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Economy of Northern Ireland

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Economy of Northern Ireland
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{{Use dmy dates|date=July 2013}}







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PUBLISHER=BBC NEWS, 14 April 2016, |per capita = €23,700 (nominal) / €21,800 (PPP)|sectors = |components = |inflation = {{decrease}} -0.1% (Nov 2015)|poverty = |gini = PUBLISHER=DEPARTMENT OF ENTERPRISE, TRADE AND INVESTMENT, 12 April 2016, |occupations = |unemployment = 5.7% (Jan 2016)|average gross salary = £1,819 / €2,473 / $2,797 (monthly)|average net salary = PUBLISHER=BARCLAYS, 14 April 2016, |industries = Services, construction, agriculture, public sectorPUBLISHER=DOINGBUSINESS.ORG, 2017-01-24, WEBSITE=GOV UK, Machinery & transport equipmentFood & live animalsChemicals & related productsManufactured articlesManufactured goods}}EU}} total (54.7%){{flagUnited States}} (17.6%){{flagGermany}} (5.3%){{flag|France}} (4.8%)|imports = £6.078 billion (2015) Manufactured articlesFood & live animalsChemicals & related productsMachinery & transport equipmentManufactured goods}}EU}} total (55.1%){{flagChina}} (16.5%){{flagGermany}} (6.1%){{flag|Netherlands}} (5.7%)|FDI = |gross external debt = |debt = |deficit = |revenue =|expenses = |aid = |credit =|reserves = |cianame = UK|spelling = |belowbox = no}}File:Profile of Northern Ireland.png|thumb|right|2013 economic profile for Northern IrelandNorthern IrelandThe economy of Northern Ireland is the smallest of the four countries of the United Kingdom. Northern Ireland previously had a traditionally industrial economy, most notably in shipbuilding, rope manufacture and textiles, but most heavy industry has since been replaced by services.To this day, Northern Ireland still suffers from the results of the Troubles, which occurred between the late 1960s until the mid-1990s.

Overview

Output and economic growth

Northern Ireland has the smallest economy of any of the twelve (NUTS:UK|NUTS 1 regions) of the United Kingdom, at £27.4bn (€37.8bn){{when|date=February 2015}}, or about two-thirds of the size of the next smallest, North East England. However, this is partly because Northern Ireland has the smallest population; at £15,200 (€21,000) Northern Ireland has a greater GDP per capita than both North East England and Wales.Rural areas including the North West are particularly deprived. It suffers from the highest unemployment and highest poverty rates in Northern Ireland. Infrastructure is substandard and has hampered economic development. The University of Ulster in Derry has seen many courses moved to its Jordanstown campus north of Belfast.Throughout the 1990s, the Northern Irish economy grew faster than did the economy of the rest of the UK, due in part to the Celtic Tiger rapid growth of the economy of the Republic of Ireland and the so-called "peace dividend". Growth slowed to the pace of the rest of the UK during the down-turn of the early years of the new millennium, but growth has since rebounded; in 2005, the Northern Irish economy is estimated to have grown by 3.2%, almost twice as fast as the UK as a whole, and future growth is expected to be stronger than that of the rest of the United Kingdom. However, having grown faster than anywhere except London in the decade to 2007, Ulster has lagged behind the scenes ever since. Ulster had an Irish recession with a British twist. Like its southern neighbour, a huge property bubble inflated there and then burst. Prices have fallen by 44% since 2007, wiping out construction jobs and forcing indebted households to cut back. A new kind of troubles A new kind of trouble

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