Chapter I. The Home Economy

Anonymous

National Institute Economic Review, 1984, vol. 108, 5-20

Abstract: The dividing line in recent economic trends came at the beginning of last year when a two-year phase of slow growth came to an end. Total output, which had risen at a rate of only 1½ per cent a year between the first quarter of 1981 and the fourth quarter of 1982, rose by 2½-3 per cent during 1983. This change of tempo coincided with an upturn in the world economy, but owed little to it initially. Exports followed rather than led a recovery which was based mainly on consumer spending, particularly on durables. Most of this spending was financed by borrowing, but the primary stimulus probably came from falling inflation.

Date: 1984
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