Northern Ireland likely to avoid worldwide economic slump

Northern Ireland’s economy is likely to avoid the worst effects of the global economic slowdown, the First Trust Bank has said.

In its latest Quarterly Economic Outlook, the Bank said that economic conditions in the province had not deteriorated enough but significant job losses in Northern Ireland’s ICT sector had proved that the province was not immune to world economic conditions.

The Banks report also said it was most concerned with business ignorance of the euro which comes into effect throughout 12 European countries, excluding the United Kingdom.

In a survey commissioned by the Euro Preparations Forum 76 per cent of companies said they had made no preparations for the euro. Of the 404 businesses surveyed only nine per cent correctly identified the cut off date for the use of national currencies.

Twenty two per cent also revealed that they had not made any preparations for the euro as the Government seemed undecided about whether to join or not. (MB)

Related Northern Ireland Business News Stories
Click here for the latest headlines.

05 December 2019
Report Shows Progress On Development Of Belfast
Significant progress has been made on long term ambitions for Belfast including job creation, inward investment and investment in neighbourhoods, a new report has revealed.
21 February 2002
Retail slowdown after high spending Christmas
The latest figures from the Office of National Statistics has revealed that UK retailers saw high street retail sales slow after a high-spending December. However, while sales were still stronger than last year, UK retail spending fell 0.3 per cent during January from the previous month.
11 January 2002
September 11 continues to affect travel industry
The latest figures from the British Airports Authority (BAA) has shown that the September 11 attacks on the US and the global economic slowdown are still weighing on UK air travel and tourist numbers.
03 August 2001
Eurozone holds steady on interest rates
THE European Central Bank (ECB) has held steady on interest rates following speculation that the eurozone may be able to avoid a recession in the manufacturing sector. The ECB announced its decision to maintain its interest rate at 4.
30 August 2001
European Central Bank cuts interest rates
The European Central Bank (ECB) has cut interest rates to 4.25 per cent. The news came on Thursday August 30, the day the Bank kicks off the countdown to the introduction of the euro as a cash currency in just four months time. A cut from the ECB’s 4.