NI productivity challenge highlighted by economic data

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The Northern Ireland economy continued to expand in Q1 2017, according to today’s data, albeit at a weaker rate than in the previous quarter. Private sector growth (+0.4% q/q, +3.4% y/y) was driven by the services sector (+0.5% q/q, +3.1% y/y) with industrial production (-0.2% q/q, +2.1% y/y) and construction (-1.7% q/q, +7.9% y/y) posting quarterly contractions. The fall in industrial production though conceals strong rates of growth within manufacturing firms (+0.9% q/q & +0.9% y/y).

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Chief Economist’s Weekly Briefing – Happy birthday to EU and goodbye

Sterling is down 12% since the referendum and some effects of its decline are becoming apparent.

Pound.jpgPipeline pressures. Sterling’s weakness has fuelled import cost inflation. Manufacturers’ raw material costs rose by 19% y/y in February and firms have been passing some of these costs on to customers. Back in June factory gate prices were falling on an annual basis. Subsequently, output price growth has accelerated in every single month. Last month they were up 3.7% y/y the largest increase since December 2011. Price rises were evident across all product categories from food to fuel. Consumers have been warned. Further price rises are coming. Continue reading

NI Economy: The key facts

ni economy.pngWe’ve all heard the oft-used phrase ‘the economy is the number one priority’. However, there is perhaps still a deficit in terms of public understanding of economic issues.  People perhaps don’t realise how far Northern Ireland lags the rest of the UK in terms of GVA (and the gap has been widening) or how much more Northern Ireland receives in public spending. Continue reading

Economic Gongs: Best and worst performers in an ongoing drama

It had everything. There was intrigue, espionage, breakups, non-stop drama, and no end of fiction and fantasy. But whether you regard last year as the prelude to an economic horror, or something from an altogether more uplifting genre, what is clear is that 2016 was an epic, with significant implications for the local, national, and global economies. So with the annual Academy Awards having just been handed out, we’ve decided to suggest some potential winners of a hypothetical Economic Gongs. Here are the economies, personalities and organisations we think should be in contention for a range of bespoke categories.

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Petrol Head Index

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It probably hasn’t been a great year for Jeremy Clarkson. But can the same be said for petrol heads as a whole? Whilst consumers in general have been benefiting from falling food, clothing and energy prices, what has been happening to fuel, car, and auto part costs? With the hotly anticipated new series of Top Gear set to get underway, I thought it would be worth taking a peak under the bonnet.

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