BBC News NI Economics & Business Editor
The QES measurement is a survey of about 6,000 companies, covering all employers with 25 or more employees and all public sector employers. However, with the main UK rate of inflation currently above 11% that will mean people are experiencing a decline in their real standard of living.The bank expects the local economy to contract by around 1% compared to its previous estimate of a 0.5% fall in output.