Foster: Positive Signs On Economy But Still Much To Be Done
The latest edition of the DETI Economic Commentary was published today, which examines the latest economic trends and provides an assessment of local economic conditions.
Noting the recent economic trends, Enterprise Minister Arlene Foster commented: “Across the world, economies are beginning to post positive growth and we in Northern Ireland are beginning to see such signs as well. Whilst the Northern Ireland economy has been more severely impacted compared with elsewhere in the UK, we are now seeing encouraging trends from a range of labour market indicators, businesses now reporting increased activity, house prices potentially levelling off and positive growth in exports.”
Independent forecasts from Oxford Economics have increased the level of economic growth expected for Northern Ireland in 2013 from 0.2% to 0.5% with growth of 1.8% predicted for 2014. They have also revised unemployment forecasts with unemployment peaking in 2012 rather than 2014, as previously projected.
Arlene Foster concluded: “While there are positive signs that Northern Ireland’s economy is improving this is not a time for complacency. There is still much to be done. That is why I intend to take every advantage of the opportunities presented to me in 2013 to promote Northern Ireland as a place to visit and a place to do business.
“The successful G8 Summit and the follow up investment conference have both provided the opportunity to positively promote Northern Ireland on a global stage. The inward investment announced at the conference will provide new job opportunities as well as providing a direct boost to local businesses able to feed into these new businesses.”