Northern Ireland’s Economy Sample Clauses

Northern Ireland’s Economy. Past, Present and Future 3.1. The Northern Ireland economy faces many challenges such as high economic inactivity, a weak private sector and a large public sector and, although employment has grown over the last decade, recently it has experienced sharp falls as a result of the recession. GVA has risen since 1997, but still remains at only 81% of the UK average and regional productivity is low. In addition, there is a low skills base in the working age population and wages remain low in comparison to UK figures (72). 3.2. Gross Value Added (GVA) in Northern Ireland was estimated at £26.7 billion in 2008 (at 2005 prices), which was no change on the previous year. Northern Ireland accounted for 2.25% of GVA in the UK economy as a whole (84). 3.3. Public services remains by far the largest sector of Northern Ireland’s economy, accounting for 27.6% of output (84) and 31% of employment (72). 3.4. The Northern Ireland economy is estimated to have contracted by around 4.7% in 2009, roughly in line with the UK figure, after no growth in the previous year. A mild recovery is expected to start in 2010, albeit more towards the second half of the year than the first. GVA growth is projected to strengthen from 2011, but it is likely to hover a little below the 2.0% mark on average, well under long-term trends (84). 3.5. Between 2010 and 2014, total construction output in Northern Ireland is expected to rise at an annual average rate of 1.7% (84). 3.6. Table 1 shows forecasted economic indicators for Northern Ireland to 2014 (84). Table 1: Economic Indicators - Northern Ireland (£ Billion, 2005 prices – Unless Otherwise Stated) Forecast Annual % change, real terms Actual 2007 2009 2010 2011 2012 2013 2014 Real household disposable income 20 4.2 0.3 1.9 1.4 1.2 1.2 Household spending 21 -3.6 -1.0 1.0 1.7 1.4 1.2 Debt:income ratio 0.9 0.3 -3.1 -6.0 -4.0 -1.9 -0.9 House prices (£000, current prices) 212 -15.0 -4.4 0.2 2.8 3.2 3.6 LFS unemployment (millions) 0.04 50.6 8.5 -6.9 -13.7 -14.8 -9.9 Source: ONS, DCLG, Experian, 2010-2014 Construction Skills Network Labour Market Intelligence Northern Ireland
Sample 1

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