THE economy in the UK is recovering - but at a much lower rate than anticipated amid global trade woes and falling commodity prices, according to new government estimates.
Data from the Office for National Statistics (ONS) revealed that gross domestic product (GDP) eased to 2.2 per cent in 2015, down from 2.9 per cent the year before.
But in Northern Ireland, the growth will be weaker still, as a region remains the worst performer in the UK.
PwC's regional chief economist Dr Esmond Birnie said: “This data imply that by the end of last year the UK economy had grown 6.6 per cent above the peak it achieved before the 2008 banking crisis and recession.
“This is in marked contrast to the performance of the Northern Ireland economy where the most recent figures for the third quarter of 2015 indicate that output remains 8.3 per cent below the previous peak of quarter two in 2007.
“PwC forecasts that UK growth will be 2.2 per cent in 2016, the same rate as last year, before rising slightly to 2.3 per cent in 2017.
“But Northern Ireland is likely to continue in its position under-performing the other UK regions with growth rates of around 1.4 per cent this year and 1.5 per cent next year.”
The UK economy has slowed since last summer, and this month Chancellor George Osborne said the UK faced a "dangerous cocktail of new threats" such as falling commodity prices, recessions in Brazil and Russia and rising tensions in the Middle East.
He added: "With the risks we see elsewhere in the world, there may be bumpy times ahead - so here in the UK we must stick to the plan that's cutting the deficit, attracting business investment and creating jobs."
