§ Rev. Martin SmythTo ask the Secretary of State for Northern Ireland if he will make a statement on the effect the current downturn in the stock market is having on industrial investment in Northern Ireland. [100428]
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§ Mr. PearsonAdverse global economic conditions have impacted unfavourably on stock markets, Foreign Direct Investment, trade and confidence worldwide and adversely affected industrial investment both nationally and in Northern Ireland. Recent surveys indicate a negative outlook for investment intentions in buildings and plant and machinery in the short term, with more companies planning to decrease rather than increase investment. Despite current uncertainties the Northern Ireland economy has been forecast to grow by between 2.5 per cent. and 3.5 per cent. in 2003 and manufacturing productivity has continued to rise.