Northern Ireland recorded the largest rise in disposable income of any UK region in 2024, according to new figures.
Real disposable income per person rose by 4.1% over the year, the strongest increase among the UK's nations and regions, the data suggests.
Disposable income measures the money households have available for spending and saving after taxes and other deductions, adjusted for inflation.
“This is welcome news, but one good year does not close a gap that has existed for a long time.”
The increase comes after several years in which rising prices squeezed household budgets across the UK, particularly for energy and food.
Economists said easing inflation and steady wage growth were likely to have contributed to the improvement, although the figures are subject to revision.
Despite the rise, disposable income per person in Northern Ireland remains below the UK average, reflecting longer-term differences in wages and economic output.
Business groups welcomed the figures but said more needed to be done to raise productivity and attract investment to the region.
Anti-poverty campaigners noted that headline averages can mask significant differences between households, with many families still struggling with the cost of living.
The figures are produced by the Office for National Statistics and are based on a range of sources, including tax records and household surveys. They are typically published with a delay, meaning they offer a picture of economic conditions some months in the past rather than the present. Statisticians caution that regional estimates for smaller populations can be more volatile from year to year.
Further regional economic data is due to be published later this year.
