NI’s economic growth ‘faster than the rest of the UK’

The UUEPC report says that for the UK as a whole, the recent Westminster budget will give a temporary boost to growth due to increased public spending.

However, it adds that growth is likely to slow in the medium term due to higher taxes and inflation that will be higher than it would have been without the budget measures.

Dr Myles Patton, principal economist at the UUEPC, said:  ”Despite considerable economic turbulence, the Northern Ireland economy has displayed robust strength and performed relatively well in 2024, largely due to the local labour market with increasing workforce jobs underpinned by expansion in the professional services, manufacturing, and health sectors.

“Looking ahead, growth is expected to slow, but if the NI Executive make the right economic-focused investment decisions, recovery can be expected in the medium and longer term.”