Business activity in the NI private sector fell in December

Business activity in Northern Ireland’s private sector fell in December for the first time in more than a year, according to an Ulster Bank survey.

Every month, it surveys private sector companies on their order books, workforce and exports, which is considered a reliable indicator of economic performance.

Last month saw a decline in business activity in Northern Ireland and a further fall in new orders.

Despite this, companies continued to hire staff.

NatWest chief economist Sebastian Burnside said ending the year on a “softer” note was a “marked turnaround” from the growth reported earlier in the year.

He added that despite production cuts and new orders, Northern Ireland was the only part of the UK to see an increase in numbers.

The survey suggests business confidence is below average for the year, which it says is in some cases due to the UK government’s budget, but also concerns over water and land constraints. development in Northern Ireland.

Official figures on the performance of the Northern Ireland economy in the third quarter of 2024 are expected to be published later this week.

Preliminary data, released in December, suggests that the services sector, which makes up the largest part of the economy, saw output increase by 1.1% compared to the previous quarter.

There were also the first signs of a recovery in the manufacturing sector with the best quarterly growth since the start of 2021.