Ulster Bank: NI private sector ‘picked up in March’

Recovery in Northern Ireland's private sector economy accelerated during March, an Ulster Bank survey suggests.

The Ulster Bank survey covers a representative sample of around 200 firms in the four main parts of the private sector.

Official data showed NI's private sector stalled in the last quarter of 2023.

However, the bank's regular monthly surveys suggest that growth returned in the opening months of this year.

The rate of growth in March was the fastest seen since February 2022.

It was also the first time in more than two years that retail, services, manufacturing and construction simultaneously showed an increase in output.

"Northern Ireland's private sector moved up a gear in March, with growth in output, new orders and employment all accelerating," Ulster Bank chief economist Richard Ramsey said.

"NI firms are their most optimistic about future output in nearly six years. All sectors still expect output to be higher in a year's time, with manufacturing its most optimistic since the question was first asked seven years ago."

Meanwhile Kainos, one of Northern Ireland's largest companies, says it expects to report a pre-tax profit of around £76m for the 2023 financial year.

In a year-end trading update, the IT firm said sales will be slightly below the £401m which markets had been expecting.

The firm added that it had "an increased backlog, a robust pipeline and a strong balance sheet" in the current financial year.

Kainos, which is based in Belfast, employs almost 3,000 people across its global operation.

The latest official jobs market data for NI will be published on Tuesday, while UK inflation data will be published on Wednesday.