Rock bottom: official stats finally reveal impact on NI economy

Official statistics have finally revealed the scale of the much talked about economic impact on two key parts of the Northern Ireland economy. Following news earlier in the week that Northern Ireland posted its first quarterly decline in employee jobs in four-and-a-half years, figures today show a staggering slump in output. Both the Index of Services and Index of Production posted record rates of decline. Like a game of snakes and ladders, the COVID-19 pandemic has acted as a big snake taking industrial and services output back to square one or new series lows.

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Diverging economic picture set to continue in 2017

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Divergence has been a key theme of the Northern Ireland economy during recent years, with our economic performance consistently diverging from – i.e. falling further behind – the rest of the UK. But divergence has recently become more prominent in others areas too, including between the first and second half of 2016, the performance between sectors, within the labour market, and in terms of our domestic and export performance. And this is a theme that is set to become even more prominent in 2017. Continue reading