World Economy

N. Ireland Businesses Grow

N. Ireland Businesses GrowN. Ireland Businesses Grow

Businesses are reporting ‘significant improvement’ in economic conditions as new figures suggest Northern Ireland’s economy is recovering after a springtime slowdown, the country’s UTV newssite reported. The month of May saw more businesses reporting growth in both output and new orders than those that did not, according to the Ulster Bank’s Purchasing Managers’ Index (PMI). The index provides a benchmarked snapshot of the economic outlook. Richard Ramsey, Ulster Bank’s chief economist in Northern Ireland, said, “Northern Ireland’s private sector reported its fastest rate of growth in business activity and new orders during May in seven months. Furthermore, firms have continued to increase their staffing levels at a faster rate than the long-term average prior to the downturn.”