Gross Domestic Product

HC Deb 01 March 1976 vol 906 cc485-6W

Mr. Grist

asked the Chancellor of the Exchequer what is the estimated average annual rate of growth in gross domestic product needed in the periods 1975 to 1979 and 1976 to 1979 to achieve the 3.4 per cent. growth rate projected in the Government White Paper Command Paper No. 6393 for 1974 to 1979.

Mr. Joel Barnett

The estimate of 3.4 per cent. in GDP shown in table 1.1 of Cmnd. 6393 is not a forecast but a central projection on the assumption that productivity continues to grow broadly in line with past trends and that there will be no undue slack in the economy in 1979. This estimate could only be made over the periods from 1975 to 1979 and from 1976 to 1979 on the basis of forecast or partially forecast data, which it is not the practice to publish except at the time of the budget.