The first months of this year were clearly an exceptional period for the economy. The shorter working week and general restrictions on the use of energy by industry were in force until early March. Output was seriously curtailed, though less severely than it seemed at the time. It appears since to have made a rapid recovery. Shortages of materials and components, which seemed an impediment to production at the end of last year, were inevitably aggravated by the dislocation of output.
Published on
01 June 1974
Economic commentary