Optimistic outlook for businesses in 2024

Find out the latest Quarterly Economic Survey results from NI Chamber of Commerce and Industry and BDO Northern Ireland, for Q4 2023:

• 78% of businesses in Northern Ireland are performing well or reasonably
• 64% believe their own business will grow this year
• 40% believe the Northern Ireland economy will grow in 2024 while 39% believe it will contract
• Top 3 areas of focus for recruitment and retention include competitive remuneration, staff mental health and wellbeing and settling office/hybrid working arrangements

Almost two thirds of NI businesses believe they will grow in 2024, according to a new report published today (16 January 2024) by NI Chamber and BDO NI. In a survey carried out in Q4 23, two in five respondents (40%) said they believe the NI Economy will grow in 2024. A similar share (39%) believe it will contract. 

 

Commenting on the survey findings, Suzanne Wylie, Chief Executive, NI Chamber said:

“We are encouraged to report that a majority of our members are starting this new calendar year with an optimistic outlook and at NI Chamber, we certainly share their desire to focus on maximising the opportunities which 2024 presents.

“However, it is also clear that to realise their growth potential, businesses have a very clear and urgent set of asks, which need to be delivered by both a Westminster government and a restored Executive.

“2024 must be a year when the issue of spiralling business costs and taxes is tackled in a way that unlocks sustainable growth. With the Spring Fiscal Statement soon upon us and the possibility of a restored Executive ongoing, if we get it right, the beginning of 2024 can be a springboard for growth. And as businesspeople we must work with policymakers to ensure it is delivered.”
 

Brian Murphy, Managing Partner, BDO NI added:

“The new year brings renewed hope of economic growth for Northern Ireland as these latest results clearly show a positive outlook for local businesses. With 78% performing well and two thirds of local firms expecting their businesses to grow in 2024, there is cause for optimism after an uncertain and challenging period for many. This confidence in business performance marks a significant increase from last year and, if delivered, will undoubtedly lead to growth for the entire region.

“Concerningly though, challenges still remain around recruitment with nearly eight out of ten reporting difficulties in finding the right candidates, resulting in 49% of local companies currently operating below capacity.  However, we can take heart from the fact that 70% of participating businesses in Northern Ireland reported plans to create and fill jobs in 2024, based on both existing need and greater confidence. This is positive news for those seeking to join the workforce or looking for a new role.

“That we are able to report such positivity today is a testament to the fortitude, resolve and vision of our local business community, our entrepreneurs, innovators, and workforce who have fought the challenges and delivered success. The outlook for 2024 is optimistic, but to really capitalise on this momentum what we need now is for the restoration of local Government to in turn take decisions on the issues businesses need addressed.”

Click the red button to read the full report.