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Economic Growth

Volume 976: debated on Thursday 17 January 1980

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asked the Chancellor of the Exchequer what has been the rate of economic growth in each year since 1945.

Estimates of economic growth as measured by the average estimate of gross domestic product are not available for years before 1948. Figures for the period 1948 to 1978 are given on page 132 of the October 1979 issue of Economic Trends. There have been some minor revisions to the underlying data for the more recent years since October Economic Trends was published, but these do not change the rates of growth significantly. Figures for the whole of 1979 are not yet available but it is estimated that in the first three quarters of the year gross domestic product at constant prices was 2 per cent. above the level of the corresponding period of 1978.