§ Mr. Teddy Taylorasked the Chancellor of the Exchequer if he will publish a table showing the cumulative growth in the gross national products of the United Kingdom, Austria, Norway and Spain, respectively, since 1973; and if he will also provide cumulative totals of the rise in prices in these nations during the same period.
§ Mr. LawsonFollowing is the information:
Percentage change between 1973 and 1979 Gross domestic product at constant market prices Implied index of total home costs✶ Consumer price index† United Kingdom + 8½ +141 +139 Austria +20 + 42 + 44 Norway +29 + 62 + 64 Spain +18 +171 +168 ✶ Derived from the estimates of gross domestic product at current and constant market prices. †Equivalent to the United Kingdom general index of retail prices—all items. Estimates of gross national product in constant price terms are available only for the United Kingdom; the estimates of growth given in the table are therefore based on changes in gross domestic product at constant market prices.
1979 is the latest period for which estimates of gross domestic product are available for all four countries. The United Kingdom and Austria produce quarterly estimates and figures are available up to the third quarter of 1980. Comparing the quarterly average for the first nine months of 1980 with the quarterly average for the year 1973 produces increases of 7 per cent, and 21 per cent, respectively.
Two measures of changes in prices are given. The implied index of total home costs is a derived deflator and is a measure of domestically-generated inflation over the whole economy, including the effects of indirect taxes. The consumer prices index measures changes in the market prices of goods and services purchased by the households, including the effects of import prices.