§ Mr. Moateasked the Chancellor of the Exchequer what were the rates of economic growth in the United Kingdom and the other present member countries of the EEC in 1972; and if he can make a comparison from international sources of the forecast rate for the same countries for 1973.
§ Mr. NottPreliminary estimates of economic growth in 1972 and forecasts264W for 1973 are shown in the following table:
Percentage change in GDP or GNP 1972 estimate 1973 forecast United Kingdom 2½ 6½ Germany 3¼ 5¼ France 5½ 6 Italy 3 5 Netherlands 4½ 4¾ Belgium/Luxembourg 4½ 4½ Irish Republic 2¾ 5¼ Denmark 4½ 5½ Source: For UK, Financial Statement and Budget Report 1973–74; for other countries, OECD Economic Outlook, December 1972.
Notes:
1. National accounts for 1972 are not yet published, and the figures in this table, both for the UK and for other countries, are partly forecast.
2. The figures for the UK are given on a year-onyear basis to make them comparable with those for other countries; they are distorted by the effect of the miners' strike and associated power cuts in the first quarter of 1972. Between the second halves of 1971 and 1972 GDP in the UK is estimated to have increased by 3+ per cent., and between the second halves of 1972 and 1973 it is forecast to rise by 6 per cent.