Gross Domestic Product

HC Deb 02 May 1974 vol 872 cc1298-9

5. Mr. Rost

asked the chancellor of the Exchequer what is the estimated growth in the gross domestic product for the current year.

Mr. Healey

During 1974 I expect a strong recovery of economic activity. In the second half of 1974 gross domestic product should be some 2½ per cent. higher than a year earlier. As I made clear in my Budget Statement, gross domestic product in 1974 as a whole may show a fall of around 1 per cent. when compared to 1973. This is due to the expected sharp fall in gross domestic product in the first half year as a result of three-day working.

Mr. Rost

Why did not the Chancellor reveal those figures in his Budget Statement? Is not he afraid to do so because he is reverting to a policy of stagnation, such as we had under a previous Labour Government?

Mr. Healey

The hon. Gentleman must have been asleep during my Budget Statement, because I referred to those facts in that speech.