Trend Of British Economy “Moderately Cheerful”

Press, Volume XCIII, Issue 27987, 6 June 1956, Page 13

Trend Of British Economy “Moderately Cheerful”

(N.Z. Press Association—Copyright)

(Rec, 10 p.m.)

LONDON, June 5.

A “moderately cheerful” forecast of British economic trends for the of the year has been made by 72 leading British economists whose opinions were invited by the Boyal Statistical Society for the fifth year in succession.

The experts-—in universities, industry and commerce, hanking, the press and nationalised industries—were asked what they thought the year would bring for Britain in industrial production, exports, consumer expenditure, prices and unemployment.

The economists forecast that gross domestic products this year will increase by just over 2 per cent, compared with an average increase of more than 3 per cent, between 1948 and 1955.

They say the index of industrial production, which rose by 5 per cent, last year, should rise by another 2.9 per cent, this year.

The .volume of index for exports rose by 7- per cent, last year and the economists predict a further rise by 3.9 per cent, this year. Real expenditure on consumer goods and services reckoned at 1948 prices expanded by 3.1 per cent., last year and the forecast is that it will grow further by only 1.6 per cent, this year. The economists expect unemployment will rise moderately, the average for the whole of 1956 being estimated at 1.4 per cent.