Hundreds of business leaders from across Northern Ireland have taken part in ‘Insights with AIB’, a networking and economics roadshow exploring key drivers for business growth.
The series saw AIB’s corporate and business teams, together with AIB Senior Economist John Fahey and Rory Carton from Goodbodys, visit Belfast, Newry, Cookstown, Ballymena, Derry-Londonderry and Enniskillen, meeting with business leaders and customers across the region.
Speaking at the event, AIB’s John Fahey explained that the Northern Ireland Composite Economic Index (NICEI) indicates activity levels have improved, with 3.0% growth year on year in Q3 2024. NI output is now 9.7% above pre-pandemic levels, compared with 2.9% for UK overall, showcasing the resilience of local businesses.
John said; “Northern Ireland businesses do continue to face headwinds; we have reached almost full employment with the jobless rate below 2% and capacity constraints can be a barrier to growth opportunities. It is estimated however that the average potential growth rate of the Northern Ireland economy is around 1.2% p.a. over the 2023-2029 period*. While the data is consistent with more modest growth, Northern Ireland is underpinned by many positive factors and near-term growth is expected to be higher with real wage and global investment conditions supportive of growth conditions.”
Speaking from the Belfast event, Seamus McGuckin, AIB’s Head of Corporate NI added:
“We thank all those who took part in our ‘Insights with AIB’ roadshow, with delegates speaking openly and sharing knowledge and ideas on how to capitalise on Northern Ireland’s unique position to unlock economic benefits either through FDI or as a dual market access location. While business investment plays a crucial role in driving economic prosperity, confidence is key to making it happen. It’s good to see progress across government through the publication of the Programme for Government alongside frameworks such as the new Investment Strategy and Housing Strategy.
“At AIB, we want to support and enable investment, helping create the right conditions for businesses to grow, innovate and succeed. It was great to have Rory Carton from Goodbodys – part of the AIB Group since 2021 – to talk through our full service and partnership approach to banking, particularly around sustainability and ESG corporate reporting. Building and supporting Sustainable Communities is a fundamental pillar of our strategy and we’re committed to our purpose to empower people to build a sustainable future.”
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