, providing deep expert analysis across every region of the UK in 13 different sectors of industry. The report focuses on productivity and employment statistics and identifies key regional differences across the UK and areas in which improvement can be most effectively made to meet desired productivity outcomes.
Northern Ireland's regional report highlights the region's digital transformation since the Good Friday Agreement in 1998, with strong inward investment in ICT and financial services producing a two thirds drop in unemployment since the late 90s. In the 13 sectors that Deloitte analysed, Northern Ireland has actually outperformed the average UK growth since 1997 to become a competitive region.
Despite the region's digital transformation and burgeoning tech scene, Northern Ireland's overall productivity in gross value added per hour is currently lagging behind the rest of the UK at 85.1% of the regional average and coming above only Wales. Factors to blame for this include limited recovery from the financial crisis and the increasing percentage of people employed in low-productivity sectors of the economy.
The report highlights several major factors limiting Northern Ireland's success at the moment, such as the current lack of a devolved government, uncertainty over Brexit, and the fact that NI "does not have a coherent strategy for what it wants to be in the future." Reccomendations from Deloitte for improving outcomes include improving education outcomes and bridging the skills gap, with NI having over double the UK average percentage of the population with no qualifications.
Deloitte partner Peter Allen released the following statement about the report: "We have a wealth of talent and a strong track record of innovation in Northern Ireland, and by working collaboratively we can create an ecosystem which harnesses this effectively. The public and private sector leaders who were interviewed emphasised that greater coordination between the education sector, business and government will be needed to optimise growth and overcome the problem of low productivity growth."
Source: Deloitte Power Up Report, Deloitte Press Release
