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NI Economy Sees Solid Growth- Ulster Bank
2017-03-08

The Northern Ireland economy saw solid growth in January although inflationary pressures are continuing to build, a bank survey has suggested.

ulster bank

The Ulster Bank surveys private sector activity monthly and it is considered a reliable indicator of the economy.


It shows retailers have begun to pass on higher costs to consumers while manufacturers are absorbing some of their increased costs.


A weaker pound is pushing up the cost of imported goods and materials.


Major feature


The flip side of the weaker pound is to make exports more competitive and the survey shows a surge in new export orders is continuing.


Ulster Bank's chief economist, Richard Ramsey, said the sterling exchange rate continued to be a significant factor in the local economy.


"Overall, the positives of the weak sterling, which have been prominent for a number of months, continue to be evident," he said.


"But the negatives of the exchange rate are also starting to feature more and more prominently.


"This will be a major feature of the year ahead as inflationary pressures continue to intensify and indeed accelerate."      


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