“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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