19 July 2018

  |  CBI Northern Ireland

Press release

CBI NI comment on NICEI data on local economic performance

CBI Northern Ireland response to NI Composite Economic Index data for Q1 2018

CBI NI comment on NICEI data on local economic performance

Commenting on the latest results, CBI NI Director Angela McGowan said:  

“The latest NICEI data reveals worrying levels of economic contraction and presents a stark warning for the Northern Irish economy. With two consecutive declines in economic activity in the middle of 2017, the region looks to be on the brink of recessionary territory. 

“Although we saw a small upturn in the economy in Q4 of 2017, a contraction of 0.3% at the beginning of this year should give everyone pause for thought. The private sector, the public sector, production and construction have all contracted, leading to wide-ranging repercussions that extend well beyond the business community.  

“A shrinking economy reduces much-needed revenues for our public services, limits opportunities for young people and sends out the wrong signal to foreign investors at a time when the global economy is in robust health, with a solid growth rate of 3.9 per cent.

“Clearly the current political vacuum and Brexit uncertainty are taking their toll on economic performance. The CBI and other business leaders have repeatedly called on political leaders to get back into government so that critical decisions can be made, on issues such as economic strategy, infrastructure and public service transformation.

“Action is need to remove the current handbrake on local economic activity. I think everyone would agree that the people of Northern Ireland deserve much better than this.”