Northern Ireland

Northern Ireland GDP per head down

Cranes on a construction site Image copyright Thinkstock
Image caption GDP per head is down in Northern Ireland but employment is up

Northern Ireland's economy has seen little recovery since the 2007 economic crash, the Bank of England's chief economist has suggested.

The detail is contained in a speech by Andy Haldane which examined how different parts of the UK have experienced recovery.

It shows that on one key measure, GDP per head, Northern Ireland suffered a sharp fall between 2007 and 2009.

It has essentially flat-lined since then.

However on other measures, notably employment, Northern Ireland has had a recovery.

Image copyright Bank of England
Image caption Chart showing regional GDP per head in the UK

The employment rate in Northern Ireland hit an all time high of 69.6% earlier this year and all 41,000 jobs lost between 2008 - 2011 have been recovered.

Mr Haldane noted that experimental statistics also suggest that people in Northern Ireland experience greater wellbeing than in other parts of the UK.

Satisfaction

He said "When it comes to measures of life satisfaction...London ranks at the bottom of the regional league table of happiness, while Northern Ireland occupies, by some distance, pole position."

Mr Haldane suggested that the economic recovery has largely been felt in London and the South East, among those who own their own homes and those who are aged over 50.

He added that in only two regions - London and the South-East - is GDP per head in 2015 estimated to be above its pre-crisis peak.

In other UK regions, GDP per head still lies below its pre-crisis peak, with Northern Ireland faring worst with a figure still an estimated 11% below peak.

Mr Haldane concluded that "so far at least, this has been a recovery for the too few rather than the too many, a recovery delivering a little too little rather than far too much."

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