Foster launches commentary on Northern Ireland economy

Enterprise Minister Arlene Foster has launched a revised Economic Commentary by the Department of Enterprise, Trade and Investment (DETI).

The Economic Commentary replaces DETI’s Quarterly Economic Review and provides analysis on the latest statistics from Government and independent economic forecasts.

Remarking on the Commentary, the Minister said: “The local economy has been severely affected by the recession and, as part of the UK, we are now emerging from the longest recession on record. The most severe decline in output has been in the business & financial services, manufacturing and construction sectors.

“All parts of Northern Ireland have experienced significant increases in unemployment, with the claimant count increasing marginally by 100 in May 2010 following a fall of 200 in the previous month.”

Looking to the future, Arlene Foster said: “The most recent statistics do provide some tentative signs that the economy is beginning to stabilise, with independent forecasts predicting growth of 0.9% in 2010 and 1.9% in 2011. However economic conditions remain challenging and the greatest source of uncertainty is the scale and impact of future public expenditure cuts.

“It is in this context, of a much tighter public expenditure environment, that I have established the new Executive Sub-Committee on the economy to develop a new economic strategy for Northern Ireland. The strategy will identify focused economic goals and will outline a roadmap for achievement.”

Arlene Foster concluded: “I am determined to do everything within my power to help stimulate growth in the Northern Ireland economy.”

The first edition of the DETI Economic Commentary can be accessed at the DETI website or by contacting economics@detini.gov.uk or 028 9052 9513.

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