Over 60% of Northern Irish businesses are preparing for a stronger economy in 2025, a report has said.
Global engineering technology and consulting service provider Expleo has published its Business Transformation Index (BTI) 2024, following a study by Censuswide.
Censuswide surveyed 202 business and technology leaders on the island of Ireland and said that as a result of their economic optimism, 44% of businesses in Northern Ireland are expecting their business to grow in the next 12 months.
However, that compared 57% who expect the same in the Republic of Ireland.
It follows years of economic uncertainty and high inflation in Northern Ireland.
And 52% of NI business and tech leaders surveyed in the BTI said that in the last 12 months, customers have stopped doing business with them because of economic concerns.
Read more
However, just 36% expect to lose customers for the same reason over the next 12 months.
And 74% of business and tech leaders believe that Northern Ireland is a good location for digital innovation, while 62% were preparing for a stronger economy in 2025.
Rob McConnell, head of Expleo NI, said: “When we pare it down, our economy is highly reliant on the sentiment of business decision-makers.
“Optimism drives investment, innovation and growth, all of which, in turn, support wage growth and consumer spending. These insights from our BTI are therefore valuable indicators of a growing Northern Irish economy.
“Over the last couple of years, we have spoken to many businesses who have struggled to retain customers in a market that was cautiously cutting budgets.
“But, after a period of business posterity, our research suggests a resurgence next year.”