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Gross Domestic Product

Volume 888: debated on Monday 17 March 1975

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asked the Chancellor of the Exchequer what was the annual rate of growth of gross domestic product over the lustrum 1969 to 1974, using, if necessary, provisional figures or best estimates for the latter year; and what were the comparable rates for the four preceding lustra, viz. 1964 to 1969, 1959 to 1964, 1954 to 1959 and 1949 to 1954.

pursuant to his reply [Official Report, 14th March 1975; Vol. 888, c. 258], gave the following information:The following table shows the estimated average annual rates of change in gross domestic product at constant factor cost over the periods specified. Gross domestic product is taken as the average of the income, expenditure and output measures, as published in "National Income and Expenditure, 1963–1973" and the January 1975 issue of "Economic Trends". Full information for the year 1974 is not yet available; the movement in average GDP between the third and fourth quarters of 1974 is taken to be the same as the movement shown by the preliminary output-based estimate issued by Press notice on 18th February.

PeriodAverage annual per-cent. Change