Northern Ireland’s economy is doing well. International investments and exports are on the rise as a result of an increase in foreign trade. In fact, Northern Ireland has been one of the top 10 fastest growing economies for two years running now. This is great news if you’re looking to invest or start a business here, but there are some trends that you might want to be aware of before you make any big decisions.
Digital technology
Digital technology is everywhere. Almost all young people have smartphones, and the business community has not been left behind in this trend. With an increased use of apps, e-commerce, social media and other forms of digital marketing to attract customers, businesses are developing new online platforms for practically everything these days.
Take online gaming, for example. Even the best american online casino has emerging rivals in Europe and elsewhere. Northern Ireland is no different. The advances in the digital technology industry here have allowed companies to expand into new areas like online gaming.
Electronics manufacturing
With US tariffs on Chinese imports set to rise, electronics manufacturers are looking for alternative locations with ready markets to sell their products. Northern Ireland is one of the countries they turned to.
The good news for Northern Ireland’s economy is that electronic components manufacturers have already shown a willingness to invest in new production facilities here. These investments in local production facilities will help to boost the country’s GDP in the coming years.
The tourism industry
Tourism is one of Northern Ireland’s biggest industries, and it continues to grow consistently every year. This growth has manifested through increased visitor numbers, improved infrastructure for tourists and more marketing efforts by the government aimed at attracting people from different countries.
Aerospace
The aerospace and life sciences industry is one of the fastest-growing markets in the world, and Northern Ireland has taken full advantage of this. The country already has a renowned name for itself in the global market as a leading hub for research and development (R&D) efforts related to these two industries.
The manufacturing of planes and ships is also on the rise, as is an increased demand for testing, research and development of new technologies. In fact, it has been estimated that at least 140 new positions will be created in this industry by 2024.
Food processing
Food processing is one of the biggest industries in Northern Ireland, and it’s also expected to grow. This growth will be fuelled by increased demand for local produce from both local people and foreigners.
The food industry around the world has experienced a steady increase over the years, with an estimated 4% rise annually. The statistics are similar for Northern Ireland as well. With increased demand, there is an equally increased need for food processing and packaging facilities to ensure that the products maintain their quality and freshness.
Conclusion
Technology is taking the world by storm, and Northern Ireland is no stranger to this trend. You can already see many examples of how digital technology has improved the quality of life here. Electronics manufacturing and R&D, aerospace and life sciences are some other growing industries that you should be aware of.
The food processing industry is also on the rise in Northern Ireland. If you’re planning to start a business or invest in one, don’t forget that the food industry is also a great niche market to look into.
