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Latest News | Northern Ireland Economy Bouncing Back To Life

Northern Ireland Economy Bouncing Back To Life

Wednesday, June 25th 2014 7:57pm

There are increasingly strong signs that Northern Ireland is breaking free from recession with many sectors set for economic growth in the next 12 months.
The legal profession is one area that looks particularly strong at present and into the next year, although there are still areas of concern such as the public sector, as the Government continues to try to save money by cutting the public purse as much as they possibly can, forcing local councils to penny pinch and save money right across the board. It is believed the public sector could shed as many as 2,500 jobs in this year and the next.

The Quarterly Forecast Report from the Danske Bank produced many positive signs for the future economic progress of the country, with the belief that local economic growth could reach 2.4% next year. Other potential figures include the forecast that the Professional and Scientific services, which envelop the legal profession, architects, accountancy, advertising and engineering firms, could grow by as much as 4.3% this year (2014) and another 4% in 2015.

There have been a high number of foreign direct investments in Northern Ireland recently, and if you couple this with an improving labour market situation then the portents are looking extremely rosy.

So although the public sector is still stalling and cuts are still in evidence with job losses inevitable in the future, the private sector in Northern Ireland looks in a great position to kick on and grow significantly over the next few months and years if all goes to plan.

As confidence levels grow in the business sector an unstoppable momentum can be built and the economic recovery becomes a self fulfilling prophecy.

The above statistics were gleaned from The Danske Bank quarterly report, and this bank is one of the leading financial enterprises in Europe with headquarters in Copenhagen but a strong presence in Belfast and the whole of Northern Ireland.

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