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04/08/2003
NI business confidence grows
Northern Ireland was one of only two UK regions to see a slight rise in business confidence over the last quarter, according to the latest CBI report.
The figures, in the latest Regional Trends Survey, showed that while business confidence had fallen in nine of the UK's 11 regions, Northern Ireland and the South East and London had bucked this trend.
While the majority of UK regions saw a dip in confidence, there were more encouraging signs for exporters over the next quarter.
For the first time in 15 months, over half of the UK regions expect export orders to rise. Most optimistic of the six regions predicting a rise are the North West and Wales, followed by Yorkshire and the Humber, the East Midlands, Northern Ireland and the South East and London.
The North East and Northern Ireland also recorded the highest increase in orders while the province was the most optimistic of five regions that expect output to pick up over the next three months.
Commenting on the figures, Doug Godden, CBI Head of Economic Analysis, said: "Firms across the UK are struggling to keep their heads above water, with severe job shedding predicted in almost every region and confidence low. Manufacturers will take some comfort from positive export expectations scattered across the country, but are in no doubt about the up-hill battle that lies ahead.
"Though interest rates may be at the appropriate level for the time being, the Bank of England should remain vigilant. Further rate reductions may yet prove necessary later in the year should the elusive global recovery fail to materialise."
Overall, the CBI and Experian Business Strategies predict 38,000 UK job losses over the next quarter.
(MB)
The figures, in the latest Regional Trends Survey, showed that while business confidence had fallen in nine of the UK's 11 regions, Northern Ireland and the South East and London had bucked this trend.
While the majority of UK regions saw a dip in confidence, there were more encouraging signs for exporters over the next quarter.
For the first time in 15 months, over half of the UK regions expect export orders to rise. Most optimistic of the six regions predicting a rise are the North West and Wales, followed by Yorkshire and the Humber, the East Midlands, Northern Ireland and the South East and London.
The North East and Northern Ireland also recorded the highest increase in orders while the province was the most optimistic of five regions that expect output to pick up over the next three months.
Commenting on the figures, Doug Godden, CBI Head of Economic Analysis, said: "Firms across the UK are struggling to keep their heads above water, with severe job shedding predicted in almost every region and confidence low. Manufacturers will take some comfort from positive export expectations scattered across the country, but are in no doubt about the up-hill battle that lies ahead.
"Though interest rates may be at the appropriate level for the time being, the Bank of England should remain vigilant. Further rate reductions may yet prove necessary later in the year should the elusive global recovery fail to materialise."
Overall, the CBI and Experian Business Strategies predict 38,000 UK job losses over the next quarter.
(MB)
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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.
