Cochrane- Watson calls for Economy Minister to act on growth figures

Adrian Cochrane-Watson MLA, the economy spokesperson for the Ulster Unionist Party, has said the latest in a series of poor economic growth forecasts for Northern Ireland must lead to action from the Enterprise Minister and the Executive.

Mr Cochrane- Watson said:

“The Danske Bank report downgrading its forecast of economic growth in Northern Ireland in 2016 from 2.3% to 1.8% is the latest in a series of reports which suggest that Northern Ireland’s economy is stagnating, compared to both the rest of the United Kingdom and the Republic of Ireland.

“This comes on the back of similar forecasts from the likes of PwC, Ernst and Young, as well as the British Chamber of Commerce, all suggesting the same thing.

“In the rest of the United Kingdom economic growth is forecast to be around 2.6%, whilst a figure of around 1.7% is often quoted for Northern Ireland.  We know, from the Office of National Statistics, that out of 12 UK regions, Northern Ireland contributes least to UK manufacturing turnover at 3.4% in 2012.

“At the same time, forecasts from the European Commission have said that the Irish Republic’s economy is set to grow by 6 per cent this year, the fastest rate in the European Union.  The consultancy firm EY has forecast that economic growth in the Republic will be 5.8%, more than 3 times the rate in Northern Ireland.

“These figures must be a cause of concern. With the Assembly back in session, I hope the Enterprise Minister Mr Bell will return to the despatch box without the arrogant and complacent attitude he demonstrated last year.  Of course we want to be positive and talk up the local economy.  But the Minister has a duty to tell it as it is and not just sugar-coat the statistics.  An unemployment rate of 6.1%, nearly a percentage point above the UK average, combined with persistently high levels of youth unemployment and economic inactivity surely cannot be as good as it gets.”