According to the latest survey from Ulster Bank, Northern Ireland businesses are “making the most of the uncertainty around the EU referendum”, with their output at an 18-month high. The survey reports that companies “closed the first quarter of the year on a high”, with employment and new orders growing.

Indeed, “far from slowing business activity”, Ulster Bank chief economist Richard Ramsey said that “uncertainty around the 23 June EU referendum and the fall in the value of sterling that it has prompted is presenting opportunities for Northern Ireland firms”.

He added: “The marked depreciation in sterling over the last four months, linked to uncertainty over the outcome of the forthcoming EU referendum, has provided a significant and unexpected tail-wind for local exporters and retailers sensitive to cross-border footfall. Given Northern Ireland’s reliance on the Republic of Ireland economy, the combination of strong growth in the Irish Republic and a competitive sterling/euro exchange rate has produced very favourable conditions for many firms.

“It is noted that local firms also increased their staffing levels in March for the 14th month in a row. In fact, output and employment growth here out-performed the rest of the UK throughout the first quarter. However, it is worth remembering that the local economy is playing ‘catch-up’ with its UK counterparts, following a sustained period of under-performance.”