Northern Ireland's economic output, broadly equivalent to UK GDP, increased by 2.3% in the year to June. Official figures indicate that economic activity in the second quarter of this year grew faster than both the UK and the Republic of Ireland.
This growth was primarily driven by an increase in the production sector, which includes manufacturing, and also saw a rise in the services sector. For example, BLK BOX, a Newtownabbey-based gym equipment manufacturer, has secured international contracts and expanded its workforce.
Despite this economic strength in the first half of the year, businesses are concerned about future pressures. Rising energy and food costs are anticipated to significantly impact businesses in the months ahead. Pastry chef Daniel Duckett noted that rising petrol prices will affect the cost of goods, and global warming could impact the availability and cost of certain ingredients.