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Gross Domestic Product

Volume 940: debated on Monday 28 November 1977

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asked the Chancellor of the Exchequer if he will list the gross domestic product, at constant prices and seasonally adjusted, quarterly from 1966 to the latest convenient date, using the income method and the average of the income, expenditure and output method, respectively.

The information requested will be published in the Annual Supplement to Economic Trends towards the end of the year. I am sending an advance copy of the relevant tables to the hon. Member.

Gross domestic product at 1970 factor cost
Expenditure basedIncome basedOutput based
Percentage increase between:
1970 (2nd quarter) and 1974 (1st quarter)6·51·77·6
1974 (1st quarter) and 1977 (3rd quarter)2·3*
1974 (1st quarter) and 1977 (2nd quarter)4·36·71·6
* Preliminary estimate.
… Not available

year 1978–79 public expenditure will have been cut in real terms compared to 1974 forecast expenditure in respect of defence in comparison with each other department of Government.

, pursuant to his reply [Official Report, 18th November 1977: Vol. 939, c. 410], gave the following information:I regret that such a listing cannot be provided without a disproportionate expenditure of time and resources but the following may be equally useful:

asked the Chancellor of the Exchequer if he will list the percentage increases at 1971 prices seasonally adjusted of the gross domestic product measured by income expenditure and output methods between the second quarter of 1970 and the first quarter of 1974, and the first quarter of 1974 and the third quarter of 1977, respectively.

The gross domestic product is not measured in terms of 1971 prices. On the basis of 1970 factor cost the percentage increases in the three measures are as follows:

The three-day working week and other restrictions distorted figures for the first quarter of 1974 and contributed to the variability in the percentages shown. Movements in the income-based measure over these periods are thought to be badly distorted for this and other reasons.