§ Mr. Joel Barnett:
Growth is usually measured by the index for gross domestic product and this is only published quarterly. The average growth rate from the first quarter of 1974 to second quarter 1977 has been 1½1 per cent. compared to 1½4 per cent. from the third 181W quarter of 1970 to first quarter 1974. There are many factors which are reflected in the difference between the growth rates, of which the most important was the world boom from 1971 to 1973, followed by the worst world recession for a generation.