- Sustained growth of output and new orders
- Inflationary pressures intensify
The latest Ulster Bank Regional Growth Tracker signalled a first rise in employment in five months as growth of output and new orders was sustained.
That said, latest data also pointed to a marked intensification of inflationary pressures amid higher fuel costs due to war in the Middle East. Meanwhile, business confidence eased.
The headline Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s private sector – posted 51.2 in March, down from February's 54.3 but was still above the 50.0 no-change mark and thus signalling a rise in business activity for the third month running amid sustained growth of new orders.
As was the case in February, only London posted a faster expansion in output than Northern Ireland in March.
Activity increased across all four monitored sectors, led by retail. Meanwhile, the rate of growth in the service sector eased markedly and was only marginal.
Sebastian Burnside, Chief Economist for Ulster Bank, commented:
“Northern Ireland remained one of the UK's main bright spots in March, seeing sustained increases in output and new orders. The most positive aspect of the latest survey was a renewed increase in staffing levels, with companies confident enough in the near-term outlook to invest in raising workforce numbers.
“Also of note in the latest set of data, was the broad-based nature of the expansions in output and new orders, with all four sectors recording growth. In terms of output, this was the first time expansions have been seen across the board since October 2024.
“Despite the generally positive picture, the Middle East conflict had an impact in March, most notably through much stronger price pressures.”
Please see the regional report in full:
Ulster Bank Northern Ireland Growth Tracker (PDF, 881.9 KB)
