DUBLIN: High energy prices and a lack of infrastructure spending are deterring business investment in Northern Ireland. According to the quarterly economic survey from the NI Chamber of Commerce and business advisers. More than three-fifths of firms (62%) said power and heating costs weighed heavily on their companies.
Northern Ireland is weakest of the 12 UK regions for domestic sales, export orders, employment over the last three months and profitability.
Expectations of increasing the size of the workforce over the next three months were lower, views on cash flow were the most negative in the UK and Northern Ireland is one of only two UK regions where more manufacturers are expecting to reduce rather than raise prices.
Chief executive of the Manufacturing NI trade group Stephen Kelly said the findings are not surprising, the power prices are very high and are causing the downfall of NI, but 2015 should see some let-up with falling oil prices. He added that many of our biggest exporters, like Bombardier and Michelin, have been forced to explore alternative energy provisions in order to compete with sister companies across the globe.
