NI economy: Private sector growth accelerated in February

The growth came from the manufacturing and services sectors

Northern Ireland's private sector grew at its fastest rate in almost a year during February, an Ulster Bank survey has suggested.

The monthly survey of about 200 firms is considered a reliable indicator of the health of the private sector economy.

Growth in February came from the manufacturing and services sectors.

But retail output was flat and construction showed little recovery from a long period of weakness.

Richard Ramsey, Ulster Bank chief economist, said services recorded their fastest rate of expansion in activity in 22 months.

The services sector is the largest part of the Northern Ireland economy and has been the source of almost all growth since the pandemic.

'Little overall growth'

Official figures for services and manufacturing output in the fourth quarter of last year are due to be published later this week.

The third quarter figures suggested services were growing while a period of weakness for manufacturing was continuing.

Some economic forecasters expect the Northern Ireland economy to show little overall growth this year.

Ulster University and the professional services firm EY have both forecast growth of less than 1%, pointing to the lingering effects of inflation and higher interest rates.