Northern Ireland’s economy is growing but has yet to recover to the record levels of output recorded prior to the economic downturn more than 15 years ago.
That’s according to the latest official output data from NISRA (the Northern Ireland Statistics and Research Agency) which showed that in the second quarter of this year the NICEI, the closest Northern Ireland has to a GDP index, was just 0.2% below its maximum value notched up in the same quarter in 2008.
That’s compared to UK GDP as a whole which, in the second quarter, was 16.2% higher than its pre-economic crisis peak. The news comes as the UK’s financial stability is called into question following market turmoil in reaction to the recent mini budget.
