The economy of Belfast has grown fastest among the 30 largest cities in the United Kingdom over the past decade, a study revealed today.
The city is now in third place in the league of the UK’s strongest economies - just behind Edinburgh and London.
Belfast has seen a 99 per cent increase in GVA [Gross Value Added] over the decade to £26,792 per capita per year, according to national accounting group UHY Hacker Young which ranks cities by growth in GVA. The measure is used to estimate the value of goods and services produced in an area to measure its contribution to the overall UK economy.
Edinburgh hit the top spot with a GVA of £28,432, London followed with £27,672, while the UK average was £18,145.
Howard Spencer, chairman of UHY Hacker Young, said: "The IRA ceasefire in 1995 and the Good Friday Agreement in 1998 … have been fundamental in establishing the peaceful conditions necessary for business to prosper."
Increased investors' confidence had spurred investment flows into Belfast allowing the city to engage in ambitious large-scale regeneration projects such as the Titanic Quarter and Laganside which promoted local talents in architecture and design, he said.
"Belfast's ability to capitalise on the growing trends in the service and knowledge economy has done the rest in propelling the city amongst the most prosperous areas of the UK," he added.
The large pool of a highly educated, young workforce available at a lower than UK average cost had done a great deal in attracting a raft of customer service, telemarketing, financial services back office operations , administration and high value added software development centres, said the report.
Competitive real estate, excellent telecoms and transport infrastructure also played a decisive role, it added.
The biotechnology and IT sectors were booming too, fuelled by academic expertise and skills provided by Belfast's internationally renowned universities earning the city a world leading position in innovation research and product development, it said.
PA