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GDP per head may be down however employment is on the rise

GDP per head may be down however employment is on the rise

Northern Ireland’s economy continues to perform well in the current economic climate

Andy Haldane the Bank of England’s Chief Economist recently examined how different parts of the UK have recovered from the previous economic crash.  Mr Haldane suggested that while NI’s economy has seen limited recovery since the gloomy years of 2007 – 2009, the region continues to perform well and Belfast offers the best ‘life satisfaction in the UK’.

As the labour market continues to improve, Northern Ireland has witnessed a decrease in unemployment with the local employment rate, now at an all-time high of 69.6% this year. Defined by the Department of Economy Quarterly Employment Survey this represents a positive annual increase of 11,930 jobs, driven mainly by the service industry.

So, let’s cut to the positive facts; With a population of 1.8 million people, (and only 6% of the total UK land area) Northern Ireland’s employment rate has recuperated allowing NI to gradually increase growth at a slow nevertheless steady rate. Invest NI is effectively selling our highly educated and skilled workforce to knowledge-based companies.  Our region has one of the youngest populations in Europe, with a strong in-demand work ethic and labour turnover rates amongst the lowest in Europe.  Our own team in Abacus have experience at the forefront of appointing talent across several professional and executive markets.  We recognise that many FDI entrants and indigenous companies are hiring great quality and a committed satisfied workforce.

This is backed by Mr Haldane, “When it comes to measures of life satisfaction…London ranks at the bottom of the regional league table of happiness, while Northern Ireland occupies, by some distance, pole position.” This has recently been justified through a report comparing EU cities as Belfast ranks as the fifth highest city to live in Europe. Therefore the people in Northern Ireland experience greater wellbeing than in other parts of the UK.

Belfast Telegraph: Most and Least Satisfied cities in Europe

Belfast Telegraph: Most and Least Satisfied cities in Europe

To date, NI has successfully led over 800 international companies employing an excess of 75,000 people and continue to cultivate with pride.

This contributes to a  growing economy for Belfast, a fantastic lifestyle and cultural opportunities.  Along with excellent value in the housing market, short commuting times, high performing schools and affordable childcare, Belfast offers a high quality of work, a healthy quality of life and a stronger work/life balance. Belfast certainly is a great place to live, work and relax and our team are taking a 32% increase in calls from professionals interested in relocating into NI.  This includes expats and economic migrants with no connections to the region.  Many firms are working with Abacus Professional Recruitment to attract skills and talent as part of our multi-award winning BelfastforLife initiative.  If you would like to know more contact the Abacus Team on 028 9031 3157, or alternatively please view #BelfastforLife to acquire more information.