Belfast Telegraph

No double-dip, just slow growth

By Margaret Canning

Northern Ireland's economy is consigned to slow growth, but a double-dip recession isn't likely.

Economists said the local economy will remain relatively resilient despite the debt crises in Greece, Italy and Spain and America's own skirmish with economic armageddon.

They said they don't doubt that the UK economy is fragile. As Chancellor, George Osborne has come under fire for sluggish growth and has been blamed for making matters worse with a VAT rise back in January.

However, slower growth - with 1.1% predicted for this year in Northern Ireland by Northern Bank in its latest report and 1.2% in the UK - does not automatically mean a double-dip recession.

While Ulster's GDP figures are published annually in arrears, meaning we don't produce quarterly GDP figures which are analysed to show the two successive quarters of negative growth - the official barometer of recession - it seems Northern Ireland never returned to growth so cannot be described as experiencing a double-dip.

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