From Margaret Canning in the Ulster Grocer Magazine:
The biggest ever annual surge in output from food and drink firms in Northern Ireland may have been fuelled by the Nl Protocol, an economist has said. Figures on the economy from the Northern Ireland Statistics & Research Agency (Nisra) show that food and drink firms’ output was up just under 14% in the second quarter of 2022, compared to the year before. There had also been growth of 6 2% between the first and second quarter of the year.
Food companies such as sandwich makers DELI-LITES and Around Noon in Co Down have benefited from the Nl Protocol, the post-Brexit trading arrangement which has ensured trade can continue between Nl and the Republic The agreement has brought restrictions such as checks on trade from Great Britain to Northern Ireland — leading companies such as big supermarkets to source products like sandwiches from companies in Northern Ireland instead of shipping them over Ulster Bank Chief Economist Richard Ramsey tweeted that “the impact of the Nl Protocol fis) arguably behind the surge in Nl food and beverage output”.
Looking at Manufacturing output.The impact of the NI Protocol arguably behind the surge in NI food& beverage output.
+6.2% q/q in Q2 almost 8X the rise in the UK
+13.9% y/y in Q2 outside of the pandemic (skewed by lockdowns) which is largest annual increase in the sector to date
— Richard Ramsey (@Ramseconomics) September 15, 2022
The separate index of services showed that private sector services output had fallen in the second quarter by 0 3% compared to the first few months of the year
But there had been growth of 2 7% year on year.
And when the most recent four quarters were compared to the previous four, output from the Northern Ireland services sector had expanded by 7 4%. stronger than the 6 9% growth for the UK as a whole.
Tell us again, DUP, how the Protocol is damaging business? Is it as damaging as having no government?
Thanks to Eugene for the tip.
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