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Economy of Northern Ireland
The economy of Northern Ireland is the smallest of the four constituents of the United Kingdom and the smaller of the two jurisdictions on the island of Ireland. At the time of the Partition of Ireland in 1922, and for a period afterwards, Northern Ireland had a predominantly industrial economy, most notably in shipbuilding, rope manufacture and textiles, but most heavy industry has since been replaced by services. Northern Ireland's economy has strong links to the economies of the Republic of Ireland and Great Britain.
In 2022, Northern Ireland had the smallest economy of any of the twelve ITL 1 regions of the United Kingdom, at £55.5 billion; however, this is partly because Northern Ireland has the smallest population and at £26,600 Northern Ireland had a greater GDP per capita than both North East England and Wales.
Rural areas including the North West are particularly deprived. It suffers from the highest unemployment and highest poverty rates in Northern Ireland.
Throughout the 1990s, the Northern Irish economy grew faster than the rest of the UK, due in part to the rapid growth of the economy of the Republic of Ireland and the so-called "peace dividend". An April 2007 survey found Northern Ireland's average house price to be one of the highest in the UK, behind London, the South East, and the South West. It also found Northern Ireland to have all of the top ten property "hot spots", with the Craigavon and Newtownards areas increasing by 55%. However, as of 2018, Northern Ireland house prices are the lowest on average in the UK, approximately 40% lower than before the bubble burst in 2008.
Unemployment in Northern Ireland has fallen substantially in recent years, and in early 2024, it was at 2.1%. In 2024, working-age economic inactivity is 26.7%. Youth unemployment and long-term unemployment have fallen most quickly.
Northern Ireland's macroeconomy is also characterised by considerably longer actual working hours and lower gender income disparity than in the United Kingdom as a whole.
The Northern Ireland economy has been adversely affected by Brexit, COVID-19 and the collapse of Stormont.
The Northern Ireland Protocol created a de facto customs border in the Irish Sea between Northern Ireland and Great Britain, leading to major changes in imports and exports.
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Economy of Northern Ireland
The economy of Northern Ireland is the smallest of the four constituents of the United Kingdom and the smaller of the two jurisdictions on the island of Ireland. At the time of the Partition of Ireland in 1922, and for a period afterwards, Northern Ireland had a predominantly industrial economy, most notably in shipbuilding, rope manufacture and textiles, but most heavy industry has since been replaced by services. Northern Ireland's economy has strong links to the economies of the Republic of Ireland and Great Britain.
In 2022, Northern Ireland had the smallest economy of any of the twelve ITL 1 regions of the United Kingdom, at £55.5 billion; however, this is partly because Northern Ireland has the smallest population and at £26,600 Northern Ireland had a greater GDP per capita than both North East England and Wales.
Rural areas including the North West are particularly deprived. It suffers from the highest unemployment and highest poverty rates in Northern Ireland.
Throughout the 1990s, the Northern Irish economy grew faster than the rest of the UK, due in part to the rapid growth of the economy of the Republic of Ireland and the so-called "peace dividend". An April 2007 survey found Northern Ireland's average house price to be one of the highest in the UK, behind London, the South East, and the South West. It also found Northern Ireland to have all of the top ten property "hot spots", with the Craigavon and Newtownards areas increasing by 55%. However, as of 2018, Northern Ireland house prices are the lowest on average in the UK, approximately 40% lower than before the bubble burst in 2008.
Unemployment in Northern Ireland has fallen substantially in recent years, and in early 2024, it was at 2.1%. In 2024, working-age economic inactivity is 26.7%. Youth unemployment and long-term unemployment have fallen most quickly.
Northern Ireland's macroeconomy is also characterised by considerably longer actual working hours and lower gender income disparity than in the United Kingdom as a whole.
The Northern Ireland economy has been adversely affected by Brexit, COVID-19 and the collapse of Stormont.
The Northern Ireland Protocol created a de facto customs border in the Irish Sea between Northern Ireland and Great Britain, leading to major changes in imports and exports.