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| NI to 'fare better' in downturn | NI to 'fare better' in downturn |
| (about 1 hour later) | |
| Northern Ireland is to fare better than the rest of the UK during the economic downturn, a PricewaterhouseCoopers report has suggested. | |
| The latest PwC UK and Northern Ireland Economic Outlook report forecast the NI economy would decline by 3% in 2009. | The latest PwC UK and Northern Ireland Economic Outlook report forecast the NI economy would decline by 3% in 2009. |
| However, other regions of the UK, like the Midlands and the north of England, can expect contractions of up to 4%. | |
| The level of unemployment in Northern is also the lowest of any of the regions of the United Kingdom. | The level of unemployment in Northern is also the lowest of any of the regions of the United Kingdom. |
| This was despite the largest annual increase in unemployment since 1971, with the jobless total up by 7,400 in the final three months of the year and by 14,700 over the full year. | This was despite the largest annual increase in unemployment since 1971, with the jobless total up by 7,400 in the final three months of the year and by 14,700 over the full year. |
| There are warnings, however, that the local economy could shrink further as the recession deepens and the banking crisis continues. | There are warnings, however, that the local economy could shrink further as the recession deepens and the banking crisis continues. |
| The report also suggested that although Northern Ireland average house prices fell by 28 per cent in 2008 - the worst slump since the 1980s - the end may be in sight. | The report also suggested that although Northern Ireland average house prices fell by 28 per cent in 2008 - the worst slump since the 1980s - the end may be in sight. |
| PwC Chief Economist Philip McDonagh said: "Although the volume of transactions remains extremely low, they did increase in the last quarter of 2008, with over half of all sales relating to properties priced at less than £150,000." | PwC Chief Economist Philip McDonagh said: "Although the volume of transactions remains extremely low, they did increase in the last quarter of 2008, with over half of all sales relating to properties priced at less than £150,000." |