Belfast Telegraph

Wednesday 17 September 2014

Growth forecast as Northern Ireland economy bounces

Danske Bank chief economist Angela McGowan
Danske Bank chief economist Angela McGowan

Legal services is one of the sectors set for growth in 2015, according to a new survey which shows that the Northern Ireland economy is roaring back into life.

However, there are warnings that the public sector could shed nearly 2,400 jobs during 2014 and 2015 as the government's austerity drive forces local government departments to downsize.

The latest Quarterly Sectoral Forecast report from Danske Bank reveals that local economic growth should reach 2.4% in 2014 and in 2015.

Professional and scientific services – which include legal services, accountancy, advertising, architects and engineering firms – are forecast to grow by 4.3% this year and 4% in 2015.

Other signs that the region is in recovery are steady improvement in the labour market, rising confidence levels and a high number of foreign direct investments during the second quarter of the year.

Danske Bank chief economist Angela McGowan added that World Cup fever this month should lend support to the retail and hospitality sectors.

"Rising confidence levels are propelling Northern Ireland's private sector onto a positive upward growth trajectory," she said.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More