Economic growth to slow to 1.25% in next year

Consumer spending will slow rapidly next year, with Northern Ireland's economic growth falling to around 1.25%, according to PricewaterhouseCoopers.

Their latest UK Economic Outlook predicted that the province’s GDP (gross domestic product) in 2009 would be well below the 2.75% level enjoyed in 2007. PwC said poorest households would be hardest hit because a larger share of their income was dedicated to paying for food and household energy bills.

On a positive note the report forecasts 1.25% growth should be maintained throughout 2009 — unlike most other UK regions where a further slowdown is expected in 2009.

Contact details
Email: John Compton
Tel: +44 (0)28 9024 5454