2004 was a record year for the world economy as it grew by 5.1 per cent, the strongest growth seen for 28 years. The main impetus to growth was strong domestic demand in the US, Canada, the UK, France and Spain. Oil exports from Russia, Mexico and OPEC made a significant contribution to growth. World trade grew by 9.1 per cent in 2004 with Japan and China experiencing strong gains from net trade. Both the US and Japan grew considerably above trend level but the Euro Area remained the weakest of the major blocs although growth improved to 1.7 per cent.
|Number of pages||3|
|Journal||Quarterly Economic Commentary|
|Publication status||Published - Oct 2005|
- Fraser of Allander Institute
- Scottish economy
- world economy