CBI survey suggests increased business confidence

The latest survey from the Confederation of British Industry (CBI) Northern Ireland has suggested that local business confidence has started to rise since falling to its lowest-ever levels since CBI records began.

The previous report, released shortly after the events of September 11, documented “widespread pessimism” across both the manufacturing and service sectors, with the current atmosphere of political instability cited as one of the factors interfering with business activity.

The latest survey continues to stress that issues such as the strength of sterling and contracting margins continue to concern Northern Ireland companies, with red tape, raw material costs and increasing competition also cited as areas needing improvement.

However, while confidence in general is still low, signs point towards the start of a revival in attitudes as 2001 ends and the New Year begins.

Deirdre Stewart, assistant director of CBI Northern Ireland, said: “It should be stressed that the latest very negative survey was published on 11 September. Therefore some encouragement can be taken from the fact that four months onwards, the overall trends, while still negative, are heading the right way, back upwards.

“However, there is no doubt that the general slowdown which was beginning even before September 11 continues to impact on markets for both manufacturers and the service sector.” (CL)