HC Deb 27 November 1978 vol 959 cc61-5W
Mr. Gould

asked the Chancellor of the Exchequer if he will publish in the Official Report a table, showing for the United Kingdom, the United States of

Percentages
Change on corresponding quarter of preceding year United Kingdom United States Germany Japan France Italy
Money supply (not seasonally adjusted)*
1976—
First quarter … … +6.9 +7.5 +12.8 +15.4 +18.4 +25.1
Second quarter … … +8.1 +6.5 +12.3 +16.1 +19.1 +22.3
Third quarter … … +9.2 +7.0 +11.1 +15.5 +16.0 +20.2
Fourth quarter … … +9.5 +7.9 +8.8 +13.5 +12.8 +21.0
1977—
First quarter … … +7.6 +8.0 +9.2 +12.8 +12.4 +20.2
Second quarter … … +8.0 +8.9 +8.6 +11.3 +10.4 +21.5
Third quarter … … +6.6 +9.7 +8.6 +10.7 +12.6 +21.6
Fourth quarter … … +10.0 +9.6 +10.0 +11.1 +13.9 +22.2
1978—
First quarter … … +15.4 +9.6 +9.2 +10.5 +13.4 +20.1
Second quarter … … +14.9 +9.7 +9.8 +12.2 +14.1 +20.0
Gross national product at current market prices†
1976—
First quarter … … +24.3 +13.4 +9.2 +12.0 N.A. +17.4
Second quarter … … +18.7 +12.5 +9.8 +14.3 N.A. +24.6
Third quarter … … +18.6 +9.7 +8.6 +13.5 N.A.+27.3
Fourth quarter … … +16.9 +9.5 +8.8 +12.5 N.A. +30.3
1977—
First quarter … … +12.3 +9.5 +6.7 +11.0 N.A. +29.0
Second quarter … … +14.1 +10.8 +5.9 +11.4 N.A. +20.8
Third quarter … … +15.2 +11.7 +6.1 +10.2 N.A. +18.7
Fourth quarter … … +13.3 +11.9 +6.4 +11.2 N.A. +13.9
1978—
First quarter … … +16.0 +10.3 +5.9 +10.9 N.A. +11.1
Second quarter … … +14.8 +11.2 +7.6 +10.1 N.A. +13.8
Gross national product at constant market prices†
1976—
First quarter … … +3.8 +7.2 +5.6 +6.4 N.A. +3.8
Second quarter … … +2.7 +6.6 +6.8 +7.0 N.A. +6.1
Third quarter … … +5.1 +4.6 +5.3 +5.7 N.A. +6.7
Fourth quarter … … +4.1 +4.6 +5.1 +5.1 N.A. +6.3
1977—
First quarter … … —0.2 +4.1 +3.5 +5.1 N.A. +5.6
Second quarter … … — +.5 +2.2 +5.5 N.A. +1.7
Third quarter … … +0.8 +5.3 +2.1 +4.8 N.A. +1.0
Fourth quarter … … +1.1 +5.5 +2.6 +5.5 N.A. .1.4
1978—
First quarter … … +3.4 +3.6 +1.6 +6.2 N.A. .1.4
Second quarter … … +4.4 +4.0 +3.7 +5.3 N.A. +1.5

America, Germany, Japan, France and Italy, (a) the percentage increase in the money supply, (b) the increase in gross domestic product, (c) the increase in wholesale and retail prices and (d) the increase in output per head in manufacturing, for each quarter from 1st January 1976 on a year-on-year basis.

Mr. Robert Sheldon:

Following is the available information:

Percentages
Change on corresponding quarter of preceding year United Kingdom United States Germany Japan France Italy
Wholesale prices (not seasonally adjusted)‡
1976—
First quarter … … 17.5 +4.8 +4.4 +3.5 +3.3 +10.3
Second quarter … … +15.1 +5.3 +6.0 +5.3 +10.0 +23.0
Third quarter … … +15.4 +4.2 +6.2 +6.8 +13.9 +26.8
Fourth quarter … … +17.4 +4.1 +4.6 +6.4 +14.3 +31.1
1977—
First quarter … … +19.8 +5.9 +4.1 +4.7 +12.6 +28.3
Second quarter … … +20.8 +6.9 +2.9 +3.1 +9.3 + 17.7
Third quarter … … +20.0 +5.9 +0.6 +0.7 +3.7 +14.8
Fourth quarter … … +16.6 +6.0 -0.2 -0.8 +1.8 +10.6
1978—
First quarter … … +12.5 +6.3 -0.5 — +1.9 +8.3
Second quarter … … +9.9 +7.0 +0.7 -0.2 +2.0 +8.6
Third quarter … … +7.6 N.A. N.A. N.A. N.A. N.A.
Retail prices (not seasonally adjusted)§
1976—
First quarter … … +22.5 +6.4 +5.4 +9.4 +9.6 +12.1
Second quarter … … +16.0 +6.1 +5.6 +9.1 +9.4 +16.1
Third quarter … … +13.7 +5.5 +4.2 +9.3 +9.6 +16.7
Fourth quarter … … +15.0 +5.0 +3.8 +9.4 +10.0 +21.0
1977—
First quarter … … +16.5 +5.8 +4.0 +9.3 +9.0 +22.4
Second quarter … … +17.4 +6.8 +3.9 +8.8 +9.9 +19.9
Third quarter … … +16.5 +6.7 +4.0 +7.9 +9.9 +19.8
Fourth quarter … … +13.0 +6.6 +3.7 +6.2 +9.2 +15.7
1978—
First quarter … … +9.5 +6.6 +3.1 +4.6 +9.2 +13.3
Second quarter … … +7.7 +7.0 +2.7 +4.0 +9.0 +12.4
Third quarter … … +7.9 N.A. N.A. N.A. N.A. N.A.
Output per head in manufacturing industry
1976—
First quarter … … +1.1 N.A. N.A. N.A. N.A. N.A.
Second quarter … … +6.8 N.A. N.A. N.A. N.A. N.A.
Third quarter … … +5.8 N.A. N.A. N.A. N.A. N.A.
Fourth quarter … … +4.8 N.A. N.A. N.A. N.A. N.A.
1977—
First quarter … … +4.2 N.A. N.A. N.A. N.A. N.A.
Second quarter … … -0.6 N.A. N.A. N.A. N.A. N.A.
Third quarter … … +0.4 N.A. N.A. N.A. N.A. N.A.
Fourth quarter … … -1.5 N.A. N.A. N.A. N.A. N.A.
1978—
First quarter … … -1.5 N.A. N.A. N.A. N.A. N.A.
Second quarter … … +3.0 N.A. N.A. N.A. N.A. N.A.
Third quarter … … +2.1 N.A. N.A. N.A. N.A. N.A.
Notes:
N.A.=Not available. Except where otherwise stated seasonally adjusted data have been used.
* The percentage changes are derived from money stock levels at the end of each quarter. The figures for Italy in 1978 have been obtained from OECD Main Economic Indicators and are not strictly comparable with the preceding figures which have been derived from International Financial Statistics. MEI has also been used for France for 1978 data.
† The October 1978 edition of OECD Main Economic Indicators contain revised figures for Germany and Japan from the first quarter of 1976; comparable figures for 1975 are not available The figures for Italy relate to changes in gross domestic product.
† For the United Kingdom the figures relate to home sales of all manufactured products. For all other countries producer price indexes have been used, except for France where the index is based on prices of industrial products.
§ The all-items retail price index has been used for the United Kingdom and the all-items consumer prices indexes for other countries.
Sources:
Money supply-International Financial Statistics, November 1978.
Other items-OECD Main Economic Indicators, October 1978 supplemented by OECD Quarterly National Accounts Bulletin, 1978/111; Eurostat Monthly General Statistics Bulletin 3–1978 and 12–1977; United Kingdom Economic Trends and Monthly Digest of Statistics, October 1978.

Apart from money supply for countries other than the United Kingdom, the underlying data from which the percentages have been derived have not been adjusted to standardised international definitions. Thus any inter-country comparisons should be made with caution. This is particularly important for the series on wholesale prices where definitions and methods of calculation vary widely from country to country.

For money supply, a broadly consistent definition has been used for countries other than the United Kingdom, based on figures collected and adjusted by the IMF and described by it as M2. For the United Kingdom the definition sterling M3 has been used.

While the underlying data for gross national product at current and constant prices have not been adjusted to international definitions, the differences in definition are unlikely to have an appreciable effect on comparability of movements over this period.

Due to lack of quarterly data on employment in manufacturing industries it is not possible to produce figures for output per head in manufacturing except for the United Kingdom.

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