Gross Domestic Product

Oral Answers to Questions — Colonial Territories – in the House of Commons at 12:00 am on 22nd February 1962.

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Photo of Mr Simon Digby Mr Simon Digby , West Dorset 12:00 am, 22nd February 1962

asked the Secretary of State for the Colonies the combined gross domestic product of the Colonial Territories for 1960; and what annual rate of increase this represents.

Photo of Mr Reginald Maudling Mr Reginald Maudling , Barnet

The gross domestic product, in 1960, for the Territories for which I am today responsible is estimated at £2,075 million. This represents an annual average rate of increase of about 5½ per cent. over the last five years. Allowing for changes in prices, on the basis of information available for the majority of the Territories, the rate of increase was about 5 per cent.

Photo of Mr Simon Digby Mr Simon Digby , West Dorset

Is this not a little less than before, when the figure was something like 7 per cent.? What steps are being taken to try to retain the rate of increase?

Photo of Mr Reginald Maudling Mr Reginald Maudling , Barnet

It is certainly a little less than before, but it is difficult to draw deductions from that fact. Of course, a number of Territories, such as Cyprus and Nigeria, have moved out of the sphere on which statistics are based. I do not think that deductions can be drawn from the figures.

Photo of Mr Henry Hynd Mr Henry Hynd , Accrington

Does not that rate of increase compare favourably with the sad rate of increase in this country last year?

Photo of Mr Reginald Maudling Mr Reginald Maudling , Barnet

I anticipated that supplementary question, but the answer is one for my right hon. and learned Friend the Chancellor of the Exchequer.