HC Deb 29 January 1971 vol 810 cc221-2W
Mr. Deakins

asked the Chancellor of the Exchequer what has been the annual average growth rate in United Kingdom gross national product since 1958; what is the latest annual figure; and what have been the comparable figures for the United States of America, based on information available to him from international sources.

Mr. Higgins

The annual average rate of growth in the United Kingdom gross domestic product at constant market prices from 1958 to 1969 was 3.1 per cent. Between 1968 and 1969 the rate of growth was 1.5 per cent. The corresponding figures for the United States, on the basis of returns from O.E.C.D. were 4.5 per cent. and 2.9 per cent., respectively. These figures have been based on gross domestic product, rather than gross national product, and valued at market prices rather than factor cost, since this is the basis on which the most up-to-date figures for the United States are available. The use of these different concepts has very little effect on the measurement of rates of growth.