§ 18. Mr. Newens
asked the Chancellor of the Exchequer what has been the average annual rate of economic growth or contraction in (a) the United Kingdom, and (b) all other Organisation for Economic Co-operation and Development countries combined since May 1979.
§ Mr. Brittan
Between the first half of 1979 and the second half of last year United Kingdom GDP is estimated to have declined at an annual rate of 1½ per cent. The OECD secretariat estimates that over the same period total GDP in the rest of the OECD rose at an annual rate of around 1¾ per cent.
§ Mr. Austin Mitchell
asked the Chancellor of the Exchequer whether the figures used in preparing charts 3, 4 and 5 in the January issue of the Economic Progress Report were based on the output series which is in part based on sales; and if so, whether he will publish in the Official Report the figures for the third quarter of 1980 and 1981 using the series based on production.
§ Mr. Brittan
All the figures for manufacturing output, and output for sectors within manufacturing, used in the preparation of charts 3, 4 and 5 of the January issue of theEconomic Progress Report are based on production figures where adjustments have been made for changes in the level of stocks. Up to date figures are published each month in the Employment Gazette and in the Monthly Digest of Statistics, published by the Department of Employment and the Central Statistical Office respectively.
§ Mr. Woolmer
asked the Chancellor of the Exchequer when he expects further measures for the recovery of the economy to be no longer necessary.
§ Sir Geoffrey Howe
Appropriate economic policies are necessary at all times, Economic activity has already started to increase. Progress depends on the actions of companies and employees in improving productivity and moderating wage increases.