Over sixty per cent of Northern Ireland businesses would vote to join the euro zone if a referendum was held today, it was revealed today.
As part of its annual business attitudes survey, business advisors PricewaterhouseCoopers asked a sample of Northern firms how they would vote if there was a referendum on the euro today.
Over 63 per cent of all respondents said they would vote in favour, 24 per cent were against and 13 per cent remained undecided.
PwC chief economist Mr Philip McDonagh said the particular circumstances of Northern Ireland accounted for the high percentage favouring membership of the euro.
"Slow economic recovery and low-cost competition is hurting local exporters," he said. "Despite the strength of the euro, exporters to Ireland and other parts of the eurozone perceive currency volatility as yet another barrier to trade.
"In border areas and amongst retailers, where dual currency has become a way of life, the euro is already accepted," he added.
As customers in the Republic and the EU aligned their supply chains to the euro, local suppliers and exporters were feeling "isolated", he said, and that was not surprising.
The construction industry was most supportive of early entry - 67 per cent in favour - followed by manufacturing and the service sector.
Bigger firms were most enthusiastic with 69 per cent of those employing more than 100 people favouring membership.
However, half of Irish-owned companies in the North were against membership.
PwC said it was not because they were against the euro - but because they were in the zone at home, were also in the sterling area hedging their bets and getting "the best of all possible worlds" said a spokesman.
It was a result that they had expected, he added.
With the exception of Republic of Ireland-owned companies, over 70 per cent of foreign-owned firms would vote to join, the survey showed.
PA