Slowdown continues in NI's private sector

November's Ulster Bank PMI (Purchasing Managers' Index) report for Northern Ireland released today has indicated a slowing in the rate of growth of private sector output in Northern Ireland.

The rate of expansion eased further from the highs of early 2004 and, at 53.9 in November, the headline Business Activity Index registered its lowest level in 17 months.

Growth of output in Northern Ireland was below the UK average in November.

Commenting on the latest survey, Pat McArdle, Chief Economist, Ulster Bank, said: "Having generally outperformed the mainland since the start of the year, November PMI indicators showed month-on-month growth of Northern Ireland's private sector economy slipping below that of the UK to the largest extent since the series began in August 2002.

"However, it would be unwise to read too much into one month's figures which, in any event, continue to post solid growth.

"Moreover, while the Eurozone is getting steadily worse, the rest of the world, UK and Republi of Ireland included, has begun to recover from the recent 'soft patch' and this can be expected to continue as oil prices normalise."