The NICEI is an experimental quarterly measure of the performance of the NI economy based on available official statistics.
Key Points
- The Northern Ireland Composite Economic Index (NICEI) results show that NI economic activity was estimated to have decreased by 0.3% in real terms from Quarter 4 (October – December) 2017 to Quarter 1 (January – March) 2018. The index decreased by 1.0% over the year to Quarter 1 2018.
- Over the last two years annual output (averaged over the four quarters to Quarter 1 2018 compared to the previous four quarters) remained flat (at 0.0%). Although the measures are not produced on a fully equivalent basis, comparisons with the UK over the same period show that the NICEI grew at a slower rate (0.0%) than UK GDP[1] (1.5%). In the UK quarterly growth (0.2%) was also higher than that recorded for NI (-0.3%).
- The NI private sector index was estimated to have decreased by 0.3% over the quarter and by 1.2% over the year to Quarter 1 2018.
- The Public sector jobs index decreased by 0.3% over the quarter and by 0.1% over the year to Quarter 1 2018.
- Full report available here
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