Economy facing growth challenge

NORTHERN Ireland's economy, soaring in a climate free of violence, must not be taken for granted, a top accountant warned yesterday.

A halt to the IRA and loyalist paramilitary campaigns helped make 1995 one of the best years in living memory for business growth and confidence, but turning economic vision into commercial reality was the biggest single challenge to be faced, according to Mr Stephen Kingon of Coopers & Lybrand.

"The ceasefires alone are no economic panacea. While the window of opportunity remains open, the vision of a vibrant and growing economy needs to be set in a strategic context."

Year on year manufacturing output was double the UK average at 6.2 per cent, according to the firm's latest review and prospects for the Northern Ireland economy. The rate of growth for 1996 was expected to be 2.5 per cent, remaining ahead of the projected UK average.

Mr Kingon said local companies had experienced an unprecedented growth in output and confidence, much of it driven by the continuation of the paramilitary ceasefires. The economy was in better shape than at any time since the violence began 25 years ago.