- by John Campbell
- BBC News NI Economics and Business Editor
5 September 2023
Image source, Getty Images
image Caption,
Supply chain issues cause problems in global new car market
Northern Ireland’s new car market continued to improve in August, with sales up 10.5% compared to the same month last year.
A total of 3,314 new cars were sold in August 2022, compared to 2,998, data from the Society of Motor Manufacturers and Traders (SMMT) showed.
These issues led to delays in the delivery of vehicles.
There were particularly serious problems in obtaining semi-conductors, which are used in a wide range of electronic systems from in-car entertainment to engine management.
On a year-on-year basis, sales in Northern Ireland increased 17.4% from 26,896 to 31,574.
In the UK as a whole, new car registrations increased by 24.4% in August, with battery electric vehicles accounting for a fifth of sales.
Meanwhile, a small survey shows consumer confidence in Northern Ireland improved slightly over the summer as the local economy showed more resilience than expected.
‘Vigilant’ consumer
The Irish League of Credit Unions (ILCU) said low oil prices also helped confidence.
However the survey shows that despite high inflation the overall mood is still “quite pessimistic”.
The study involved a representative sample of 350 adults who were surveyed by Core Research between August 4 and 28, 2023.
Economist Austin Hughes, who analyzes data for ILCU, said the survey “indicates that concerns about the cost of living and the threat of a severe economic recession have subsided significantly recently”, but that many households Economic and financial pressures are still evident. ,
He added, “The message from the August reading is from a Northern Ireland consumer who is still cautious rather than careless.”
Less than half of those surveyed in August said they expected overall economic conditions to worsen over the next 12 months.
This compares with 58% in April and 64% in January.
When asked about their family’s financial outlook over the next 12 months, 40% of respondents expect things to get worse, compared with 45% in April and 51% in January.
Source: www.bbc.com
