NI Business Income Rose In 2010

Businesses in NI have been benefiting from higher levels of income across a range of sectors - although the most recent figures are for a period of time that is now over a year past.

A National Statistics press release, detailing the latest results from the 2010 Northern Ireland Annual Business Inquiry (NIABI) has been published today by the NI Statistics and Research Agency.

Its main results show that approximate Gross Value Added (GVA) increased by 3.8% between 2009 and 2010.

GVA is essentially a measure of the income generated by businesses after the costs for external goods and services are deducted.

Total approximate GVA in Northern Ireland (NI) was estimated to be worth £18,664 million at basic prices in 2010. This represented an increase of £675 million (3.8%) compared to 2009. The increase in NI compared with an increase of 2.9% in the UK as a whole

GVA rose in the production, construction, distribution and services sectors with, specifically, for the NI Production industries, it rose by 2.6% compared with a rise in the UK as a whole of 4.2%

Approximate GVA for the NI Construction industries rose by 8.0% compared with a fall in the UK as a whole of 2.8%

Approximate GVA for the NI Distribution industries (wholesale and retail trade) rose by 8.1% compared with a rise in the UK as a whole of 3.9%

GVA for the rest of the NI Service industries (transport and storage, accommodation and food services, information and communication, real estate, professional, scientific and technical, administrative and support services and other service activities) rose by 0.3% compared with a rise of 2.8% in the UK as a whole.

The NIABI results showed growth of 3.8% in mainly private sector activity and are broadly in line with Regional Accounts estimates, which showed that the NI whole economy grew by 3.2% in 2010 (as did the UK as a whole).

Compared with the ONS Annual Business Survey (ABS), which is the closest equivalent to the NIABI, the NIABI results showed that NI (3.8% growth) performed more strongly than the UK as a whole, with the ABS recording an annual increase to 2010 for the UK of 2.9%.

(BMcC)