NI Posts 'Robust Growth'

Northern Ireland experienced "robust output growth" in February, led by a ninth successive monthly rise in new business, according to the latest Ulster Bank Purchasing Managers' Index (PMI).

The private sector saw a further sharp increase in business activity at, aided by another month of strong new order growth. A marked easing in the rate of cost inflation was also recorded, as companies lowered their output prices.

Business activity at Northern Ireland companies continued to rise in February, extending the current sequence of growth to eight months, according to the report.

New business rose for the ninth month as respondents indicated improved success in securing sales. Retail posted the strongest increase in new business. New export orders also rose again during the month, albeit at a weaker pace than overall new business.

The report also said further strong growth of new orders led to a solid build-up of backlogs of work during February, with the rate of accumulation slightly faster than seen at the start of the year.

Increased backlogs of work and strong growth of new business led companies in Northern Ireland to raise their staffing levels. The sharpest job creation was seen at retailers.

The rate of inflation eased sharply and was well below the series average. The service sector saw the biggest slowdown in inflationary pressures, while manufacturers posted a weaker rise than in the previous month.

Northern Ireland companies lowered their output prices slightly, marking the first reduction in prices charged since April 2013. The fall mainly reflected a solid reduction in services selling prices, while the remaining three sectors all posted increased charges.

(IT)