This article updates and revises various estimates of the financial position and profitability of industriaI and commercial companies. Estimates of profitability for particular sectors of the economy are updated to 1980. The main developments include:
- Some recovery in profitability since the middle of 1981, but from a very low base and largely confined to manufacturing.
- A lower financial surplus in 1982 than in 1981 and a sharp increase in the net borrowing requirement.
- Nevertheless, a turnaround from overall deficit to surplus and a fall in the borrowing requirement between the two halves of 1982, largely due to renewed destocking in the second half of the year.