GVA figures suggest struggle to recover from recession
- 25 July 2013
- From the section Northern Ireland
Official figures suggest Northern Ireland businesses have struggled to recover from the recession.
The figures are for Gross Value Added (GVA), which is a measure of income generated by businesses, minus the cost of goods and services used to create the income.
They show that in 2011 GVA in Northern Ireland rose by 0.5% compared to 5.8% in the UK as a whole.
That gave Northern Ireland a 2011 GVA of £18.2bn, below the £18.7bn of 2008.
The 2011 figures also confirm service industries as the largest sector of the Northern Ireland economy - they delivered GVA of £7bn, which is well above the position in 2008.
Service sector GVA also grew by almost 10% in 2011 while all other sectors, except agriculture, saw a reduction.