The Economic Situation: Chapter I. The Home Economy

Anonymous

National Institute Economic Review, 1972, vol. 61, 7-25

Abstract: Reconstruction of the course of demand and output during the first half of this year is still extremely difficult as a result of distortions caused by the miners' strike in the first quarter and, to a lesser extent, by the aftermath of the United States dock strike last year. In addition, doubts are now openly expressed by Central Statistical Office about the validity of the seasonal adjustment process applied to the expenditure estimate of GDP (and perhaps the income estimate too) in the first quarter. This is estimated have fallen, in real terms, by 3¾ per cent, compared with falls of about 2½ and 1 per cent in the income and output measures respectively.

Date: 1972
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