Key facts
- Northern Ireland's economy grew 16.5% from 2015-2023, the highest in the UK.
- The UK's overall economic growth was 11% in the same period.
- Northern Ireland's financial services sector output increased by 50%.
- Integration with the Republic of Ireland's economy has deepened, with Ireland's share of trade rising to 26%.
- The Windsor Agreement allows Northern Ireland access to both EU and UK markets.
Northern Ireland has emerged as the top-performing region in the UK for economic growth since the 2016 Brexit vote, with its economy expanding by 16.5% between 2015 and 2023, significantly outpacing the UK's overall growth of 11% and Scotland's 7%.
This relative success is not solely attributed to Brexit but is underpinned by a post-conflict recovery and a burgeoning economic corridor with the Republic of Ireland. The financial services sector in Northern Ireland saw a 50% increase in output, contrasting with a 24% drop across the UK. Retail has also thrived, partly due to the depreciation of sterling attracting shoppers from the Republic of Ireland.
The integration with Ireland's economy is evident, with Ireland's share of goods and services in Northern Ireland rising to 26% in 2024 from 14% in 2015, while the rest of the UK's share decreased. Deloitte observed a surge in cross-border merger and acquisition deals, indicating an integrated business model on the island of Ireland. The Windsor Agreement, allowing Northern Ireland access to both the EU single market for goods and the UK internal market, is also seen as a positive factor for its manufacturing sector.