derry hedge
Cocaine with a street value of over £100,000 has been found in a hedgerow in County Derry. The discovery of the Class A drugs at Shanreagh Park in Limavady was the latest in the war against rising supply of cocaine in Northern Ireland, police have said. No arrests have been made during the operation which took place on Monday.
Cocaine found in Derry hedge
Cocaine with a street value of over £100,000 has been found in a hedgerow in County Derry. The discovery of the Class A drugs at Shanreagh Park in Limavady was the latest in the war against rising supply of cocaine in Northern Ireland, police have said. No arrests have been made during the operation which took place on Monday.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
