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Chapter II : the Sectors of Demand

Published online by Cambridge University Press:  26 March 2020

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Extract

For 1964 as a whole, fixed investment was 16 per cent higher than in 1963. This comparison, however, overstates the rise to some extent, since—because of the weather—building output was very low in the first quarter of 1963. If we take simply the last three quarters of the year, the increase becomes 13 per cent (table 5).

Type
Research Article
Information
National Institute Economic Review , Volume 31 , February 1965 , pp. 14 - 30
Copyright
Copyright © 1965 National Institute of Economic and Social Research

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References

note (1) page 15 The first Board of Trade intentions survey for 1964, published in October 1963, suggested ‘no great change’ in 1964. The second, published in January 1964, suggested a rise of 6 per cent (at constant prices). The third, published in October 1964, suggested a rise (at constant prices) of around 12 per cent.

note (2) page 15 See chart 2, page 14, of National Institute Economic Review no. 30, November 1964.

note (1) page 16 For investment in this sector in 1964, the Board of Trade Inquiry forecast an increase of ‘rather more than 5 per cent’ in October 1963, ‘rather over 10 per cent’ in January 1964, and about 13 per cent (corrected for prices) in October 1964.

note (2) page 16 The figures for investment by this group have all been substantially revised upwards for both 1963 and 1964. Thus, although the percentage change is much the same as that assumed in November, the absolute figures are higher.

note (1) page 23 See National Institute Economic Review no. 30, November 1964, table 2, page 8.

note (2) page 23 See W. A. H. Godley and D. A. Rowe, ‘Retail and Consumer Prices, 1955-1963’, National Institute Economic Review no. 30, November 1964, page 44.

note (1) page 25 In the long-term (1954-1964) the volume index of imports of basic materials has risen 0.4 times as fast as the index of industrial production. In 1964, it rose 0.9 times as fast.

note (2) page 25 See table 3, page 10, of National Institute Economic Review no. 30, November 1964.

note (1) page 26 The Board of Trade has published revised estimates for the visible payments deficit in the first half of 1964, which increase the deficit shown in table 17 by about £25 million. However, it is possible that when the full revised balance of payments figures are published, there may be compensatory revisions elsewhere.

note (1) page 30 It is likely that ways will be found to prevent additional subscription payments by other countries leading to a reduction in Britain's reserves.