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The World Overseas

Published online by Cambridge University Press:  26 March 2020

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Extract

There was an increase of some 5 per cent in the real output of industrial countries between 1963 and 1964, but as far as Europe was concerned, much of the increase occurred during the second half of 1963. The actual increase during the year was only about 4 per cent (chart 7).

Industrial production in the United States and Japan increased rapidly throughout the year, though at a somewhat declining rate. In Europe the pattern was more varied. Expansion was strong and accelerating in West Germany, but the rapid rise of the second half of 1963 was followed by stagnation in France and the United Kingdom and by an actual decline in Italy. Italian production began to recover towards the end of the year.

Type
Research Article
Information
National Institute Economic Review , Volume 32 , May 1965 , pp. 22 - 32
Copyright
Copyright © 1965 National Institute of Economic and Social Research

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References

(1) British and American practice differs in the treatment of both these items. In the United Kingdom balance of payments unremitted profits are treated as current earnings reinvested, but in that of the United States those of overseas subsidiaries are excluded altogether. In the seasonally adjusted estimates the effects of the non-payment of the loan interest have been distributed over all four quarters in the United Kingdom balance of payments, but for the United States the whole reduction in receipts has been charged against the fourth quarter.