Rob McConnell, head of Expleo NI
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.
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.”