§ Mr. Austin Mitchellasked the Chancellor of the Exchequer, further to his reply dated 10 December 1979, Official Report, c. 439, to a written question from the hon. Member for Grimsby concerning the money supply and output, whether the rate of growth of real output has increased as inflation has come under control.
§ Mr. Bruce-GardyneAfter falling by just over 2 per cent. per year in 1980 and 1981, GDP is provisionally estimated to have grown by about 0.5 per cent. in 1982. Further improvement in growth, to a rate of increase in GDP of 2 per cent., is expected in 1983. Although too much should not be inferred from developments over such a short period, this is consistent with the rate of growth of real output improving as inflation has fallen. There are, of course, many factors that affect the growth of output in the short run.