Economy of Northern Ireland
Belfast City Centre
|
|
| Currency | Pound Sterling (GBP£) |
|---|---|
|
Trade organisations
|
EU, WTO, OECD |
| Statistics | |
| GDP | €43.432 billion (nominal) / €39.873 billion (PPP) |
|
GDP growth
|
1.4% (2015) |
|
GDP per capita
|
€23,700 (nominal) / €21,800 (PPP) |
 -0.1% (Nov 2015) |
|
| 14,000 (£) | |
|
Labour force
|
887,000 (Jan 2016) |
| Unemployment | 5.7% (Jan 2016) |
|
Average gross salary
|
£1,819 / €2,473 / $2,797 (monthly) |
|
Main industries
|
Services, construction, agriculture, public sector |
|
7th (UK)(2017) |
|
| External | |
| Exports | £6.327 billion (2015) |
|
Export goods
|
List
|
|
Main export partners
|
 EU total (54.7%)
 Ireland (33.4%) United States (17.6%) Canada (5.8%) Germany (5.3%) France (4.8%) |
| Imports | £6.078 billion (2015) |
|
Import goods
|
List
|
|
Main import partners
|
EU total (55.1%)
Ireland (27.2%) China (16.5%) United States (8.2%) Germany (6.1%) Netherlands (5.7%) |
The economy of Northern Ireland is the smallest of the four countries of the United Kingdom. Northern Ireland previously had a traditionally industrial economy, most notably in shipbuilding, rope manufacture and textiles, but most heavy industry has since been replaced by services.
To this day, Northern Ireland still suffers from the results of the Troubles, which occurred between the late 1960s until the mid-1990s.
Northern Ireland has the smallest economy of any of the twelve NUTS 1 regions of the United Kingdom, at £27.4bn (€37.8bn), or about two-thirds of the size of the next smallest, North East England. However, this is partly because Northern Ireland has the smallest population; at £15,200 (€21,000) Northern Ireland has a greater GDP per capita than both North East England and Wales.
Throughout the 1990s, the Northern Irish economy grew faster than did the economy of the rest of the UK, due in part to the Celtic Tiger rapid growth of the economy of the Republic of Ireland and the so-called "peace dividend". Growth slowed to the pace of the rest of the UK during the down-turn of the early years of the new millennium, but growth has since rebounded; in 2005, the Northern Irish economy is estimated to have grown by 3.2%, almost twice as fast as the UK as a whole, and future growth is expected to be stronger than that of the rest of the United Kingdom, though lower than that of the Republic. In April 2007 a Halifax survey found Northern Ireland's average house price to one of the highest in the UK, behind London, the South East and the South West. It also found Northern Ireland to have all of the top ten property "hot spots", with the Craigavon and Newtownards areas increasing by 55%.
Unemployment in Northern Ireland has decreased substantially in recent years, and is now roughly at 6.1%, down from a peak of 17.2% in 1986. Youth unemployment and long-term unemployment have fallen most quickly. Working-age economic inactivity is 28%, which is the highest of any UK region.
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