TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Fall in economic output in Northern Ireland

Figures published by the Northern Ireland Statistics & Research Agency (NISRA) have revealed that economic output for Northern Ireland fell by almost 14 percent over the quarter to June 2020.

The services, production and construction sectors were particularly affected. Citing statistics measured using the Northern Ireland Composite Economic Index (NICEI), NISRA revealed that economic output fell by almost 18 percent when compared with the same quarter in 2019. While this was the biggest fall in the history of the NICEI index, NISRA did point out that the decline in Northern Ireland economic activity was slower than in the rest of the UK over the second quarter and the year (UK GDP fell about 19 percent over the same quarter and 21 percent over the year.)

However, it pointed out that on a longer timeframe, Northern Ireland economic output decreased by 5.1 percent over the last two years compared to growth of 5.4 percent reported for the UK.