HC Deb 23 July 1984 vol 64 cc447-8W
Mr. Deakins

asked the Chancellor of the Exchequer what have been the main components in the growth of domestic product in 1983 and 1984; and what has been the contribution of each to the overall growth rate.

Mr. Peter Rees

Latest estimates suggest that gross domestic product (GDP), at constant factor cost, was 3 per cent. higher in 1983 than in 1982. Consumers' expenditure, which represents nearly 60 per cent. of total GDP, grew by some 3¾ per cent. between the two years and thus accounted for nearly 2½ per cent. of the growth in the total; a 2½ per cent. increase in general Government consumption (just under 25 per cent. of GDP) contributed a further ½ per cent. whilst a 10 per cent. increase in capital formation including stockbuilding (15 per cent. of GDP) contributed 1½ per cent. These increases were offset by a reduction in the surplus of exports over imports. Comparable figures for 1984 are not yet available. In the first quarter of 1984, GDP was depressed somewhat as a result of the overtime ban and subsequent strike in the coal industry so that there was little further change compared with the fourth quarter of 1983, but the underlying annual rate of growth was estimated to be around 3 per cent. per annum.