National output reached a temporary peak in the first quarter of 1966. It fell in the second quarter : one reason was that consumers, in anticipation of a stiff Budget, increased their spending before it and consequently reduced their spending after it. National output almost certainly fell again in the third quarter : the industrial production figures, the unemployment figures, and tentative expenditure estimates all point to this conclusion. Under the impact of the tax increases and the credit restrictions, consumers' expenditure in real terms seems to have fallen about 1¾ per cent, or £85 million (at 1958 prices). Judging from the unemployment figures, output can hardly have risen in the fourth quarter.

There was some slowing down of the growth of industrial production as a whole during the summer months though the overall tendency continues firmly upwards (table 13).

France, Italy and Japan are still expanding rapidly, though in the case of France not so rapidly as in the past. In most other countries, apart perhaps from Norway, rates of growth are declining. The United Kingdom is the most prominent of this group, but the slowdown in Germany is becoming quite marked.

The purpose of this article is twofold. First, to examine the export prospects over the coming decade of some of the principal countries of the overseas sterling area; and, second, to assess the implications of such export prospects for the economic growth of a selection of the less-developed countries of the area between now and 1975.

The purpose of this note is to analyse the size of plant in Britain, Germany and some other European countries, in order to answer the question : are there any differences here which might throw light on Britain's competitive position?

The main conclusion concerns large plants-those employing more than 1,000 people-in Germany and Britain. In Germany these large plants tend to be larger, in terms of employment, than in Britain. This is particularly marked in plants in industries producing for export. In all manufacturing industry, the typical large German plant was one-tenth larger than the British (in employment) ; in the six most important export industries, it was found to be one-third larger.