§ Mr. Churchillasked the Chancellor of the Exchequer, taking February 1974 as 100 what has been the level of the United Kingdom gross national product in February of each subsequent year as well as the most recent month for which figures are available; and what contribution has been made to these figures by North Sea oil.
§ Mr. Denzil Davies,pursuant to his reply [Official Report, 27th July 1978], gave the following information:
Estimates of gross national product are available only on a quarterly basis. Figures based on the estimates of gross national product at current factor cost in the first quarter of each year since 1974 are given in the table below. Estimates of the contribution of North Sea oil alone to the gross national product are not available; but it is estimated that the
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CONTRIBUTIONS TO THE COMMUNITY BUDGETS Million units of account (mua) 1973 1974 1975 1976 Belgium … … … 337.9 353.3 397.9 498.2 Denmark … … … 51.3 70.0 102.1 159.3 Germany … … … 1,335.6 1,420.3 1,659.9 2,111.7 France … … … … 1,136.4 1,193.0 1,346.7 1,652.7 Ireland … … … … 12.7 17.3 25.3 39.5 Italy … … … … 873.7 914.3 1,031.2 1,316.9 Luxembourg … … … 8.2 8.6 9.7 11.9 Netherlands … … … 435.7 455.5 532.6 678.3 United Kingdom … … 402.8 549.2 800.3 1,250.8 Total … … … 4,594.3 4,981.5 5,905.7 7,719.3 contribution of industries covered by minimum list heading 104 of the standard industrial classification—exploration for and extraction of petroleum and natural gas—was negligible up to 1976 and amounted to about 1 per cent. of GNP in the first quarters of 1977 and 1978. Since gross national product is measured after deducting the share of gross domestic product accruing to non-United Kingdom residents, the contribution of MLH 104 to GNP has been estimated on the same basis.
GROSS NATIONAL PRODUCT AT CURRENT FACTOR COST* 1974 1st quarter =100 1974 Q1 100.0 1975 Q1 133.7 1976 Q1 159.3 1977 Q1 182.4 1978 Q1 204.8 *Based on the income measure of gross national product.