HC Deb 10 November 1977 vol 938 cc180-1W
33. Mr. Knox

asked the Chancellor of the Exchequer by how much the British economy has grown since March 1974; and how this compares with the growth in the economy between July 1970 and February 1974.

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 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.

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