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18/05/2005
Enterprise Minister welcomes improving NI economy performance
The first ever results from the experimental Index of Services (IOS) for NOrthern Ireland were published today by the Department of Enterprise, Trade and Investment.
The Index, which will indicate estimated movements in Gross Value Added (GVA) in private sector services, showed that the 2004 average for the NI service sector has increased by an estimated 7.6% in real terms since 2001. This compares with an estimated increase of 9.7% for the UK as a whole over the same period.
Commenting on employment and economy figures published today, Enterprise Minister, Angela Smith, said: “It is also pleasing to see that a new short-term measure of service sector performance has been produced for Northern Ireland. The Index of Services reports an increase of 7.6% in private sector services during the last three years and adds backing to the view that the Northern Ireland economy is growing.
“The Department of Enterprise, Trade and Investment is committed to providing timely and accurate information for use by economic decision makers. The introduction of the new Index of Services is a major step towards providing for the service sectors the periodicity, range and quality of output indicators that have existed for the production sector for many years. The Index will add to our knowledge of the Northern Ireland economy and will help us to monitor its performance over time.”
Also released this morning were results from the 2004 Business Insurance Survey. The average business insurance premium in 2004 was just over £45,000, down 2.5% on the previous year.
Commenting on the economy Enterprise Minister Angela Smith said: “Last week’s news that Bombardier selected Belfast for the manufacture of key elements of its proposed new C Series aircraft is a phenomenal boost for the local economy. Provided the project proceeds as anticipated, it will have a huge impact on Bombardier’s employee and supplier base and on the generation of new technologies vital to sustained economic development.”
Highlighting her priorities as Enterprise Minister Ms Smith said: “High on my list of priorities will be the continuation of work with business, the trade unions, academia, voluntary and community bodies on the delivery of the Economic Vision for Northern Ireland. Driving up the competitiveness of Northern Ireland’s economy and strengthening our skills base is central to this.
“I hope to meet representatives of all stakeholders in the economy very soon so we can work together to ensure Northern Ireland becomes one of the UK’s most competitive and productive areas, fit to compete successfully in the global marketplace.”
More detailed statistical information may be found in the Labour Market Report (LMR) at www.statistics.detini.gov.uk/
(SP)
The Index, which will indicate estimated movements in Gross Value Added (GVA) in private sector services, showed that the 2004 average for the NI service sector has increased by an estimated 7.6% in real terms since 2001. This compares with an estimated increase of 9.7% for the UK as a whole over the same period.
Commenting on employment and economy figures published today, Enterprise Minister, Angela Smith, said: “It is also pleasing to see that a new short-term measure of service sector performance has been produced for Northern Ireland. The Index of Services reports an increase of 7.6% in private sector services during the last three years and adds backing to the view that the Northern Ireland economy is growing.
“The Department of Enterprise, Trade and Investment is committed to providing timely and accurate information for use by economic decision makers. The introduction of the new Index of Services is a major step towards providing for the service sectors the periodicity, range and quality of output indicators that have existed for the production sector for many years. The Index will add to our knowledge of the Northern Ireland economy and will help us to monitor its performance over time.”
Also released this morning were results from the 2004 Business Insurance Survey. The average business insurance premium in 2004 was just over £45,000, down 2.5% on the previous year.
Commenting on the economy Enterprise Minister Angela Smith said: “Last week’s news that Bombardier selected Belfast for the manufacture of key elements of its proposed new C Series aircraft is a phenomenal boost for the local economy. Provided the project proceeds as anticipated, it will have a huge impact on Bombardier’s employee and supplier base and on the generation of new technologies vital to sustained economic development.”
Highlighting her priorities as Enterprise Minister Ms Smith said: “High on my list of priorities will be the continuation of work with business, the trade unions, academia, voluntary and community bodies on the delivery of the Economic Vision for Northern Ireland. Driving up the competitiveness of Northern Ireland’s economy and strengthening our skills base is central to this.
“I hope to meet representatives of all stakeholders in the economy very soon so we can work together to ensure Northern Ireland becomes one of the UK’s most competitive and productive areas, fit to compete successfully in the global marketplace.”
More detailed statistical information may be found in the Labour Market Report (LMR) at www.statistics.detini.gov.uk/
(SP)
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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.
