{"id":46981,"date":"2025-01-16T11:37:08","date_gmt":"2025-01-16T11:37:08","guid":{"rendered":"https:\/\/kede.com.br\/news\/ni-economy-service-sector-drives-growth\/"},"modified":"2025-01-16T11:37:10","modified_gmt":"2025-01-16T11:37:10","slug":"ni-economy-service-sector-drives-growth","status":"publish","type":"post","link":"https:\/\/kede.com.br\/news\/ni-economy-service-sector-drives-growth\/","title":{"rendered":"NI economy: Service sector drives growth"},"content":{"rendered":"


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\"GettyGetty Images<\/span><\/div>\n<\/div>\n

Most growth came from the service sector<\/figcaption><\/p>\n<\/figure>\n
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Northern Ireland’s economy grew strongly in the third quarter of 2024, the latest official data suggests.<\/p>\n

The economy expanded by 1.3% compared to the second quarter and by 3% compared to the same period in 2023.<\/p>\n

Most of that growth came from the services sector – which is the largest part of the economy.<\/p>\n

There was also continued growth in construction and signs of recovery in manufacturing following poor results for the sector in the second quarter<\/a> of last year. <\/p>\n<\/div>\n

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\"GettyGetty Images<\/span><\/div>\n<\/div>\n<\/figure>\n

Performing better than the UK average<\/h2>\n<\/p>\n
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Revised data suggests the performance in the first quarter of the year was better than originally thought while the second quarter performance was revised down.<\/p>\n

First quarter growth was 1.9% compared to an original estimate of 1.4% while the economy shrank marginally in the second quarter compared to an original estimate of 0.4% growth.<\/p>\n

The figures also suggest that the NI economy may have been performing better than the UK average.<\/p>\n

However those comparisons need to be treated with caution as the NI and UK figures are not fully equivalent, for example the UK figures include a more sophisticated measure of public sector output.<\/p>\n<\/div>\n

Impact of business tax rises<\/h2>\n<\/p>\n
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More recent business surveys also point to a potential slowing in the Northern Ireland economy since the end of 2024.<\/p>\n

The Ulster Bank’s monthly business activity survey suggests private sector activity fell in December for the first time in over a year.<\/p>\n

A quarterly survey by the NI Chamber of Commerce suggests that a large majority of local firms expect the Westminster budget to have a negative impact on their business.<\/p>\n

That budget included an increase in business taxes and a rise in the minimum wage<\/a>.<\/p>\n<\/div>\n<\/div>\n


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Getty Images Most growth came from the service sector Northern Ireland’s economy grew strongly in the third quarter of 2024, the latest official data suggests. The economy expanded by 1.3% compared to the second quarter and by 3% compared to the same period in 2023. Most of that growth came from the services sector – […]<\/p>\n","protected":false},"author":1,"featured_media":46982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[61],"tags":[1558,540,834,791,4183],"_links":{"self":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/46981"}],"collection":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/comments?post=46981"}],"version-history":[{"count":1,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/46981\/revisions"}],"predecessor-version":[{"id":46983,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/46981\/revisions\/46983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media\/46982"}],"wp:attachment":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media?parent=46981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/categories?post=46981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/tags?post=46981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}