§ Mr. Knoxasked the Chancellor of the Exchequer what was the average annual rate of growth in the periods 1945 to 356W 1951, 1952 to 1964, 1965 to 1970 and 1971 to the present.
§ Mr. NottThe information is given in the table below. The first column is based in the growth of gross domestic product at constant—1963—factor cost using the average of the estimates based on expenditure, income and output data. The entries in the second column are based on the output measure alone, for which estimates are available for the first quarter of 1973, and to which it is thought that greater weight should be given in assessing changes in gross domestic product over the recent past. Estimates for the years before 1948 are not available.
AVERAGE ANNUAL RATE OF GROWTH Average estimate Output-based estimate Between the years: 1948 and 1951 3.3 3.1 1951 and 1964 2.8 52.7 1964 and 1970 2.4 2.4 1970 and 1972 1.9 2.5 Between year 1970 and first quarter 1973 n.a. 3.3