This material should not be reproduced or disclosed without our consent. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. But the key trigger for a recovery in some sectors, particularly retail and services, is going to be when the current restrictions are lifted.” “Looking to the months ahead, whilst conditions will remain challenging for some time, confidence will likely continue to build as the vaccine rollout continues. The rates at which construction firms’ costs and prices are charged are also both rising at the fastest rates on record. Due to these costs, firms raised their own prices at the sharpest rate in the survey’s history (almost 19 years). Manufacturing was the sector that posted the highest rate of cost inflation, but it was evident in all sectors. Once again, shipping costs, raw materials and Brexit-related costs were cited as factors. “Significantly, Northern Ireland’s private sector saw input costs rise at their fastest pace since July 2008. “Manufacturing, services and retail all saw their rates of contraction in business activity accelerate in February, with services also recording faster rates of decline in new orders and employment levels. Meanwhile it was ranked at the top when it comes to input costs and output price inflation. “Northern Ireland was at the bottom of the UK regional table as far as output, orders and employment were concerned.
“Whilst this is encouraging, it doesn’t change the fact that business conditions now are challenging to say the least. “The one real positive in the latest Ulster Bank NI PMI is that Northern Ireland businesses are more optimistic about business activity in 12 months’ time than they have been since the pandemic began.
Commenting on the latest survey findings, Richard Ramsey, chief economist Northern Ireland, Ulster Bank, said: Today sees the release of February data from the Ulster Bank Northern Ireland PMI.
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