NI economy to only grow 0.8% next year: survey
The economy in Northern Ireland will grow at a rate of just 0.8% next year, even if an orderly exit from the EU is achieved, according to a survey today.
PwC's economic outlook predicts subdued growth for the UK as a whole in 2020, as business investment slows down and the housing market cools.
It puts growth for 2019 in Northern Ireland at 1%, to fall to 0.8%. UK growth is also tipped to fall from 1.2% in 2019 to 1% in 2020.
PwC said Northern Ireland is also facing low productivity, with a fall of 0.5% despite employment reaching record levels at 72.3% in the second quarter. Productivity here is 12.7% below the UK average.
But PwC said workplace training and upskilling can boost productivity, with workers here the most open to retraining and upskilling in the UK.
John Hawksworth, chief economist at PwC, said: "UK economic growth is likely to remain choppy throughout the rest of this year and in early 2020.
"However, there could be a modest bounce in business investment later in 2020 if the UK achieves an orderly Brexit.
"But the uncertain global economic outlook could hold back a stronger recovery in investment next year," the chief economist added.