The UK economy [April 1978]

David N. F. Bell, Michael W. Danson, M. E. Glassford, Frank X. Kirwan, James W. McGilvray, A. J. Morton, Alison A. Wingfield, Fraser of Allander Institute, David N. F. Bell (Editor)

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    Abstract

    Preliminary estimates suggest that United Kingdom real GDP barely rose above its 1976 level last year, and may indeed have fallen. This aggregate indicator reflects the poor performance of i t s components, a stagnant index of industrial production, a large shortfall in government capital expenditure and a depressed level of personal consumption. Nonetheless, the prospects for 1978 look somewhat more encouraging, and real GDP may grow by the order of 2½% to 3% on a calendar year basis. There are possibilities, however, that this more rapid pace of expansion may not be sustained much into 1979, as the current account of the balance of payments, and the rate of price inflation re-emerge as constraining factors.
    Original languageEnglish
    Pages (from-to)3-4
    Number of pages2
    JournalQuarterly Economic Commentary
    Volume3
    Issue number4
    Publication statusPublished - Apr 1978

    Fingerprint

    Real GDP
    Balance of payments
    Capital expenditures
    Current account
    Industrial production
    Government
    Factors
    Inflation
    Calendar

    Keywords

    • UK economic trends
    • British economic growth
    • GDP growth
    • economic recovery

    Cite this

    Bell, D. N. F., Danson, M. W., Glassford, M. E., Kirwan, F. X., McGilvray, J. W., Morton, A. J., ... Bell, D. N. F. (Ed.) (1978). The UK economy [April 1978]. Quarterly Economic Commentary, 3(4), 3-4.
    Bell, David N. F. ; Danson, Michael W. ; Glassford, M. E. ; Kirwan, Frank X. ; McGilvray, James W. ; Morton, A. J. ; Wingfield, Alison A. ; Fraser of Allander Institute ; Bell, David N. F. (Editor). / The UK economy [April 1978]. In: Quarterly Economic Commentary. 1978 ; Vol. 3, No. 4. pp. 3-4.
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    abstract = "Preliminary estimates suggest that United Kingdom real GDP barely rose above its 1976 level last year, and may indeed have fallen. This aggregate indicator reflects the poor performance of i t s components, a stagnant index of industrial production, a large shortfall in government capital expenditure and a depressed level of personal consumption. Nonetheless, the prospects for 1978 look somewhat more encouraging, and real GDP may grow by the order of 2½{\%} to 3{\%} on a calendar year basis. There are possibilities, however, that this more rapid pace of expansion may not be sustained much into 1979, as the current account of the balance of payments, and the rate of price inflation re-emerge as constraining factors.",
    keywords = "UK economic trends, British economic growth, GDP growth, economic recovery",
    author = "Bell, {David N. F.} and Danson, {Michael W.} and Glassford, {M. E.} and Kirwan, {Frank X.} and McGilvray, {James W.} and Morton, {A. J.} and Wingfield, {Alison A.} and {Fraser of Allander Institute} and Bell, {David N. F.}",
    year = "1978",
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    language = "English",
    volume = "3",
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    Bell, DNF, Danson, MW, Glassford, ME, Kirwan, FX, McGilvray, JW, Morton, AJ, Wingfield, AA, Fraser of Allander Institute & Bell, DNF (ed.) 1978, 'The UK economy [April 1978]', Quarterly Economic Commentary, vol. 3, no. 4, pp. 3-4.

    The UK economy [April 1978]. / Bell, David N. F.; Danson, Michael W.; Glassford, M. E.; Kirwan, Frank X.; McGilvray, James W.; Morton, A. J.; Wingfield, Alison A.; Fraser of Allander Institute; Bell, David N. F. (Editor).

    In: Quarterly Economic Commentary, Vol. 3, No. 4, 04.1978, p. 3-4.

    Research output: Contribution to journal › Article

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    AU - Kirwan, Frank X.

    AU - McGilvray, James W.

    AU - Morton, A. J.

    AU - Wingfield, Alison A.

    AU - Fraser of Allander Institute

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    PY - 1978/4

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    N2 - Preliminary estimates suggest that United Kingdom real GDP barely rose above its 1976 level last year, and may indeed have fallen. This aggregate indicator reflects the poor performance of i t s components, a stagnant index of industrial production, a large shortfall in government capital expenditure and a depressed level of personal consumption. Nonetheless, the prospects for 1978 look somewhat more encouraging, and real GDP may grow by the order of 2½% to 3% on a calendar year basis. There are possibilities, however, that this more rapid pace of expansion may not be sustained much into 1979, as the current account of the balance of payments, and the rate of price inflation re-emerge as constraining factors.

    AB - Preliminary estimates suggest that United Kingdom real GDP barely rose above its 1976 level last year, and may indeed have fallen. This aggregate indicator reflects the poor performance of i t s components, a stagnant index of industrial production, a large shortfall in government capital expenditure and a depressed level of personal consumption. Nonetheless, the prospects for 1978 look somewhat more encouraging, and real GDP may grow by the order of 2½% to 3% on a calendar year basis. There are possibilities, however, that this more rapid pace of expansion may not be sustained much into 1979, as the current account of the balance of payments, and the rate of price inflation re-emerge as constraining factors.

    KW - UK economic trends

    KW - British economic growth

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    KW - economic recovery

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    Bell DNF, Danson MW, Glassford ME, Kirwan FX, McGilvray JW, Morton AJ et al. The UK economy [April 1978]. Quarterly Economic Commentary. 1978 Apr;3(4):3-4.

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