Terex: Manufacturing firm to cut about 100 jobs in Northern Ireland

Official figures suggest manufacturing has been the weakest part of the NI economy for much of the last two years.

In the first quarter of 2024, output across manufacturing fell by 0.4% over the quarter and was down by 3.7% compared to the same period in 2023.

Manufacturing output was flat for much of 2022 and has been falling since the start of 2023.

There is significant variation between manufacturing subsectors with some, such as transport equipment, growing strongly.

Some companies and manufacturing sectors experienced a boom during and in the aftermath of the pandemic but demand has since returned to more normal levels.

For example Randox, a diagnostics company, made total profits of £465m in 2021 and 2022.

Its most recent accounts for 2023 show it recorded a loss of just under £33m, with annual turnover down from £626m to £173m.