Northern Ireland - Economy

Economy

The Northern Ireland economy is the smallest of the four economies making up the United Kingdom. Northern Ireland has traditionally had an industrial economy, most notably in shipbuilding, rope manufacture and textiles, but most heavy industry has since been replaced by services, primarily the public sector.

Tourism also plays a big role in the local economy. More recently the economy has benefited from major investment by many large multi-national corporations into high tech industry. These large organisations are attracted by government subsidies and the skilled workforce in Northern Ireland.

The local economy has seen contraction during the recent global economic downturn, in response the Northern Ireland Assembly has sent trade missions to countries including the USA, India and plan to visit China. Along with this, the Assembly are in discussion with the Chancellor of the Exchequer George Osbourne in order to gain taxation powers, which would enable the Northern Ireland Corporation Tax rate to be reduced in line with that of the Republic of Ireland.

Read more about this topic:  Northern Ireland

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