Northern Ireland Composite Economic Index Quarter 4 2024
Date published:
The Northern Ireland Composite Economic Index (NICEI) Quarter 4 2024 was published today by the Northern Ireland Statistics & Research Agency (NISRA).
Key points:
- In the fourth quarter of 2024, the NICEI indicates that economic output increased by 0.9% over the quarter and by 3.6% over the year. Output increased by 2.2% on a rolling four quarters basis to December 2024.
- NI economic output is now 10.0% above the pre-pandemic level seen in Quarter 4 2019.
- The increase in the NICEI of 0.9% over the latest quarter was driven by positive contributions in activity in all sectors, with the largest contribution coming from the Services sector (0.3 pps).
- Although the measures are not produced on a fully equivalent basis, comparisons with the UK show that NI had stronger growth over the quarter (0.9% vs 0.1%) and over the year (3.6% vs 1.4%). NI also had larger growth in activity over the rolling annual average period (2.2% vs 0.9%). Comparing against the pre-pandemic quarter (Q4 2019) economic activity in NI has shown stronger growth than the UK (10.0% vs 3.2%).
- NI's Private sector output as measured by the NICEI increased by 1.0% over the quarter, by 4.2% over the year, by 2.6% on a rolling four quarter basis and by 10.6% when compared to pre-pandemic levels recorded in Quarter 4 2019.
- The NICEI Public Sector (employee jobs) index increased by 0.3% over the quarter, by 1.6% over the year, by 0.8% on a rolling four quarter basis and by 7.6% compared to pre-pandemic levels.
Commentary
- The NICEI indicates economic activity in Northern Ireland increased by 0.9% during Quarter 4 2024.
- The increased economic activity during Quarter 4 2024 was driven by positive contributions from all sectors including the Services sector (0.3 pps) the Production sector (0.2 pps) and the Agriculture sector (0.2 pps).
- NI economic output is now 10.0% higher than the pre-pandemic level seen in Quarter 4 2019. The Services sector (which accounts for 52% of NI GVA) has had a sizeable positive contribution to this growth (5.6 pps) showing a strong recovery post pandemic. There were positive contributions from all sectors including the Public sector (1.8 pps) and the Construction sector (1.6 pps).
