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09/10/2018
NI Economy Growth May Be Temporary
Danske Bank has warned that the pace of economic growth this year is likely to be "subdued," as Brexit poses a threat to the financial situation.
Danske Bank's chief economist Conor Lambe said the economy experienced growth in late 2016 was to be expected, as output in the first quarter had been hit temporarily by factors such as adverse weather.
In light of this, Danske Bank anticipates growth throughout 2018 to be "subdued," with the local economy expanding by just one percent.
The official growth figures for the second quarter of this year are due to be published later this week.
Above-target inflation is continuing to exert pressure on consumers purchasing power and "Brexit-related uncertainty" is weighing on business investment, according to Mr Lambe.
"The UK and EU have still not reached a withdrawal agreement that would see the UK leave the European Union in a managed and orderly way," he said.
"We continue to believe they will eventually reach an agreement, but at this stage it is unfortunately not yet possible to rule out a 'no deal' Brexit in March 2019."
Mr Lambe added that based on current forecasts, next year will only see a marginal increase in financial growth to 1.1%.
The business services sector is expected to be the highest performing sector over the next two years, with annual growth of more than 3% predicted.
(JG)
Danske Bank's chief economist Conor Lambe said the economy experienced growth in late 2016 was to be expected, as output in the first quarter had been hit temporarily by factors such as adverse weather.
In light of this, Danske Bank anticipates growth throughout 2018 to be "subdued," with the local economy expanding by just one percent.
The official growth figures for the second quarter of this year are due to be published later this week.
Above-target inflation is continuing to exert pressure on consumers purchasing power and "Brexit-related uncertainty" is weighing on business investment, according to Mr Lambe.
"The UK and EU have still not reached a withdrawal agreement that would see the UK leave the European Union in a managed and orderly way," he said.
"We continue to believe they will eventually reach an agreement, but at this stage it is unfortunately not yet possible to rule out a 'no deal' Brexit in March 2019."
Mr Lambe added that based on current forecasts, next year will only see a marginal increase in financial growth to 1.1%.
The business services sector is expected to be the highest performing sector over the next two years, with annual growth of more than 3% predicted.
(JG)
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