Belfast economy fastest growing within the UK

BELFAST’S economy grew fastest among 30 of the largest UK cities over the past 10 years.

Chief executive of the Cork Chamber said that Belfast is clearly a competitor now for other Irish cities when it comes to attracting investment.

A report by accounting firm UHY Hacker Young said Belfast has experienced a 99% increase in gross added value over the past decade.

Belfast came in third place in the league table of Britain’s strongest economies behind Edinburgh and London.

Gross Value Added is used to estimate the value of goods and services produced in an area to measure its contribution to the overall British economy.

Chairman of UHY Hacker Young Group, Howard Spence said: “The IRA ceasefire in 1995 and the Good Friday Agreement in 1998 have been fundamental in establishing the peaceful conditions necessary for business to prosper.

“Increased investors’ confidence has spurred investment flows into Belfast allowing the city to engage in ambitious large-scale regeneration projects such as the Titanic Quarter and the Laganside while promoting local talents in architecture and design.

“Belfast’s ability to capitalise on the growing trends in the service and knowledge economy has done the rest in propelling the city amongst the most prosperous areas of the UK.”