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Northern Ireland news

Northern Ireland is predicted to avoid post-Brexit recession in 2017

Ernst and Young has predicted the Northern Ireland economy will avoid recession in 2017
Gareth McKeown

NORTHERN Ireland will avoid a post-Brexit recession but economic growth will be slow until 2020, a business advisory firm has predicted.

Ernst and Young projected that the local economy will grow by just half a per cent in 2017.

Its latest bi-annual report said the growth rate has been revised down from 1.7 per cent this time last year, reflecting the uncertainty facing the economy following the UK's decision to leave the EU.

However, it predicts that it will climb back to 1.2 per cent in 2018 and will have reached 1.7 per cent by the end of the decade.

By contrast the economy in the Republic will continue to prosper with 3.1 per cent growth expected in 2016 and 2.9 per cent in 2017.

The report also finds that Northern Ireland will experience a decline in employment by 2020 of around 6,000 jobs.

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