Chapter II. The World Economy

Anonymous

National Institute Economic Review, 1985, vol. 113, 20-30

Abstract: It now seems clear that there was no more than marginal growth in the overall output of the OECD countries in the first quarter. Exceptionally severe weather in Europe and in some areas of the US partly explains the sharpness of the deceleration, its effects being most clearly seen in a 5 per cent fall in construction. But though growth in the second quarter was almost certainly faster, it seems equally probable that there was no very marked rebound. For the first half of the year as a whole the annual rate of increase in industrial production, for example, was probably of the order of 1 1/2 per cent. This compares with as much as 3 per cent predicted by OECD in mid-April.

Date: 1985
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