Northern economy grew over summer, official data shows – The Irish News

Northern Ireland’s economy grew over the summer months, two new official reports suggest.

Output in the services sector increased by 1.1% in the three months ending in September, while the manufacturing sector increased by 1.2%.

Retail production also increased by 2.7% during the third quarter of 2024, the Northern Ireland Statistics and Research Agency (Nisra) said.

The services sector, which accounts for the majority of the North’s economy, grew 3.1% year-on-year to reach a record level.

Nisra said growth during the summer period was driven by the recovery of the retail and hospitality sector, where production increased by 2%; and by the transport, storage, information and communications sector, which increased by 3.4%.

The latter includes the technology sector of the North.

The North’s business services and financial sector, which had been the bedrock of recent services growth, contracted 1.4% between July and September.

But it remains up 1.9% over one year.

The subsector has grown by around 30% since the end of 2019.

Nisra’s latest production index suggests the northern manufacturing sector recorded a 1.6% recovery between July and September, leaving output up 1.3% year-on-year.

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This is the largest quarterly increase in almost four years, with manufacturing production at its highest level since the second quarter of 2023.

The manufacturing industry represents around 80% of the production index.

Meanwhile, Nisra’s Retail Sales Index (RSI) brought better news for this often beleaguered sector.

The index, which does not include the auto trade, shows retail production in the north increased by 5% in the year to September 2024.

RSI production in the north remained 1.5% below pre-coronavirus pandemic levels.