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Ulster Bank survey: New orders boost private sector growth

Only services, which is the largest part of the economy and includes IT and hospitality, reported a slowdown last month.

However, cost pressures remain a significant challenge.

The survey suggests firms costs in April rose at the fastest rate in 12 months, as a result of the uplift in the National Living Wage coming into effect, as well as increased shipping costs caused by Red Sea disruption.

The bank’s chief economist Richard Ramsey said that despite these challenges firms remained optimistic about the year ahead.

“Overall, the latest survey offers encouraging signs about the state of the local private sector,” he said.

“However, the challenges facing the public sector remain and these will impact on parts of the private sector in due course.”


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