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12/04/2016
Private Sector Reports 'Very Strong Start To The Year'
Northern Ireland's private sector continued to report a very strong start to the year in March, according to the latest Ulster Bank NI PMI.
According to the report in March firms saw the rate of growth in business activity and new orders accelerate to an eighteen-month high, with export orders expanding at their fastest rate in 20 months.
The bank's chief economist said that the marked depreciation in sterling over the last four months, linked to uncertainty with the outcome from the forthcoming EU Referendum, has provided a significant and unexpected tailwind for local exporters and retailers sensitive to cross-border footfall.
"Given Northern Ireland's reliance on the Republic of Ireland economy, the combination of strong growth in the Irish Republic coupled with a competitive sterling / euro exchange rate have presented many firms with very favourable conditions," the Ulster Bank report stated.
It is understood that local firms also increased their staffing levels in March for the 14th month in a row.
(MH)
According to the report in March firms saw the rate of growth in business activity and new orders accelerate to an eighteen-month high, with export orders expanding at their fastest rate in 20 months.
The bank's chief economist said that the marked depreciation in sterling over the last four months, linked to uncertainty with the outcome from the forthcoming EU Referendum, has provided a significant and unexpected tailwind for local exporters and retailers sensitive to cross-border footfall.
"Given Northern Ireland's reliance on the Republic of Ireland economy, the combination of strong growth in the Irish Republic coupled with a competitive sterling / euro exchange rate have presented many firms with very favourable conditions," the Ulster Bank report stated.
It is understood that local firms also increased their staffing levels in March for the 14th month in a row.
(MH)
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