HC Deb 10 February 1978 vol 943 cc742-4W
Mr. Knox

asked the Secretary of State for Trade if he will publish in the Official Report a table showing for each year since 1945 the average balance of payments deficit or surplus as a proportion of the gross domestic product.

Mr. Denzil Davies

I have been asked to reply.

Figures for 1946 to 1976, and an estimate for 1977, are given in the attached table. No official estimates of gross of the balance of payments are available domestic product and the current account for 1945.

CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS AS A PERCENTAGE OF GROSS DOMESTIC PRODUCT AT FACTOR COST
Gross domestic product Balance of payments current account (net) Current account balance per cent of GDP
… … … £m. £m.
1946 … … … 8,803 -230 -2.6
1947 … … … 9,341 -381 -4.1
1948 … … … 10,309 + 26 + 0.3
1949 … … … 10,944 -1 Nil
1950 … … … 11,387 + 307 + 2.7
1951 … … … 12,673 -369 -2.9
1952 … … … 13,828 + 163 + 1.2
1953 … … … 14,909 + 145 + 1.0
1954 … … … 15,751 + 117 + 0.7
1955 … … … 16,894 -155 -0.9
1956 … … … 18,289 + 208 + 1.1
1957 … … … 19,390 + 233 + 1.2
1958 … … … 20,204 + 344 + 1.7
1959 … … … 21,235 + 155 +0.7
1960 … … … 22,615 -245 -1.1
1961 … … … 24,198 + 22 + 0.1
1962 … … … 25,252 + 128 + 0.5
1963 … … … 26,863 + 131 + 0.5
1964 … … … 29,182 -356 -1.2
1965 … … … 31,212 -26 -0.1
1966 … … … 33,083 + 104 + 0.3
1967 … … … 34,877 -300 -0.9
1968 … … … 37,390 -287 -0.8
1969 … … … 39,338 +440 + 1.1
1970 … … … 43,368 + 695 + 1.6
1971 … … … 49,151 + 1,058 + 2.2
1972 … … … 54,988 + 106 + 0.2
1973 … … … 63,554 -909 -1.4
1974 … … … 73,699 -3,537 -4.8
1975 … … … 93,298 -1,647 -1.8
1976 … … … 109,140 -1,227 -1.1
1977 … … … Not available + 59 prov[...] Nil prov[...]

of the balance of payments are available for 1945.