NI economy contracted by 0.2% in the final quarter of 2023
- Published
For 2023 as a whole the Northern Ireland economy grew by just 1.4%
The Northern Ireland economy contracted by 0.2% in the final quarter of 2023, official figures suggest.
Private sector output was flat, while public sector output declined, which may reflect the impact of public sector strikes.
Although the UK and NI figures are not fully comparable, the data suggests NI avoided the UK's shallow recession.
A recession can be defined as two consecutive quarters where economic output is falling.
UK GDP fell in the third and fourth quarters while Northern Ireland's composite economic index showed growth in the third quarter.
For 2023 as a whole the Northern Ireland economy grew by just 1.4%.
The NI Statistics and Research Agency (Nisra) which produces the figures, said that "challenging conditions remain for households and businesses who are adjusting to the upward shift in price levels for goods and services and the higher interest rate environment".
More recent economic data suggests the Northern Ireland and UK economies are likely to have returned the growth in the first quarter of this year.
However, both economies are forecast to show little growth throughout 2024 as interest rates and inflation continue to weight on businesses and households.
The Ulster University Economic Policy Centre (UUEPC) expects the economy to grow by 0.8% in 2024 and 1.1% in 2025 before annual growth recovers to about 2%.
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