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Third of Northern Ireland firms scale back growth or investment as result of Brexit: survey

By John Mulgrew

Published 18/10/2016

Overall, businesses here enjoyed stilted growth during the third quarter.
Overall, businesses here enjoyed stilted growth during the third quarter.

A third of Northern Ireland firms have scaled back growth or investment as a result of Brexit, a fresh survey has said

Around a quarter of companies believe economic prospects are poor in the short to medium term, according to the latest quarterly economic survey from the Northern Ireland Chamber of Commerce with BDO.

But some businesses are optimistic about what the UK vote to leave the EU can offer. Around 24% say Brexit can offer good or excellent prospects in the short to medium term.

Overall, businesses here enjoyed stilted growth during the third quarter.

However, confidence around turnover and profitability has fallen.

Manufacturing exports increased, buoyed by a weak pound.

But domestic sales sat at their lowest level since the start of 2013.

Chamber chief executive Ann McGregor said: "This quarter's survey shows that Q3 2016 has been particularly challenging for businesses and growth appears to have slowed since the EU referendum."

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