Latest Projections Point To Economic Growth

The latest report by the EY Economic Eye looks very encouraging for Northern Ireland’s future prospects. Their projections forecast that the NI economy will grow by 1.1% this year and then 1.8% in 2025. Also employment is forecast to increase by 1% this year and by 0.7% in 2025.

A number of factors have come into play to help the NI economy get back on its feet after a very tough few years. One is that the inflation rate is coming down, another is that interest rates are lowering, and of course there is also the fact that the Stormont executive is sitting once more and they have some funding which they can use to help businesses develop and thrive. The executive certainly don’t have money to burn but at least they have some to play with, so they CAN make a positive impact. Finally the fact that businesses in Northern Ireland have dual access to the UK and the EU marketplace can only be a help to boost economic growth.

Our Forecast For Northern Ireland Is Favourable In The Main

Here is what Dr Loretta O’Sullivan, chief economist for EY Ireland, said about the report, as copied from an article on the Business Eye website. She said that:

“Our forecast for Northern Ireland is favourable in the main, with easing inflation lessening the squeeze on households’ purchasing power, employment solidly expanding, and financing conditions improving thanks to interest rates gradually reducing. The Stormont Executive’s commitment to growing the economy now and into the future is welcome. Boosting productivity will be key for Northern Ireland as it works to realise its full potential.” 

Strong Pool Of Highly Skilled Talent Available

And in the same article on the Business Eye website, Rob Heron, who is EY Northern Ireland Managing Partner, is quoted is saying that:

“It is encouraging to see a more positive outlook for the Northern Ireland economy for this year and 2025. With a strong pool of highly skilled talent available across Northern Ireland, we are well positioned to continue the upward trajectory of increased employment and growth in our economy. At EY, we know from talking to our clients, that Northern Ireland’s unique access to both Great Britain and the European Union market for goods post-Brexit is providing a significant opportunity for businesses operating here.”

Finally, if you have a business that you want to grow and you need some expert guidance on finance and taxes etc, please give our team a call on 028 3752 2909.