Quarterly Economic Survey Q2 2023
08 August 2023
Northern Ireland Chamber of Commerce and Industry and BDO NI's latest economic survey results are now published. Read the full findings in the report below.
(L-R): Suzanne Wylie (NI Chamber), Brian Murphy (BDO NI), and Maureen O'Reilly (Economist for the QES).
Brian Murphy, BDO NI Managing Partner remarked,
“Positive momentum and consistency are the order of the day and businesses across Northern Ireland are clearly demonstrating both. Considering the difficult conditions many organisations are operating in, achieving any degree of positive momentum really is remarkable and it shows that the business community is continuing to strive for sustainable economic growth.
“Confidence continues to grow, with 62% of companies positive that turnover will grow in the next 12 months, this is up 2% from Q1 2023 and more significantly up 15% on the last quarter of 2022, demonstrating real time progress.
“This is not to say that businesses are not under pressure, nor does it imply the challenges around recruitment, skills and costs have dissipated. What it does demonstrate is that businesses are learning to operate and grow whilst simultaneously dealing with a range of challenges.
“The local business community certainly does not rest on its laurels. Across the board, businesses have adapted and transformed their offering to meet the changing needs and demands of their market, identifying opportunities for investment and collaboration as they go.”
In total, 188 members responded to the NI Chamber of Commerce & Industry Quarterly Economic Survey (QES), in partnership with BDO, for the 2nd quarter of 2023. The fieldwork took place between 23 May and 9 June 2023.