03/07/2018

Danske Bank Report Forecasts 'Underwhelming' Economic Growth

A new report by Danske Bank has forecasted "underwhelming" economic growth in Northern Ireland over the next two years.

The latest 'Northern Ireland Quarterly Sectoral Forecasts 2018 Q2' report states economic growth is expected to rise by 0.9% in 2018 and 1.1% in 2019.

Danske Bank stated: "In the first quarter of 2018, the Northern Ireland economy experienced a rather sluggish start to the year as a combination of above-target inflation, adverse weather conditions and continuing political uncertainty, regarding both the lack of an Executive and Brexit, acted as a drag on growth.
News Image
"The economy is expected to perform slightly better in the rest of the year but consumers and businesses are still facing challenges. Household spending power is slowly recovering but consumers remain under some pressure and heightened uncertainty surrounding Brexit is negatively affecting business investment."

Responding to the forecast, Sinn Fein's Economy Spokesperson Conor Murphy said a predicted rise of 1.1% growth next year is "disappointing but not surprising".

"After ten years of the DUP controlling the main Economic Department the north has been left with the lowest rate of economic growth in these islands," he said.

"In addition the DUP is actively supporting the severe threat to our economy posed by a Tory Brexit.

"When an Executive is restored a new economic strategy must be developed which puts the needs of the people of the north front and centre."

(LM/CD)

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

16 March 2020
Covid-19: Seven Further Cases Confirmed
Seven further cases of coronavirus have been confirmed in Northern Ireland, bringing totals to 52. It comes amid continued controversy over whether schools should follow suit with the Republic of Ireland and close their doors. Several local schools have taken the option to close along with bars and restaurants across the region.
12 March 2020
Budget: Extra £210m For NI Public Services
Business and political leaders have been giving their reactions to the Budget, with an extra £210 million allocated for public services in Northern Ireland. The Chancellor, Rishi Sunak, yesterday pledged a £12 billion package of measures aimed at tackling the spread of coronavirus across the UK.
19 March 2020
Head Teachers Union Welcomes School Closures
The National Association of Head Teachers has welcomed the news that all schools in Northern Ireland will close from Friday.
10 March 2020
Coronavirus Closes Schools & Belfast Call Centre
The coronavirus outbreak has caused the temporary closure of two schools and a Halifax call centre. The business in the Belfast Gasworks area closed for deep cleaning today, Tuesday 10 March, after a colleague was diagnosed with Covid-19. It's understood employees have been told not to attend work at the south Belfast site.
23 March 2020
NI Hospice Chief In Call For Vital Supplies
The Northern Ireland Hospice is demanding intervention by the Northern Ireland Executive to ensure provision of vital supplies for palliative care services. Hospice chief Heather Weir said they are facing difficulties accessing protective equipment for both the Adult and Children's Hospice.