NI Private Sector Continues To Grow

The Northern Ireland private sector experienced further growth in April with record rises in output and new orders over the month, according to the latest Purchasing Managers Index (PMI) from Ulster Bank.

Output at companies in Northern Ireland rose for the tenth consecutive month in April. The rate of expansion was the fastest since the survey began in August 2002, surpassing the previous record set in March 2004. Growth in Northern Ireland was also sharper than the UK average.

New business increased at a record pace during April, with the service sector performing best. New export orders also rose, albeit only modestly, the report said.

Strong growth of new work contributed to a buildup of outstanding business, according to Ulster Bank. Backlogs of work increased for the seventh successive month. Companies in Northern Ireland responded to rises in workloads by continuing to take on extra staff during the month. The rate of job creation remained sharp, despite easing from the previous month.

But the rate of input price inflation in Northern Ireland remained faster than the UK average. The construction sector posted the fastest rate of input price inflation for the fourth consecutive month, while inflation also picked up in the manufacturing and service sectors.

(IT)