Mr Major’s Written Parliamentary Answer on Growth – 8 December 1988

Below is the text of Mr Major’s written Parliamentary Answer on Growth on 8th December 1988.

Mr. Moss To ask the Chancellor of the Exchequer what has been the growth between 1981 and 1987 of (a) consumer expenditure, (b) exports and (c) investment in the British economy.

Mrs. Roe To ask the Chancellor of the Exchequer what has been the growth between 1981 and 1987 of (a) consumer expenditure, (b) exports and (c) investment in the British economy.

Mr. Major Between 1981 and 1987 consumers’ expenditure grew by 23 per cent. compared with growth of 28 per cent. for exports of goods and services and 33 per cent. for investment.

Sir Michael McNair-Wilson To ask the Chancellor of the Exchequer what is the latest figure for the growth of output in the economy.

Mr. Major The output measure of gross domestic product is estimated to have grown by 5 per cent. in the year to 1988, third quarter.

Mr. Stevens To ask the Chancellor of the Exchequer what has been the average annual growth of productivity in the United Kingdom economy since 1980.

Mr. Major Whole economy productivity has grown by an average of 2.75 per cent. a year since 1980, a rate similar to that of Japan and faster than all other major industrial countries.