NI retail leads economic expansion
Northern Ireland’s retail is speeding ahead of the rest of the economy, new figures have revealed.
The Northern Ireland Purchasing Managers Index found local firms recorded output growth in September amid a further increase in new orders.
The NI economy enjoyed a fifth consecutive monthly increase in output across the private sector, while the rate of expansion was solid, and the fastest since October 2014. All four monitored sectors – construction, retail, manufacturing, services and retail – recorded growth of output, with construction firms posting their first increase in activity since February.
However, it was led by retail that led the way, with sales and output showing a marked improvement on September 2014.
Commenting on the survey findings, Ulster Bank’s chief economist Richard Ramsey, said the private sector had got off to a slow start at the beginning of 2015, but the general trajectory now is “one of improvement”.
“The rate of growth in business activity and new orders accelerated in the third quarter, relative to the previous three months,” he said. “Overall, the latest survey is littered with positive headlines.”
“Retail posted the fastest rates of growth in employment, orders and activity. The ‘noflation’ environment coupled with pay increases has boosted disposable incomes, and retailers are the primary beneficiaries from this improvement in consumer sentiment.”
The positivity in the retail sector will continue this week with the holding of the Neighbourhood Retailer Awards 2015, which take place on October 16.
The awards celebrate the best local independent traders at the heart of the industry, as well as the rural and urban communities they inhabit.
Speaking ahead of the awards, Glyn Roberts, chief executive of the Northern Ireland Independent Retail Trade Association (NIIRTA), said: “The importance of Northern Ireland’s retail sector cannot be overstated. It is a central pillar of commerce, employment, and innovation, and the latest PMI figures clearly demonstrate the ingenuity of this industry to overcome challenging circumstances.”
“Northern Ireland retail has an incredible history and an indelible footprint on NI economics and culture, and it is right that it will be celebrated in such spectacular fashion at the Neighbourhood Retailer Awards 2015.
“NIIRTA has supported these awards for many years, and are thrilled to be involved once again in what is sure to be a fantastic evening for this proud industry.”
In attendance will be over 500 key decision-makers, including independent retailers, wholesalers, symbol groups, and oil companies – making it a major networking opportunity.
The awards have garnered much industry support over the years and 2015 is no different. Leaders in their respective fields – such as Imperial Tobacco, JTI, Nestle Professional, Cuisine de France, Pay Point, United Wine Merchants, Salesplacement, Costa Express, PRM, Philip Morris, CPUK, and Note Machine – are backing this year’s award categories.
Tables are still available for this week’s ceremony. Click here for more information, or call our booking hotline on +44 02890 457 457.
