Northern Ireland's economy is not performingstrongly enough to deliver the growth and jobsneeded in the next decade, according to a reportpublished today.
Its economic performance over recent years hadbeen relatively good, saidPricewaterhouseCoopers, and shown that politicalstability can attract overseas investment andstimulate growth in indigenous business.
But launching their annual review and prospectsfor Northern Ireland PwC managing partner Mr Stephen Kingon said while the local economy wasin good shape it needed to grow faster.
He said: "We have experienced a decade ofsustained growth, with the ceasefires and recentpolitical stability facilitating greaterinvestment and job creation.
"However, the economy is growing at about halfthe rate needed to employ our expandingworkforce and fund essential infrastructureexpenditure".
He said the North needed to move beyond atwo per cent annual growth economy if it was tomeet the challenges ahead.
The region was only half way towards achievingthe 13,000 net new jobs a year that was neededto employ a growing population and provide morejobs for those currently not in the workforce.
"The next stage represents a huge challengeand requires a stepped change in performance,but it can be done if we maximise opportunitiesas they arise," he added.
Key features of the PwC review of 2000 were:
- Manufacturing output increased by more than8 per cent - five times the UK average.
- Employment grew by 1.3 per cent, the slowest forthree years but still twice the UK average.
- Unemployment fell by 0.8 per cent to 5.9 per cent.
- Average earnings rose by 4.5 per cent, well abovethe UK rate of 2.6 per cent , but they were still thelowest level in the UK.
- Average house prices rose by 12.4 per cent - twicethe UK average.
- GDP grew by an estimated 2.6 per cent - less thanthe UK average of 3per cent.
PA