According to an Ulster Bank survey, the recovery in Northern Ireland’s private sector continued throughout April. Each month, the bank surveys a representative sample of companies about issues such as employment and new orders. The April survey indicated that the construction sector rebounded after a year-long period of reduced activity. The retail and services sectors also saw growth, but the manufacturing sector’s output declined. The survey found that overall business activity has been increasing for three consecutive months.
Additionally, Ulster Bank’s chief economist Richard Ramsey said that the survey showed a reduction in inflationary pressures, with input costs increasing at their slowest pace in over two years. The labor market remained strong, with the survey indicating that companies are still hiring. Official labor market data is set to be released on Tuesday.
Last week, official data revealed that the UK’s economy experienced weak growth in the first quarter of the year due to strikes, cost of living pressures, and inclement weather. Between January and March, economic output expanded by only 0.1%, and it remains lower than pre-pandemic levels. Specific data regarding Northern Ireland’s Q1 performance will be published next month.