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Balance Of Payments

Volume 973: debated on Tuesday 13 November 1979

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asked the Chancellor of the Exchequer what the net balance of payments deficit on the non-oil account has been in each of the last five years; and on what data he bases his conclusion in the public expenditure White Paper Cmnd. 7746, that without the contribution of North Sea oil during this period there would have been scarcely any growth in output or productivity.

The balance of trade in goods other than oil in the last five years has been as follows:

£ million
1974-1,810
1975-125
1976+372
1977+1,047
1978+840
In the first three-quarters of 1979 non-oil trade was in deficit by about £2 billion.Information on the growth of total output other than exploration and extraction of petroleum and natural gas is published in the national income and expenditure Blue Book 1979, edition P22. The figures show growth between 1973 and 1978 averaging ⅓ per cent, per annum. The total number of employees in employment was virtually unchanged between 1973 and 1978; so output per head also grew on average by ⅓ per cent, per annum between these years.