The release of August data from the Ulster Bank Northern Ireland PMI® -  the latest report produced for Ulster Bank by Markit – pointed to a rise in activity following the previous month’s decline.

That said, new orders decreased for the second successive month. The rate of input cost inflation accelerated to the fastest since November 2011 and firms also raised their output prices at a sharper pace.

Commenting on the latest survey findings, Richard Ramsey, Chief Economist Northern Ireland, Ulster Bank, said: “According to the PMI surveys, the UK economy has witnessed something of a ‘V-shaped recovery’ over the last three months. Business activity dropped in July, following the UK vote to leave the EU in late-June, before rebounding in August. Northern Ireland’s private sector performance has followed a similar pattern, albeit the rebound has been much weaker.

“Local firms reported a return to growth in activity in August but it was still the weakest rate experienced this year, and well below the pre-downturn long-term average. Furthermore, Northern Ireland’s private sector did not experience the recovery in new orders last month that occurred in the rest of the UK."

For a more extensive article see our September/October 2016 Issue of Irish Construction Industry Magazine available on subscription, contact Linda Doran