NI's economic output rises, but businesses warn of rising costs
Summary
Northern Ireland's economy grew by 2.3% in the year to June, faster than the rest of the UK. While manufacturing and services sectors grew, rising energy and food costs pose challenges for many businesses.Key Facts
- Northern Ireland's economic output increased by 2.3% in the year to June.
- Economic growth in Northern Ireland surpassed that of the UK as a whole.
- Ireland's GDP rose by 10.2% in the same quarter, but its domestic demand fell by 0.8%.
- Growth in Northern Ireland was led by the manufacturing (production) sector.
- BLK BOX, a gym equipment company from Newtownabbey, expanded internationally and benefited from the Windsor Framework agreement easing trade with Europe.
- The services sector, the largest part of Northern Ireland’s economy, also grew over the past year.
- Rising energy and food costs, including higher petrol prices, are increasing pressure on businesses.
- Pastry chef Daniel Duckett partnered with a bakery chain to manage rising ingredient costs and highlighted concerns over fuel prices affecting delivery expenses.
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