NI economy 'grew strongly' in middle of 2024

Northern Ireland's economy grew strongly in the third quarter of 2024, the latest official data suggests.

The economy expanded by 1.3% compared to the second quarter and by 3% compared to the same period in 2023.

Most of that growth came from the services sector - which is the largest part of the economy.

There was also continued growth in construction and signs of recovery in manufacturing following poor results for the sector in the second quarter of last year.

Revised data suggests the performance in the first quarter of the year was better than originally thought while the second quarter performance was revised down.

First quarter growth was 1.9% compared to an original estimate of 1.4% while the economy shrank marginally in the second quarter compared to an original estimate of 0.4% growth.

The figures also suggest that the NI economy may have been performing better than the UK average.

However those comparisons need to be treated with caution as the NI and UK figures are not fully equivalent, for example the UK figures include a more sophisticated measure of public sector output.

More recent business surveys also point to a potential slowing in the Northern Ireland economy since the end of 2024.

The Ulster Bank's monthly business activity survey suggests private sector activity fell in December for the first time in over a year.

A quarterly survey by the NI Chamber of Commerce suggests that a large majority of local firms expect the Westminster budget to have a negative impact on their business.

That budget included an increase in business taxes and a rise in the minimum wage.