Minister comments on prospects for economic growth

Despite the global economic slowdown, progress in Northern Ireland’s labour market and trade performance provides a springboard for future growth.

That was one of the key messages from Economy Minister Nigel Dodds, on the publication of the latest Quarterly Economic Review.

The Minister said “Global growth was adversely affected in late 2007 by the ‘credit crunch’, with growth in the developed economies of North America and Europe forecast to reduce further in 2008. Latest International Monetary Fund (IMF) forecasts further indicate that the slowdown, during 2008 and into 2009, presents all economies, including Northern Ireland, with significant economic challenges.

“Nevertheless, looking to the future, the assessment of the Northern Ireland economy in this Quarterly Economic Review gives me cause for optimism. The combination of past economic performance, and current initiatives flowing from the Executive’s Programme for Government, will help place Northern Ireland businesses in a stronger competitive position.”

Highlighting a number of strengths in the local economy, the Minister added: “There have been many positive developments in the Northern Ireland economy, not least with economic growth (in 2006) remaining strong at 5.6% - the second highest of all UK regions.

“The manufacturing sector has become more outward-looking, with exports increasing by 10% over the year. Furthermore, the Northern Ireland economy has also been able to attract, retain and enhance a significant amount of foreign direct investment (FDI) -based investment.”

Recognising that Northern Ireland remains a prime inward investment location, the Minister concluded: “I look forward to the forthcoming US Investment Conference. It will provide an excellent opportunity to engage directly with influential US business representatives. This will allow us to develop relationships to secure further FDI-based investments as the US economy begins to strengthen.”

The Quarterly Economic Review contains the latest statistics for the global, UK, RoI and NI economies and draws on a number of independent commentaries to provide a concise summary of the current economic climate.

This edition can be accessed at the Department of Enterprise, Trade and Investment website or by contacting economics@detini.gov.uk or 028 9052 9513.

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