The Northern Ireland Statistics and Research Agency (NISRA) has today released headline results from the 2020 Northern Ireland Annual Business Inquiry (ABI) survey.
Growth in aGVA, decrease in turnover and purchases between 2019 and 2020
- Total aGVA was estimated to be worth Pound 25.7 billion at basic prices in 2020. This represented a rise of 1.4% (Pound 353 million) compared to 2019.
- Turnover for NI businesses decreased by 6.0% between 2019 and 2020 to Pound 67.1 billion, while the cost of purchases of goods, services and energy decreased by 7.0% to Pound 43.4 billion over the same period.
- A combination of falling turnover and falling purchases underlay the aGVA growth of 1.4% due to businesses recording a larger percentage decrease in their year on year purchases compared to their percentage decrease in year on year turnover. aGVA can be crudely considered to be total sales minus total purchases hence, in simplistic terms, even though business income is less than the previous year, the expenditure of businesses experienced a greater decrease and thus by proxy the businesses are adding relatively more to the economy.
Growth in the production, distribution and non-financial services sectors. Decrease in construction sector.
- The key driver of aGVA growth was in the NI production sector which increased by Pound 655 million (10.4%) between 2019 and 2020. The majority of aGVA growth in this sector is attributable to the energy generation and supply section which increased by Pound 403 million (61.4%).
- Retail and wholesale trade within the distribution sector recorded aGVA growth of Pound 53 million (0.8%) over the period in question.
- aGVA in the non-financial services sector increased by Pound 147 million (1.5%) from 2019 to 2020. The key driver in this was the Information and Communication services section, which recorded aGVA growth of Pound 291 million (24.1%).
- In contrast, there was a decrease of aGVA in the construction sector of Pound 494 million (16.1%) between 2019 and 2020
- Full detailed results are available in the Northern Ireland Annual Business Inquiry Statistics Bulletin on the NISRA website.