The Economic Situation: Chapter I. The Home Economy

Anonymous

National Institute Economic Review, 1972, vol. 60, 4-22

Abstract: The effects of the miners' strike and the associated electricity restrictions make it even more difficult than usual to interpret the data available for estimating the level of activity in the most recent quarter. Industrial production is provisionally estimated to have fallen by about 2¾ per cent in the first quarter and, as we might expect the output measure of GDP to have been more severely affected by the strike than either the income or expenditure estimates, we have interpreted this as implying a fall in ‘compromise’ GDP of about 1¼ per cent. This (after allowing for the strike effects) is broadly consistent with our forecast in February.

Date: 1972
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