Economy: Northern Ireland's output is at a 15-year high

Official figures from Nisra indicate that the economy of Northern Ireland continued to grow during the first quarter 2022.

Economy: Northern Ireland's output is at a 15-year high

Official figures from Nisra indicate that the economy of Northern Ireland continued to grow during the first quarter 2022.

The output was up 0.4% over the last quarter of 2021, and 7.8% over the same period last year.

The economic output of the NI is at a 15 year high, and 0.1% lower than the record output recorded in the middle 2007.

The housing crash that struck Northern Ireland in late 2007 caused severe economic damage.

Northern Ireland's first quarter performance was less than that of the UK average. The UK GDP grew 0.8% quarter-on quarter and 8.7% year on year.

The NI Statistics and Research Agency, (Nisra), says that Northern Ireland's output has increased by 4.8% over a period of three years, compared with the 1.3% UK GDP growth.

Nisra makes use of the three-year comparison to try and mitigate the economic volatility that will result from the pandemic.

Recent months have seen Northern Ireland's economic data become highly political, as both supporters and opponents to the NI Protocol try to create economic arguments to support their positions.

The data is not conclusive, with Northern Ireland performing better than the UK on certain metrics but worse on other.

The service sector contributed a positive contribution of 0.4% to the growth of Northern Ireland in the first quarter of this year.

The Public Sector and Production/manufacturing sector also had positive contributions with 0.2 pps and 0.1 pps.

The Construction sector contributed a negative 0.3 pps. Construction has been plagued by cost inflation and delays in supply chains.