Province '˜dangerously close' to recession warns CBI

Northern Ireland could be heading back into recession according to the latest economic data the head of a leading business group has warned.

Thursday, 19th July 2018, 4:19 pm
Updated Thursday, 19th July 2018, 5:23 pm
CBI NI director Angela McGowan

Speaking out in response to the NI Composite Economic Index data for Q1 2018, CBI director Angela McGowan said it revealed “worrying levels of economic contraction” and presented a stark warning for the Northern Irish economy.

“With two consecutive declines in economic activity in the middle of 2017, the region looks to be on the brink of recessionary territory,” she said.

“Although we saw a small upturn in the economy in Q4 of 2017, a contraction of 0.3% at the beginning of this year should give everyone pause for thought.

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“The private sector, the public sector, production and construction have all contracted, leading to wide-ranging repercussions that extend well beyond the business community.

“Clearly the current political vacuum and Brexit uncertainty are taking their toll on economic performance,” Ms McGowan added.

“The CBI and other business leaders have repeatedly called on political leaders to get back into government so that critical decisions can be made, on issues such as economic strategy, infrastructure and public service transformation.

“Action is need to remove the current handbrake on local economic activity.

“I think everyone would agree that the people of Northern Ireland deserve much better than this.”