§ Mr. Churchillasked the Chancellor of the Exchequer, taking February 1974 as 100, what has been the level of the United Kingdom gross domestic product in February of each subsequent year as well as the most recent month for which figures are available; and what contribution has been made to these figures by North Sea oil.
§ Mr. Denzil DaviesEstimates of gross domestic product, which can be compiled using an expenditure, income or output approach, are available only quarterly. Although the average of these three measures is regarded as the best estimate of changes over medium and long-term periods, only the output-based estimates separately distinguish the contribution of activities classified to MLH 104, that is exploration for, and extraction of, petroleum and natural gas. These estimates have been published regularly on the basis 1970 equals 100 inEconomic Trends. Information resealed to 1st quarter 1974 equals 100 is given below:
Seasonally adjusted Gross domestic product: average of expenditure, income and output measures Gross domestic product: output-based Gross domestic product: output-based excluding based MLH 104* 1st quarter: 1974 100.0 100.0 100.0 1975 103.5 101.6 101.6 1976 103.8 100.6 100.5 1977 105.1 102.9 102.5 1978 106.7 104.2 103.7 * This series represents output other than that of petroleum and natural gas activities classified to Minimum List Heading 104 of Order II, Mining and Quarrying of the Standard Industrial Classification, 1968: Amendment List 1.