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 increased by 1.2% in real terms between Quarter 3 2016 and Quarter 3 2017. However, the index has remained relatively flat compared to the previous quarter, decreasing by 0.1%from Quarter 2 (April – June) to Quarter 3 (July – September) in real terms.
- Over the last two years annual output (averaged over the four quarters to Quarter 3 2017 compared to the previous four quarters) increased by 1.8%. 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 similar rate (1.8%) compared to UK GDP growth (1.9%). In the UK quarterly growth (0.4%) was higher than that recorded for NI (-0.1%).
- The NI private sector index was estimated to have decreased by 0.1% over the quarter but increased by 1.5% over the year to Quarter 3 2017.
- The Public sector jobs index decreased by 0.1% over the quarter but increased by 0.3% over the year to Quarter 3 2017.
- Full publication available here