Economic output statistics

Date published: 19 December 2024

The economic output statistics were published today by the Northern Ireland Statistics and Research Agency (NISRA).

Commentary

• Output in the services sector increased by 1.1% over the third quarter of 2024, reaching a series high, and by 3.1% over the year.
• Retail output in NI saw an increase of 2.7% in Quarter 3 2024 and an increase of 5.0% over the year.
• Production sector output increased by 1.2% over the third quarter of 2024 and by 0.8% over the year.
• When comparing current output with the pre-Coronavirus pandemic levels seen in Quarter 4 2019, NI service output is 10.8% above its pre-pandemic level, NI production output is 3.1% above its pre-pandemic level, and NI retail output remains 1.5% below its pre-pandemic level.

Services Sector Output

• The NI IOS increased by 1.1% over the third quarter of 2024 (July - September) and by 3.1% over the year, reaching a series high.  UK output increased by 0.2% over the quarter and by 1.6% over the year, to reach a new UK series high.
• When the most recent four quarters are compared to the previous four quarters the NI services sector increased by 2.8% while the UK services sector increased by 0.8%.
• NI services output is now 10.8% above the pre-Coronavirus pandemic level seen in Quarter 4 2019 while UK services output is 4.6% above its Quarter 4 2019 level.
• The 1.1% quarterly increase in NI services output reflected increases in the Wholesale and retail trade; repair of motor vehicles and motorcycles; accommodation and food service sector (2.0%) and the Transport, storage, information and communications sector (3.4%). In contrast the Business services and finance sector and the Other services sector decreased by 1.4% and 0.8% respectively.
• The 3.1% increase seen in NI services output over the year was driven by increases in the Business services and finance sector (1.9%); Wholesale and retail trade; repair of motor vehicles and motorcycles; accommodation and food service sector (4.8%); and the Transport, storage, information & communication (1.3%). The Other services sector saw a 4.2% fall over the year.

Retail Sector Output

• The retail sales sector refers to SIC 47 (Retail trade, except of motor vehicles and motorcycles) and is a subset of the Index of Services (IOS).
• Retail output in NI saw an increase of 2.7% in Quarter 3 2024 and an increase of 5.0% over the year.
• GB RSI output experienced increases of 1.4% over the quarter and 2.1% over the year.
• NI RSI output in Quarter 3 2024 is 5.3% below the series high seen in Quarter 3 2020, but is still 8.8% above the series low seen in Quarter 3 2022.
• NI RSI output remains 1.5% below the pre-Coronavirus pandemic level seen in Quarter 4 2019 while GB RSI output is now 1.9% below its Quarter 4 2019 level.

Production Sector Output

• The NI IOP increased by 1.2% over the quarter (July - September) and by 0.8% over the year. The UK IOP decreased by 0.2% over the quarter and by 1.9% over the year.
• When the most recent four quarters are compared to the previous four quarters, the NI production sector decreased by 2.0% while the UK production sector increased by 1.3%.
• The NI IOP is 3.1% above the pre-Coronavirus pandemic level seen in Quarter 4 2019, while the UK remains 9.6% below its Quarter 4 2019 level.
• Quarterly increases were seen in three of the four main sectors - Manufacturing (1.6%), Water supply, sewerage and waste management (Inc. recycling) (3.8%) and Mining and quarrying (8.5%). This was partially offset by a decrease in Electricity, gas, steam and air conditioning supply (2.2%).
• Over the year, the increase in NI production output was driven by increases in two of the four main sectors - Manufacturing (1.3%), and Mining and quarrying (2.1%). This was offset by decreases in Electricity, gas, steam and air conditioning supply (3.6%), and Water supply, sewerage and waste management (Inc. recycling) (1.0%). 
• Note that each broad sector index and the overall IOP index are seasonally adjusted independently of each other. It is not appropriate to directly compare the changes in the broad sectors to the changes in the overall IOP index.

Upcoming Releases

• The NI Composite Economic Index and Quarterly Construction Enquiry are scheduled for publication on 16 January 2025.
• The next Labour Market Report will be published on 21 January 2025.
• The Index of Production and Index of Services reports for Quarter 4 2024 will be published on 20 March 2025.