§ Mr. Knoxasked the Chancellor of the Exchequer what was the gross domestic product per capita converted to £ sterling at the appropriate exchange rate and adjusted for inflation for each of the current member States of the EEC, the United States of America and Japan in each year since 1970.
§ Mr. Denzil DaviesEstimates of gross domestic product per head, at 1970 prices and 1970 exchange rates, are given for each of the member States of the EEC, the United States and Japan on page 8 of "National Accounts ESA Aggregates 1960–1976" (SOEC). The estimates are expressed in terms of EURs—European units of account—and as volume indices. The exchange rates used for the calculation of EUR values are also given on page 3 of the publication. It must be emphasised that as the conversions from national currencies to EURs have been made on the basis of official or market exchange rates they will not necessarily
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PUBLIC SECTOR BORROWING REQUIREMENT FOR 1977 EXPRESSED IN TERMS OF CONSTANT PRICES … 1970 prices 1976 prices Total public sector borrowing requirement … £2,431 million £5,196 million Total public sector borrowing requirement per household … £120 £257 Total public sector borrowing requirement per capita … £43 £93 reflect the relationships between the domestic purchasing powers of currencies. Thus, although the series referred to give a valid indication of the growth of GDP per head in each country, inter-country comparisons of the levels of GDP per head may be distorted and of little significance. Differences between exchange rates and purchasing power parities in 1970 are illustrated in the article on "international comparisons on the basis of purchasing power parities" in the November 1975 issue of Economic Trends.