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Chapter I. The Home Economy

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  • Anonymous

Abstract

Comparing the first half of this year with the first half of 1987, domestic demand rose very rapidly, probably by about 8 per cent. Consumer spending, after accelerating for some years, had reached a rate of growth of around 6 per cent. This was now reinforced by a sharp rise in expenditure on fixed investment, which may have been about 10 per cent over this period. This surge in demand was met by a good response from domestic supply, gross domestic product rising by about 5 per cent. But at the same time the boom conditions contributed to a significant deterioration in the balance of payments. A small surplus on current account in the first half of last year has been turned into a deficit at an annual rate of about £11 billion.

Suggested Citation

  • Anonymous, 1988. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 125, pages 6-22, August.
    • Handle: RePEc:cup:nierev:v:125:y:1988:i::p:6-22_2
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