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.
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"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)

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