NI business growth expected for 2014

NICC said: "The improvement in business confidence particularly stands out this quarter with turnover at +61% (an increase of 7% points from previous quarter) and profitability at +44% (an increase of +10% points). There is also continued improvement in investment intentions, especially in terms of plant and machinery." However it added that challenges remained including recruitment difficulties, cash flow problems and expected price rises. And, although export sales and order balances had improved over the quarter, they remained low (export sales +14% and orders +12%). NICC explained: "When compared to the rest of the UK, Northern Ireland's export orders are the weakest of all UK regions alongside Wales. In terms of cash flow, the only other regions to have negative balances were Scotland (-24%) and London (-1%). The percentage of local businesses under pressure to raise prices is now the third highest of the UK regions." The survey was made up of responses from 350 local businesses. Ann McGregor MBE, chief executive of NICC, said: "According to the latest survey results the economic recovery gathered pace in Northern Ireland over the past three months. Yet again most of the main balance figures increased on the previous quarter and businesses are generally more confident about the future. We are especially happy that our members' business prospects for 2014 are generally positive." Pictured at the Quarterly Economic Survey briefing are (L-R) Maureen O'Reilly, who undertook the economic analysis for the survey; Francis Martin, partner at BDO and Ann McGregor, chief executive at NI Chamber of Commerce.