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Chapter I. The Home Economy

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  • Anonymous

Abstract

The dividing line in recent economic trends came at the beginning of last year when a two-year phase of slow growth came to an end. Total output, which had risen at a rate of only 1½ per cent a year between the first quarter of 1981 and the fourth quarter of 1982, rose by 2½-3 per cent during 1983. This change of tempo coincided with an upturn in the world economy, but owed little to it initially. Exports followed rather than led a recovery which was based mainly on consumer spending, particularly on durables. Most of this spending was financed by borrowing, but the primary stimulus probably came from falling inflation.

Suggested Citation

  • Anonymous, 1984. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 108, pages 5-20, May.
    • Handle: RePEc:cup:nierev:v:108:y:1984:i::p:5-20_2
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