The December Bulletin suggested that, by contrast with the sluggish performance of the last year, the UK economy was on the threshold of a modest expansion. There is now firmer evidence of growth in consumer incomes and spending, upon which this expansion was to be based. But domestic output has so far shown little sign of picking up, while the strong growth in net exports, which was the only significant source of support to demand in 1977, seems to be slowing down. The growth in world economic activity continues to be disappointing.
Published on
01 March 1978
Economic commentary