§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer (1) what was the contribution made to economic growth since 1992 by the reduction in the deficit on trade with the EEC in manufactures;
(2) what was the contribution made to economic growth since 1992 by the reduction in the deficit on trade in (a) manufactures and (b) finished manufactures.
§ Mr. NelsonBetween the fourth quarter of 1992 and the third quarter of 1994 gross domestic product increased by 6 per cent. Over the same period, net trade in manufactures contributed 0.9 percentage points to GDP growth, net trade in finished manufactures contributed 0.3 percentage points to GDP growth, and net trade in manufactures with countries in the European Union made a slightly negative contribution to GDP growth. However, more recently net trade in manufactures has accounted for a far more significant proportion of GDP growth, as the economies of the European Union have picked up.