Northern Ireland Must Boost E.U. Sales
Northern Ireland Must Boost E.U. Sales
Davy has released its second report in a series focusing on the NI economy. The report states that it is crucial for Northern Ireland to reduce its dependence on Great Britain and the Republic of Ireland for manufacturing sales.
The latest research report from Davy, Ireland's leading provider of stockbroking, wealth management and financial advisory services, says Northern Ireland is well positioned to boost its sales to the European Union.
The report says the Great Britain and Republic of Ireland economies are both set to grow at their slowest pace in many years in 2008. That is of concern because both markets account for the bulk of Northern Ireland's manufacturing sales.
In 2006/7 GB's share was 42%, worth £6bn and the ROI's share was 10%, worth 1.5bn.
"It is disappointing that sales to the rest of the world have not risen at a faster pace from a lower base," the report says.
"The concern is sales to the rest of the European Union, which inched up only 7% in ten years. That partly reflects unfavourable exchange rate trends for most of the period as the pound remained over-valued against the euro."
The report says that Northern Ireland is well positioned to boost its sales to the EU and highlights four reasons why that opportunity can be exploited - wage differentials, productivity, enhancements, proximity and helpful exchange rate trends.
Compiled by Davy’s highly accredited research business, the report is second in a series that examines different aspects of the Northern Ireland economy.
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For further information: www.davy.ie
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