§ Mr. Lawsonasked the Chancellor of the Exchequer if he will provide a table showing the annual percentage rates of growth of M1, sterling M3, money gross domestic product, real sterling M3 and real M1, each on a seasonally adjusted basis, over the six months to April 1978, October 1977, April 1977, October 1976, April 1976, October 1975, April 1975, October 1974 and April 1974 respectively.
765W
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 25th May 1978], gave the following reply:
Precise comparisons between the growth in the money supply and the growth of money gross domestic product are not possible, since the former relates to stock figures measured on a particular day and the latter to flows during a period. Full data for gross domestic product are also only available for calendar quarters. The following table shows annualised growth in M1 and sterling M3 over the six months to 31st March and 30th September in each year since 1974, and compares
ANNUALISED SIX MONTH GROWTH RATE (Seasonally adjusted) Six months ending M1 Sterling M3 Gross domestic product at current market prices Real M1 Real sterling M3 31st March 1974 … … … +4.0 +21.4 +9.1 -15.0 -0.8 30th September 1974 … … +11.7 +6.3 +29.6 -9.4 -13.8 31st March 1975 … … … +21.2 +10.3 +25.8 -1.2 -12.2 30th September 1975 … … +16.2 +11.1 +22.3 -5.9 -10.0 31st March 1976 … … … +14.5 +3.6 +17.8 +1.0 -8.6 30th September 1976 … … +14.5 +15.1 +16.0 -1.0 -0.5 31st March 1977 … … … +5.7 +1.2 +13.0 -7.8 -11.7 30th September 1977 … … +22.5 +11.3 +14.8 +11.3 +1.0