Gross National Product

HC Deb 02 July 1976 vol 914 cc356-7W

Sir Nigel Fisher

asked the Chancellor of the Exchequer, by how much the United Kingdom gross national product fell in the year 1975.

Mr. Joel Barnett

Between 1974 and 1975 the volume of domestic output fell by about 1½ per cent.; gross national product at 1970 factor cost fell by the same amount. Real national disposable income—the volume of goods and services which can be purchased with the gross national product less net current transfers abroad—increased by ½-1 per cent. between the two years, the difference as compared with the fall in output mainly reflecting an improvement in the terms of trade.